When I bought my Toyota Corolla Altis 1.6L Auto 10 years ago, the car cost me $54,088 with COE included. COE was $4,460. There was no financing cost for this car. After I scrapped my car, PARF/COE Rebates are $8,106.
|Car Costs||Amount ($)|
|Purchase price + COE||54,088|
|Total cost of car||45,982|
The car was used for 10 years. Depreciation cost is $12.60 per day or $4,598 per year.
I had incurred costs to maintain the car and costs to repair the car amounting to $9,040 for 10 years. This works to $904 per year.
Let’s look at all costs in using my car on a year basis based on 2018 data.
|Types of costs||Annual costs ($)||Remarks|
|Costs of car||4,598|
|Repairs and Maintenance||904|
|Car insurance||878||50% NCD|
|Car road tax||742||1,600 cc|
All in the cost of driving a car was $8,350 per year. This works out to about $695 per month. This figure is quite conservative as I take public transport too besides driving a car.
Without a regular income, $695 per month is too much to bear.
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