As of 2022, the average cost of buying a car in Singapore is a staggering $100,000. This includes the car’s purchase price, Certificate of Entitlement (COE), Additional Registration Fee (ARF), road tax, and insurance.
Types of Cars and Their Costs
The type of car you purchase will significantly impact the overall cost. Here’s a breakdown of different car categories and their average prices:
Category | Average Price
—|—|
Luxury | $200,000+
Executive | $150,000-$200,000
Premium | $100,000-$150,000
Mid-range | $70,000-$100,000
Budget | $50,000-$70,000
Taxes and Fees to Consider
Beyond the car’s purchase price, you’ll need to factor in various taxes and fees:
- Certificate of Entitlement (COE): A government-issued permit required to own a car in Singapore. The price of a COE fluctuates based on supply and demand.
- Additional Registration Fee (ARF): A tax based on the car’s Open Market Value (OMV).
- Road Tax: An annual fee based on the car’s engine capacity.
- Insurance: Mandatory by law, the cost of insurance varies depending on the car and driver’s profile.
Table: Average Taxes and Fees for Different COE Categories (2022)
| COE Category | COE Price | ARF | Road Tax (Annual) |
|---|---|---|---|
| Category A (Motorcycles) | $5,000-$10,000 | N/A | $150-$300 |
| Category B (Cars < 1,600cc) | $50,000-$100,000 | 100% of OMV | $400-$600 |
| Category C (Cars > 1,600cc) | $50,000-$100,000 | 150% of OMV | $1,000-$2,000 |
| Category D (Goods Vehicles < 3,000kg) | $10,000-$20,000 | 50% of OMV | $500-$1,000 |
| Category E (Goods Vehicles > 3,000kg) | $10,000-$20,000 | 200% of OMV | $2,000-$4,000 |
Tips for Saving Money on Car Ownership
- Consider buying a used car: Used cars can be significantly cheaper than new models.
- Negotiate the purchase price: Don’t hesitate to haggle with the salesperson for a better deal.
- Bid strategically for a COE: Research COE prices and bid wisely during auctions.
- Maximize your loan options: Compare different loan offers and choose the one with the lowest interest rates.
- Purchase the right insurance: Choose an insurance policy that meets your needs and budget.
FAQs
-
What is the cheapest way to buy a car in Singapore?
– Consider buying a used car or bidding for a lower COE category. -
How much are road taxes in Singapore?
– Road tax ranges from $400-$2,000 annually, depending on the car’s engine capacity. -
Can I get a car loan in Singapore?
– Yes, it’s possible to get a car loan from authorized financial institutions. -
Is it expensive to insure a car in Singapore?
– Insurance premiums vary based on factors such as the car and driver’s profile. -
What are the factors that affect COE prices?
– Demand and supply, as well as economic conditions. -
How long does it take to get a car in Singapore?
– Typically, it takes around 1-3 months to secure a COE and register a car.
