SINGAPORE — Not long after getting his driving licence, car enthusiast Mohammad Izzraimy Mohammad Isham made an “impulsive” purchase and bought himself a second-hand Honda Civic costing around S$28,800.
“I actually love cars since I was young… I didn't really have any other strong reason to buy it at that time,” said the 29-year-old owner of Basement One, a media and automotive lifestyle company.
But he has since cut down his car-related expenses, and now spends about S$400 on petrol a month, as opposed to up to S$1,000 at the start — and makes a few carpooling pick ups a day to defray some of this car-owning spending.Car enthusiast Mohammad Izzraimy Mohammad Ishamare decide to own a car despite the increasingly prohibitive costs of having one.
“In public transport, people hardly gave up their seats to my wife,” he said, adding that car-sharing services — which he had used before her pregnancy — fell short in terms of reliability. All this is happening while Singapore is making inroads in improving its overall transportation system, and other commuting choices become more readily available.Currently seven in 10 households are within a 10-minute walk to a train station, with the proportion to increase to eight in 10 by the next decade, said Transport Minister S Iswaran in Parliament in May.
Rising interest rates — which would bump up refinancing costs — as well as climbing pump prices makes the price of owning a car all the more prohibitive.People usually own cars for two broad reasons: For a faster and more convenient means of transportation; or they enjoy driving or believe certain cars “provide a certain social status”, noted transport economist Walter Theseira.
Others throw in perks such as longer warranty or offer zero-per cent down payment options, though this would typically entail higher monthly repayments. Mr Desmond Chan of Sgcarmart said that the platform does not have specific figures to indicate demand for car leasing.
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The Big Read: Despite sky-high COE prices, Singaporeans’ car dreams never fadeSINGAPORE — Not long after getting his driving licence, car enthusiast Mohammad Izzraimy Mohammad Isham made an “impulsive” purchase — a second-hand Honda Civic for around S$28,800.
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