Singapore might be one of the most expensive cities to buy a car. With prices aside, lifestyle changes and other factors may sway commuters to adopt alternative forms of commute. No doubt, having to shift modes of transport may be a massive decision for some, but doing so could be the best option for the owner and the family for now.
Here’s some considerations of which may sway car owners in giving up on their cars in search for alternative commuting approaches:
Car Ownership is Expensive
Due to the pandemic in 2020, car ownership has also seen a plunge in numbers. Since then, car ownership saw a come-back with a vengeance, with a 2.2% increase from 2020 to 2021, while numbers maintained at high levels from 2021 and 2022, despite the increase in price of car ownership.
For the n-th time, COE prices have continued to see an upward trend, with no signs of cooling, and this trend may be staying for the long haul. Fundamentally, the COE prices are a reflection of the demand and supply of cars in Singapore. With zero-car growth policy aspirations, the ambition to become a car-lite society, coupled with rising income levels, the demand for COE has remained strong in spite of the falling and limited supply.
Hence, for aspiring car owners, one may have to fork out a substantial amount upfront for administrative costs of owning a car, reinforcing how vehicle ownership continues to be a label of social status, individuality and wealth.
However, at times where car ownership can take a toll on one’s expenses, it is perhaps time to reconsider alternative commuting options, to tide through the wave of inflation, as well as rising living costs.
Aligned with the culture of efficiency, car ownership has continued to provide its commuters with the convenience of point to point transport, on demand. However, lifestyle changes would create an opportunity to have this said mode of transport evaluated. Whether it is a child that has recently graduated from school and being more independent, or a change of job or work-from-home arrangements, these lifestyle changes may cause the mode of commuting to alter, of which perhaps is an opportunity for one to reconsider alternative modes of transportation to make your time (and money) most worthwhile.
Commuting Patterns Changed
On top of lifestyle changes, Singapore’s transportation system has also drastically improved in the last few decades. With more than 6 MRT lines and two more underway, the Jurong Regional Line and the Cross Island Line, commuting has never been this convenient. With MRT stations perhaps less than a 10 minute walk away from home, considerations to adopt the increasingly-efficient public transport could be a key factor in selling your car.
With alternative ways of commuting (i.e. a combination of public transport & ride-hailing, car rental or car sharing), these possibilities of flexi-transportation modes have sprouted a revolution of commuting ways, when planned well, could provide some convenience, while being easier on the wallet.
Nearing the End of The Vehicle’s COE
With the car’s COE in its later years, this would mean it’s a relatively older car, of which the vehicle may require more maintenance and repair. When the commitment of maintaining the car gets too frequent for your liking, or when maintenance parts get too challenging to source, perhaps trading in or selling your car may be an alternative, especially when the car fails to support its commuters with the sole purpose of transportation. Rather, it creates massive headaches when the car visits the mechanic more than twice a year.
Don’t underestimate the hassle of having to figure out why your beloved car is breaking down on a whim on a highway or when the car fails to start upon command. In these cases, perhaps considering alternative modes of transport, to include a mixture of long term or short term car rental, could be an effective way of managing your time and money. Moreover, for car rentals, consumers are assured that the cars are regularly maintained and ready to go upon every new rental.
Reduce Carbon Footprint
While this may not be a natural immediate reason for car owners to sell their cars, it’s no doubt that the demand for EVs have since skyrocketed since the last car’s purchase. With more environmentally conscious sentiments, and increasingly infrastructure to support the EV market, jumping on the bandwagon of electric vehicles, be it through car sharing or car ownership, could help with reducing carbon footprints, and perhaps be a more value-driven commuting decision for you.
Adopting Car Rental?
Car rental is a considerable alternative to car ownership. At BizLink Rent-A-Car Ptd Ltd, we understand that navigating the car rental market is a challenge, especially when it is unfamiliar to you. Hence, we would like to extend our support in helping you find the most suitable car rental package that best suits your specific needs. Speak to our friendly sales associates at 6285 6616 to get a quote or enquire today.