Much has been said about the car prices in Singapore vs Malaysia but do we really understand the differences?
In Singapore, among the cheapest car is the Perodua Axia 1.0 Advance (AT) which sells at SGD$75,888 (RM234k) as compared to RM41,967 in Malaysia.
Singapore banks require you to put in a 50% deposit and pay off the loan within 5 years. Meaning SGD38k (RM117k) downpayment and a monthly installment of SGD728 (RM2,248) per month (3% interest rate).
In Malaysia, you can still do a 10% downpayment (RM4198) and pay RM476 per month installment (4%) over 9 years.
The yearly road-tax for that car in Singapore would be SGD392 (RM1,210) per year compared to RM20 per year in Malaysia.
For cars above 10 years old, Singapore introduces a surcharge.
Therefore your year 2001 Proton Wira 1.5l would require a annual road tax of SGD1,000 (RM3,090) per compared to RM90 per year in Malaysia.
Insurance costs are also about 600% higher in ringgit terms in Singapore.
Singapore's RON95 is currently at SGD2.04 (RM6.30) per litre compared to RM1.90 per litre in Malaysia.
So, a 40l full tank of petrol would set you back SGD81.60 (RM252) compared to RM76 in Malaysia.
This is before all those ERP tolls and much high parking charges that Singapore has.
There is no doubt that whether on a dollar to dollar basis or in Ringgit terms, the cost of ownership of cars in Singapore is very high. Few Singaporeans own a car due to this and the the excellent public transport.
Whereas cost of car ownership - whether fuel, road-tax, initial purchase price, insurance, maintenance costs- in Malaysia is considered very low at the entry-level and low-end of the market.
This is why Malaysia has the 3rd highest percentage of households owning a car and the highest in the world owning more than one car.
If you go to any housing estates with terrace houses, you can see that their number one problem is the lack of parking space.
What this means is: You can say that Singaporeans don't need a car due to island is small and they have excellent public transportation.
But that means that in Singapore, you will be less likely to drive out late at night from PJ to Klang just to bungkus or tapau your favourite supper or drive to the mamak to meet your friends to watch late night football (Singapore MRT closes at 12 midnight).
You are also less likely to experience the balik kampung drives with your family.
Late night medical emergencies to rush to the 24 hour clinic is also a bigger challenge
You win some and you lose some.
Owning a car and its feeling of freedom and convenience is a life experience that many people still treasure.
Even if public transportation in your area becomes excellent fulfilling all your daily needs and you have Uber for the rest, how many people in Malaysia are willing to sell off their cars or give up their rights to have this experience?
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