(This is a sponsored blog post)
A quick research on ST701 Cars, a reputable classified website for Singapore used cars, indicates that the price of Chery QQ ranges from $34,999 to $42,999 for a new car and $10,800 to $20,800 for a used car. Let's assume I am interested in a used Chery QQ 0.8(A) that is listed on the website. By clicking on it, I get the following details:
Price = $20,800
Engine Capacity = 812 cc
OMV = $6,781
Depreciation $2,328 per year
Registration Date = 09/02/2007
COE = $11,489
Using the road tax calculator, the road tax for 812 cc cars is $356 for 12 months.
Next, I need to work out the financing part. I think I am comfortable with 30% down payment and paying the balance over 5 years. Currently, UOB is charging an interest rate of 3.875% pa for used car for loan period of less than 5 years. Using the loan calculator provided on the website, my monthly payment amount works out to be $289.68. That is, $3,476.16 per year.
Other expenses include insurance, fuel cost, ERP, parking, servicing and maintenance.
Here are my own estimates:
Insurance:
According to an article by The Business Times dated 3 June 2009, the average premium for private cars is about $1,050. I will assume that I pay this amount for the moment.
Petrol:
Chery QQ is relatively light in fuel consumption and I don't expect to travel much other than going to and from work. I will budget about $50 per month (i.e. $600 per year)
ERP:
Here are my own estimates:
Insurance:
According to an article by The Business Times dated 3 June 2009, the average premium for private cars is about $1,050. I will assume that I pay this amount for the moment.
Petrol:
Chery QQ is relatively light in fuel consumption and I don't expect to travel much other than going to and from work. I will budget about $50 per month (i.e. $600 per year)
ERP:
There is only one ERP gantry from my home to my office and it's only $0.50. So total ERP charges will be about $20 per month ($240 per year).
Servicing and maintenance:
$100 per year sounds reasonable?
Parking:
About $250 per month ($3,000 per year)
All in all, estimated annual car-related expenses is about $8,822.16. That is, $735.18 per month.
No, I am not buying a car now. I am just doing my Maths. But if you are, it is advisable to do your own maths. You may wish to visit ST701 Cars for some useful information since it is one of Singapore's largest classified website for Singapore cars. Remember to compare prices, download the latest guide on car cost and check out the latest car promotion events.
Servicing and maintenance:
$100 per year sounds reasonable?
Parking:
About $250 per month ($3,000 per year)
All in all, estimated annual car-related expenses is about $8,822.16. That is, $735.18 per month.
No, I am not buying a car now. I am just doing my Maths. But if you are, it is advisable to do your own maths. You may wish to visit ST701 Cars for some useful information since it is one of Singapore's largest classified website for Singapore cars. Remember to compare prices, download the latest guide on car cost and check out the latest car promotion events.
5 comments:
Hey,
Just to share with you. Used car interest is 2.45% with UOB. Don't go to them directly. Go via a dealer .
BTW chery QQ sucks.. :)
SGDividends
SGdividends
BTW, i think the insurance u quoted is kinda on the low side.
say if you are young like me, around late 20s early 30s, insurance per year should be around 2000.
Trust me , i just bought a used car.
SGDividends
Haha... Thanks SGDividends. That's what my father and brother says about Chery QQ too.
I have gotten my license for more than 10 years (zero accident rate because I never drive), don't I get a 50% NCD?
Thanks to a brilliant effort in publishing your article. One can be more informative as this. There are many things I can know only after reading your wonderful article.
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Really sort of comprehensive written report, we'll as time changes the math changes and the game changes. Think about it, if you're not owning a car right now, do you think you'll be able to own one in the future? - having Singapore population grows. Well, we are a team of car enthusiastic and we really love cars and we wish everyone will be able to love cars as we do. Therefore we started out SGcarSale to promote used cars in Singapore. We actually have more than 70 used cars now in our showroom. Think about it, buying used car is cheaper by a lot and you'll have a chance to own a car. Having a quality yet lower price aaa compared to the market. You'll be able to drive your family, loved ones, relative, friends or even one car for yourself! It's your choice, http://sgcarsale.com
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