Everything is affordable.
Always depends on the earning power right?
The cost of owning a car in SG is around $1200 per month, plus minus.
It’s not like you get to keep the car and use it for long term.
At $1200, it’s relatively affordable.
Until you look at income levels.
Singapore’s median income in 2019 was $4,563 – or roughly $3,331 per month after employer CPF contributions are taken into account. In 2018, this was $4,437 – or roughly $3,239 per month after employer CPF contributions.
So… $1200 is almost 36% of take home pay after CPF.
Or 26% of total pay.
That’s really A LOT.
Imagine. You work 10 years, 2.5 years are for the car if you are single.
Else, dual income, then maybe not so bad.
For us in the US, we leased a car. So the monthly cost currently is less than US$700. Which is also pretty expensive.
However, after the lease, we are given the option to buy