A basic commuter car costs over S180,000( US135,000) due to a compulsory 10-year quota license (COE/certificate of entitlement) that alone costs S$100,000+, plus registration taxes scaling up to 320% of the car's base value. Total running costs (tolls, parking, road tax) easily add S1,000–S2,000+ per month.
Singapore is so small though and cabs are cheap and I never needed a car. I can see why Waymo will be very attractive.
~$100,000 every 10 years is expensive, but I think even in a lot of countries with good public transport, there would be a large number of people who would consider paying $1,000 a month to be able to have a car if that was the only way to have one. It seems to me as though a lot families share a car quite widely too.
Even in countries without an expensive on-road tax, people do often choose to pay more than $10,000 a year in depreciation cost, rather than the option of buying a car that has already gone through the early, rapid depreciation. People also choose to get a car loan, again increasing the cost. I'm fairly uninformed whether the interest on those is significant.
Of course, the COE is in addition to depreciation and maintenance, and those are both also expensive in Singapore. Plus people buy the cars through loans. And, excluding everything I've said above, the cars themselves are very expensive to buy!
As an example, a 2.0L e:HEV Honda Civic is US$195,000 including the COE, so approximately US$90,000 without it. Looking on the US Honda site, it looks like the same car is under US$33,000. There must some on-road taxes in the US, and difference in specs, but that's a big difference in price, in addition to the ~$100,000 COE.
Even knowing they're expensive, there's something I still can't get over, seeing a 6-figure price across the windscreen of a base model (and knowing you don't get to take off any zeros when doing a currency conversion to what you're used to).
> You save so much on income tax in Singapore, but consumption is expensive.
It depends on what you are consuming. Sins like driving, alcohol, smoking and gambling are expensive. But the daily essentials aren't all that expensive, especially eating out starts very low.
If you are an American, you have to start looking into the housing deduction to make your taxes work since the foreign tax credit doesn’t go very far in Singapore (and you need the FTC after the foreign earned income credit caps).
shell0x · · focus · HN ↗
Singapore is so small though and cabs are cheap and I never needed a car. I can see why Waymo will be very attractive.
vachina · · focus · HN ↗
red369 · · focus · HN ↗
Even in countries without an expensive on-road tax, people do often choose to pay more than $10,000 a year in depreciation cost, rather than the option of buying a car that has already gone through the early, rapid depreciation. People also choose to get a car loan, again increasing the cost. I'm fairly uninformed whether the interest on those is significant.
Of course, the COE is in addition to depreciation and maintenance, and those are both also expensive in Singapore. Plus people buy the cars through loans. And, excluding everything I've said above, the cars themselves are very expensive to buy!
As an example, a 2.0L e:HEV Honda Civic is US$195,000 including the COE, so approximately US$90,000 without it. Looking on the US Honda site, it looks like the same car is under US$33,000. There must some on-road taxes in the US, and difference in specs, but that's a big difference in price, in addition to the ~$100,000 COE.
Even knowing they're expensive, there's something I still can't get over, seeing a 6-figure price across the windscreen of a base model (and knowing you don't get to take off any zeros when doing a currency conversion to what you're used to).
shell0x · · focus · HN ↗
If you're well paid expat, it might not be the worst as well. You save so much on income tax in Singapore, but consumption is expensive.
I'm sure for many Singapore still comes out ahead cost wise.
eru · · focus · HN ↗
It depends on what you are consuming. Sins like driving, alcohol, smoking and gambling are expensive. But the daily essentials aren't all that expensive, especially eating out starts very low.
lmz · · focus · HN ↗
[deleted] · · focus · HN ↗
[deleted]
seanmcdirmid · · focus · HN ↗