TAC Magazine Jul/Aug 2019

5 PAIN POINTS OF OWNING A CAR IN SINGAPORE

U nlike in the U.S, owning a car in Singapore is more expensive and full of hassle. The pain of owning a car in Singapore is amplified for expats. Yet, many still choose to own a car due to its convenience. But before you jump right into buying a car, you should consider the other options available. Here’s why a Car Subscription is better than owning a car in Singapore.

1. Length of Stay Knowing how long you’ll be in Singapore is important to make your decision. If you’ll be here for less than a year, you shouldn’t commit to a big investment. You’ll be better off subscribing to a car. If you’ll be here for more than 5 years, then buying your own car is worth it. Still, that’s a big and risky investment to make! 2. Big “Investment” Everyone knows how expensive it is to own a car in Singapore . COE premiums cost a bomb and you’ll need to fork out cash for the downpayment. On top of your monthly loan repayment, there’s also the road tax, insurance and maintenance costs! But that’s not all, on average, your car depreciates $1,000 a month! Which means you’ll be spending a lot on something that loses value by the day. 3. Hassle of Selling a Car As an expat, selling your car is all about the right timing. Finding a good deal for your car takes up a lot of time and effort. You’d probably take a few months just to sell your car at a reasonable price. Imagine how it’ll be like if you’re leaving the country… Sell your car too early and risk being left with no transport for your family, sell too late and you won’t be around to facilitate the sale. 4. Is it worth it? For many, having a car is for convenience, especially if you have kids. But if you travel overseas a lot, then maybe buying a car is not a good idea. You won’t be using your car to the fullest and the money could be used on better things in life, like a holiday.

5. Long Term Commitment Owning a car is not only a big financial “investment” but also a long term commitment. But what happens if there’s an emergency and you need to fly home? Or if your financial situation changes and you can’t afford to keep the car? If you own a car, you’ll face the time-consuming and troublesome process of selling your car. If you’re leasing a car and you terminate your contract early, you’ll incur a high penalty. It’s restrictive and inconvenient. As an expat, you need a flexible, hassle-free and economical car ownership experience. Instead, the traditional way of car ownership is stressful and has a lot of restrictions, penalties and hefty sums. But with car subscriptions, you can enjoy a commitment- free, flexible and affordable (from just $1,499/month) experience. There’s no downpayment to worry about, just a 100% refundable deposit to get started. Enjoy the freedom to drive with no contract to tie you down. You can easily cancel, return or switch cars every month, penalty-free. Monthly fees are all-inclusive, covering everything you need - insurance, road tax, maintenance and 24/7 roadside assistance. These benefits make car ownership a breeze and fit your expat lifestyle perfectly. Owning a car will never be easier! A Painless Car Ownership Experience

If you’d like to experience the future of car ownership, visit carro.sg today.