Are you in the market for a new car in Singapore but worried about the high costs? You’re not alone. With the country’s long-standing Certificate of Entitlement (COE) scheme and rising oil prices, owning a car in Singapore can be a daunting financial commitment. However, there are still affordable options available if you know where to look. We’re rounded up some of the best cheapest cars in Singapore for you.

Understanding the True Cost of Car Ownership

Cheapest Cars Singapore

Before diving into the list of affordable cars, it’s important to understand the full financial implications of owning a vehicle in Singapore. The purchase price is just one aspect of the total cost of ownership. Here’s a closer look at the other significant expenses you need to consider if you want to get the cheapest new car in Singapore:

Road Tax

Road tax is an annual fee that all vehicle owners in Singapore must pay. The amount varies depending on the vehicle’s engine capacity, with larger engines incurring higher taxes. For example, a car with a 1.6-liter engine would typically have a lower road tax compared to a car with a 2.0-liter engine. It’s important to factor in the annual road tax when budgeting for your car, as it can add up over time.

Insurance Premiums

Car insurance is mandatory in Singapore, and the cost of premiums can vary significantly depending on factors such as the driver’s age, driving experience, and the type of cheapest new car in Singapore. Comprehensive insurance, which covers damage to your own car in addition to third-party liability, tends to be more expensive than third-party only coverage.

However, it offers greater protection and peace of mind. When comparing insurance quotes, consider the level of coverage, deductibles, and any additional benefits offered by the policy.

Maintenance and Repairs

Scheduled servicing, tire replacements, and other routine maintenance tasks should be factored into your budget to avoid costly issues down the line. Additionally, it’s wise to set aside some funds for unexpected repairs that may arise. The cost of maintenance and repairs of the cheapest car in Singapore can vary depending on the make and model of your car, as well as its age and condition.

Parking Fees

Parking fees can quickly add up, especially if you live or work in areas with limited free parking. Monthly season parking rates in HDB estates can range from S$80 to S$120, while parking in commercial areas for cheapest new car in Singapore can be even more expensive. If you frequently park in different locations, consider using a mobile app or purchasing a parking card to save on per-entry fees. When budgeting for your car, don’t forget to account for these regular parking expenses.

Fuel Costs

The price of petrol and diesel can fluctuate based on global market conditions, and your fuel consumption will depend on factors such as your driving habits, the car’s engine efficiency, and the distance you travel. To estimate your monthly fuel costs, consider your average mileage and the fuel consumption of the car models you’re interested in.

Top 7 Budget-Friendly Cars in Singapore for 2024

Despite the challenges of finding affordable cars in Singapore, there are still many options available for budget-conscious buyers looking for the cheapest car in Singapore. Here are seven new (and new-ish) car models that come with a price tag of under $130,000.

1. Nissan Sylphy 1.6 Lite Facelift (A) – S$92,800

The Nissan Sylphy 1.6 Lite Facelift (A) is a sleek and stylish sedan that offers a comfortable and spacious interior. Its fuel-efficient 1.6-liter engine provides excellent performance while keeping running costs low. This cheapest car in Singapore also boasts an impressive array of safety features, including six airbags, Vehicle Dynamic Control (VDC), and a rearview camera, ensuring a secure driving experience for you and your passengers.

2. Opel Corsa 1.2A Turbo (Elegance) – S$99,500

The Opel Corsa 1.2A Turbo (Elegance) is a compact and agile hatchback that’s perfect for navigating city streets. Its turbocharged 1.2-liter engine delivers peppy performance, while the well-equipped interior offers modern features like a 7-inch touchscreen infotainment system, Apple CarPlay, and Android Auto compatibility. As one of the best cheapest new car in Singapore, this option has advanced driver assistance systems, such as Lane Keep Assist and Forward Collision Alert, providing an extra layer of safety on the road.

3. Mitsubishi Attrage 1.2 CVT (A) – S$105,999

The Mitsubishi Attrage 1.2 CVT (A) is a practical and reliable sedan that offers excellent value for money. Its economical 1.2-liter engine ensures low fuel consumption, while the generous trunk space provides ample room for everyday needs. The interior of this economical car Singapore has features like a touchscreen audio system, automatic climate control, and a multi-function steering wheel, making every drive comfortable and convenient.

4. Kia Stonic EX 1.0 T (A) – S$116,999

This is a stylish and versatile crossover SUV that combines the practicality of a hatchback with the rugged appeal of an SUV. Its turbocharged 1.0-liter engine delivers efficient power, while the elevated driving position offers better visibility and a commanding view of the road. The Stonic’s interior is well-crafted and features a range of modern amenities, including an 8-inch touchscreen infotainment system with Apple CarPlay and Android Auto, as well as a wireless smartphone charger.

5. Mazda 2 1.5 Hatchback Standard (A) – S$117,888

The Mazda 2 1.5 Hatchback Standard (A) is a sporty and well-designed hatchback that offers a premium driving experience. Its responsive 1.5-liter engine provides engaging performance, while the well-crafted interior features high-quality materials and a range of modern amenities. The Mazda 2 also boasts advanced safety features, such as Dynamic Stability Control (DSC), Traction Control System (TCS), and Smart City Brake Support (SCBS), ensuring a safe and confident drive.

6. Suzuki Swift 1.2 Standard (A) – S$125,888

The Suzuki Swift 1.2 Standard (A) is a fun-to-drive and fuel-efficient hatchback that’s perfect for city driving. Its peppy 1.2-liter engine delivers lively performance, while the compact size makes it easy to maneuver through tight spaces. The Swift’s interior is well-designed and features a range of modern conveniences, such as a touchscreen infotainment system, steering wheel-mounted audio controls, and automatic climate control.

7. Perodua Bezza Premium X 1.3 (A) – S$128,999

This cheapest car in Singapore is a feature-packed sedan that offers excellent value for money. Its efficient 1.3-liter engine ensures low running costs, while the generous equipment list includes a touchscreen infotainment system, reverse camera, and keyless entry with push-start button. The Bezza’s spacious interior and ample trunk space make it a practical choice for families and those who need a reliable daily driver.

The Importance of Comprehensive Car Insurance

When purchasing an economical car in Singapore, it’s crucial to secure affordable yet comprehensive car insurance. This helps mitigate the financial risks associated with accidents, theft, or damage.

Comprehensive coverage typically includes:

  • Third-party liability
  • Personal accident coverage
  • Medical expenses
  • Damage to your car
  • Theft or fire

Considering Pre-Owned Vehicles

If you’re not in urgent need of a car or want to avoid the high costs associated with new vehicles, consider opting for a pre-owned car. While used cars may not have the latest features or designs, these economical car Singapore options can still provide reliable transportation at a more affordable price point. When shopping for a pre-owned vehicle, be sure to:

  • Research the car’s history and maintenance records
  • Have the car inspected by a trusted mechanic
  • Compare prices from multiple sellers
  • Factor in the cost of any necessary repairs or upgrades

The Bottom Line

Owning an economical car in Singapore can be expensive, but it doesn’t have to be out of reach. By understanding the full cost of ownership, exploring budget-friendly new car options, securing comprehensive insurance, and considering pre-owned vehicles, you can make an informed decision that fits your financial situation.

Read also: Can I take a loan to buy a car in Singapore?

Published On: April 3rd, 2024

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