It's pretty eye-opening the amount of cash gets sucked into car ownership in Singapore. Contrast that with car ownership in many other countries and it becomes rather unplatable. I do understand the constraints Singapore is functioning under - limited space and all but there must be a more equitable way than seeing car ownership belong only to the wealthy and the elite.
Bearing in mind that all that is just to own a car for the 10 year period of the Certificate of Entitlement (COE). Want another car after that? Be prepared to start paying all over again.
Of course the car in question in the infographic is expensive to start with but even with a cheaper brand and model of car, the figure is in the ballpark of at least $100,000. It's roughly equivalent to working for 2 to 3 years out of every 10 years, earning enough money to pay off the car.
If you start driving from the age of 20, live to the age of 70 and continued driving till then - basically owning 5 cars, you would be spending 10 to 15 years of your life, working and earning money to pay for that car ownership. Pretty insane figures definitely. Do we want to be spending so much of our lives on car ownership?
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