Question 1

What is the average monthly cost of owning a basic Japanese car in Singapore?

Accepted Answer

For an entry-level Category A car (e.g. Toyota Yaris Cross, Honda Jazz, or Hyundai Avante), total monthly expenses typically range between $1,500 and $2,100 per month, comprising ~$1,100/mo depreciation + $350 fuel/ERP + $250 parking + $150 road tax & insurance.

Question 2

What happens to my car after the 10-year COE expires?

Accepted Answer

You can either deregister the car to claim the 50% PARF rebate + COE scrap body value, or renew your COE for another 5 years (forfeiting the PARF rebate forever) or 10 years by paying the Prevailing Quota Premium (PQP).

Question 3

What is the minimum down payment needed to buy a car in Singapore?

Accepted Answer

Under MAS regulations, if the car’s Open Market Value (OMV) is $20,000 or below, you must pay at least 30% downpayment in cash. If the OMV exceeds $20,000, the minimum cash downpayment is 40%.