Should I buy a new car in S’pore now because I have some savings

[This article was first published on]

It costs less than $40/day to own a brand new car.

Everybody loves a new car.

It smells nice.

The air con is cold.

The engine is silent.

Everything is shiny.

And the seats do not even have butt grooves imprinted in them yet.

Yes, we hear you: You are practical, and money-savvy, on top of being environmentally-conscious.

But you have successfully squirrelled away a sizeable amount of savings due to a lack of overseas holidays because travel regulations keep changing and new variants of the virus keep emerging.

Can you buy a car then? Should you?

1. Treat yourself to a new car – to explore Singapore

Here’s a handy justification to take the plunge In light of all that info: You can buy a car for your everyday needs – and then use it to explore Singapore like a tourist since you are stuck here anyways.

And this is not a far-fetched idea.

If you just casually browse the used car listings online over a day or two, you will notice that cars get listed and sold sometimes as quickly as within a day or a matter of hours.

The fact is that people in Singapore love their cars as a mode of personal transport.

Those who do have been going everywhere around the island with one, and many for the first time, to explore their own backyards.

Going to the beach? Got lots of shopping bags to carry? Need to lug around a bicycle for fun?

All of these are highly doable as they are just some of the side effects of having your own ride.

Besides, cafes will no longer be hidden.

Coastal areas of Singapore are at most a 30-minute drive away.

You can also hang out late into the night without worrying about how you will get home or be at the mercy of surge pricing.

And we hear you ask: Why buy a brand new car when there are used ones aplenty?

2. Buying a used car vs brand new car

Buying a used car has been mooted as the better idea due to the fact that new cars depreciate in value the moment they get driven out of the showroom.

But what is also not mentioned often enough about used cars: The unknown history of past owners, how the cars were used, and almost no warranty coverage or servicing once you buy one.

New cars, on the other hand, have that covered.

Firstly, the good news is that buying a new car is not always prohibitively expensive – if you know where to look.

In Singapore, the new look Mitsubishi Attrage Dynamic Edition, in a sportier bodykit, is on sale for S$87,999, inclusive of the COE (Certificate of Entitlement).

You are not expected to cough up the full sum, because if so, there will be far fewer drivers on the road.

The downpayment is 30 per cent of the retail price and the remainder can be a loan.

Secondly, buying a brand new Mitsubishi Attrage comes with complimentary servicing credits, five-year unlimited mileage warranty, and 10-year engine warranty to ensure future potential repair costs are almost out of mind.

Moreover, a 10-year engine warranty is actually rare and unheard of in Singapore.

After paying a 30 per cent down payment on a S$87,999 brand new Mitsubishi Attrage, inclusive of the COE (Certificate of Entitlement), the remainder loan can be paid off in S$912 instalments over five years at a 2.28 per cent interest rate.

3. What other costs will you incur?

Assuming you are buying the most affordable, fuel-efficient, and highly economical 1.2-litre Mitsubishi Attrage, other costs you have to pay monthly include:

a. Season parking, unless you live on a private property: S$80 to S$120

b. Road tax: S$504 per year, or approximately S$42 per month

c. Insurance: Anywhere from S$35 to S$120 per month or more depending on the driver's demographic and coverage

d. Fuel: Anywhere from S$6 to S$10 a day or more depending on distance travelled

e. Miscellaneous costs, such as fines and parking fees: At least S$50 per month

The general rule of thumb is: The amount you pay to own a car per month should not exceed more than 15 per cent of your monthly household income.

4. What type of car do you want?

Once you have figured out the affordability and financing options, congratulations, you can pick the type of car you want, and shopping around to see what is on offer is never a bad idea.

But for those who are practical, choosing a car brand and model boils down to needs vs wants.

Some considerations any car buyer, especially new car buyers, would have, include:

How much passenger space do I need?

If you are mostly driving yourself and one other passenger, it would not be prudent to buy a seven-seater, for example.

For a family of five or with occasional passengers, a mid-sized sedan might do the trick.

Do I want a sedan?

Is ample boot space something that you require?

The 1,200cc Mitsubishi Attrage, despite being a modest sedan, has a 450-litre boot space that can easily fit your shopping needs or golf clubs or pram or child seat, or any additional items you have.

Not only is the car zippier, lighter and easier to manoeuvre, it also uses less fuel by achieving 20.4km per litre of petrol -- without it being a hybrid electric-petrol car, which tends to be more expensive.

A car below 1,000kg, such as a Mitsubishi Attrage, would consume less fuel than a seven-seater Mitsubishi Outlander that weighs almost 1,500kg.

What if I do want a bigger car?

If price is not a factor and a car’s make and road presence is, it is possible to spend more to drive a new Mitsubishi Eclipse Cross or even the Mitsubishi Outlander.

If you have a family and a pet, more space to accommodate everyone would make sense.

How much fuel efficiency am I aiming for?

Over the long haul, driving a bigger car with a larger engine capacity will be costlier in terms of fuel consumption.

The difference can add up to thousands of dollars more over many years.

Do I want something different and upgraded?

These are all natural questions to ask oneself, especially so, with the plethora of cars on sale these days – but being only able to pick one.

Even for one car brand, there are many different models available.

Mitsubishi, for example, has over the years made the Attrage, Eclipse Cross, Outlander, and Space Star.

The current version of the Mitsubishi Attrage, for example, was given a facelift two years ago.

The new look Mitsubishi Attrage Dynamic Edition’s sportier look is more distinct with more detailing than the original.

The interior of the car has maintained its efficiency and user-friendly attributes with generous legroom in the passenger seats, while offering Apple CarPlay and Android Auto compatibility on the 7-inch smartphone link display.

To find out more about the range of cars available that can suit your needs and wants, head down to the Cycle & Carriage Mitsubishi showroom at 239 Alexandra Road or visit for more details.

Price of Mitsubishi Attrage is accurate as of the time of publication.

Writing this sponsored-article allowed the writer to wonder if he should change cars.

[Source article:]



The Mitsubishi Attrage is a compact sedan that gives you freedom to live big and dream big without having to worry about additional petrol stops. It has an outstanding fuel efficiency of 20.4km/litre and easy handling making it the perfect companion as you chase sunsets and collect moments around the island. If you’re planning to have a picnic while you’re at it, the car’s large 450-litre boot has all the space you need. Safety-wise, the Attrage has six airbags and Active Stability Control (ASC), which helps drivers gain control on slippery roads or during emergency maneuvers by engaging the anti-lock braking system (ABS) to counteract slipping. It also has a RISE body that effectively absorbs crash energy from all directions so you can drive with confidence and ease knowing that you and your family are in good hands.

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