Is it still worth for me to own a car?

[yanbros]

I know everyone has their own views. Some may think that time and convenience is important, thus, owning a car is important. I'm just sharing the situation that i'm facing and am thinking after March 2016 if i should still buy a car.

My situation now is as such. Bought a 7 year old Mazda 2 in 2013. Have owned it for about 1.5 years. During these 1.5 years, owning and maintaing the car hasn't been an issue. This is the breakdown for owning this car. Per year.

Instalment: $560 x 12months = $6720
Gas: $260 x 12months = $3120
Road Tax = $684
Insurance = $1500
Parking = $215 x 12months= $2580
Servicing = $120 x 3 = $360

~ Total per annum= $15000

$15000 per year spent on transport is really a large sum of money. I was thinking if taking taxi would be a cheaper option. Of course the convenience of owning a car is not there but i always want the most out of what i have. My trips are quite regular. Home to work is about 12km. My wife and i work very near each other. My in laws stay a few blocks away. On the weekends, its off to church and back. Maybe go out shopping or dinner in town. Other than that, not much travelling. I feel the $13000 is not justified. Ok maybe i have 2 kids and its just more convenient but making a booking on taxi can't cost that much right?

What are your thoughts on this? Anyone gone through what i'm going through as well? Please share here. Thanks.

 

[PrOfAtSiR]

I know everyone has their own views. Some may think that time and convenience is important, thus, owning a car is important. I'm just sharing the situation that i'm facing and am thinking after March 2016 if i should still buy a car.

My situation now is as such. Bought a 7 year old Mazda 2 in 2013. Have owned it for about 1.5 years. During these 1.5 years, owning and maintaing the car hasn't been an issue. This is the breakdown for owning this car. Per year.

Instalment: $560 x 12months = $6720
Gas: $260 x 12months = $3120
Road Tax = $684
Insurance = $1500
Parking = $215
Servicing = $120 x 3 = $360

~ Total per annum= $13000

$13000 per year spent on transport is really a large sum of money. I was thinking if taking taxi would be a cheaper option. Of course the convenience of owning a car is not there but i always want the most out of what i have. My trips are quite regular. Home to work is about 12km. My wife and i work very near each other. My in laws stay a few blocks away. On the weekends, its off to church and back. Maybe go out shopping or dinner in town. Other than that, not much travelling. I feel the $13000 is not justified. Ok maybe i have 2 kids and its just more convenient but making a booking on taxi can't cost that much right?

What are your thoughts on this? Anyone gone through what i'm going through as well? Please share here. Thanks.

You forget your initial down payment......
You are lucky,nothing major repairs happens.

Since you calculated 13K a year for the total spending per year.
You haven add in many things
Tyres
Major repairs
Traffic offense

That's about $1k-1.5k/year.
Around $30-50/day.

You can take taxi after you scrap your car.
Mean time,hold your bullet,wait for the correct time to buy again.

 

[runeruin]

Taking taxi surely don't cost this much
Im not swaying your decision but bringing your kids around and waiting for a taxi is not so easy as you think if they are still quite young..just something to consider

 

[yanbros]

Taking taxi surely don't cost this much
Im not swaying your decision but bringing your kids around and waiting for a taxi is not so easy as you think if they are still quite young..just something to consider

Come 2016. One will be 7 and the other 2.

 

[yanbros]

You forget your initial down payment......
You are lucky,nothing major repairs happens.

Since you calculated 13K a year for the total spending per year.
You haven add in many things
Tyres
Major repairs
Traffic offense

That's about $1k-1.5k/year.
Around $30-50/day.

You can take taxi after you scrap your car.
Mean time,hold your bullet,wait for the correct time to buy again.

Yes that's why I say its about that price per year. Which should actually be higher if I want to factor in more of the unexpected.

 

[parkingandride]

Y parking so cheap ?

 

[yanbros]

Y parking so cheap ?

$65 season parking at home. My wife park for free at her workplace and an additional $150 for Cash card and coupons. But seriously, I've never blown this budget.

 

[wacko]

$65 season parking at home. My wife park for free at her workplace and an additional $150 for Cash card and coupons. But seriously, I've never blown this budget.

still doesn't add up to $215 per year.

 

[Dragon]

I know everyone has their own views. Some may think that time and convenience is important, thus, owning a car is important. I'm just sharing the situation that i'm facing and am thinking after March 2016 if i should still buy a car.

My situation now is as such. Bought a 7 year old Mazda 2 in 2013. Have owned it for about 1.5 years. During these 1.5 years, owning and maintaing the car hasn't been an issue. This is the breakdown for owning this car. Per year.

Instalment: $560 x 12months = $6720
Gas: $260 x 12months = $3120
Road Tax = $684
Insurance = $1500
Parking = $215
Servicing = $120 x 3 = $360

~ Total per annum= $13000

$13000 per year spent on transport is really a large sum of money. I was thinking if taking taxi would be a cheaper option. Of course the convenience of owning a car is not there but i always want the most out of what i have. My trips are quite regular. Home to work is about 12km. My wife and i work very near each other. My in laws stay a few blocks away. On the weekends, its off to church and back. Maybe go out shopping or dinner in town. Other than that, not much travelling. I feel the $13000 is not justified. Ok maybe i have 2 kids and its just more convenient but making a booking on taxi can't cost that much right?

What are your thoughts on this? Anyone gone through what i'm going through as well? Please share here. Thanks.

In my humble (some may say elitist) opinion, if you feel it isn't justified then it probably isn't justified. I firmly believe that owning a car is a luxury and should be spent with money you are willing to throw to buy convenience.

If the cost of owning a car strains your finances or you feel the money can be put to better use (e.g. savings, investments, home property, kids' education, overseas holidays, etc.) then you should seriously consider not owning it.

Just to be clear, I am not being condescending nor arrogant here, just sharing my thoughts on financial prudence. Cheers!

 

[spurman]

1.2k a month on car per month considered low already.

If take public n taxis maybe save a bit more.
For 2 adults. Mrt bus maybe only 300per month.
Taxis maybe add another 300 to 500.

Use the 400 for convinience buy lor

 

[yanbros]

still doesn't add up to $215 per year.

Sorry should be per month. Forgot to x12.

 

[yanbros]

In my humble (some may say elitist) opinion, if you feel it isn't justified then it probably isn't justified. I firmly believe that owning a car is a luxury and should be spent with money you are willing to throw to buy convenience.

If the cost of owning a car strains your finances or you feel the money can be put to better use (e.g. savings, investments, home property, kids' education, overseas holidays, etc.) then you should seriously consider not owning it.

Just to be clear, I am not being condescending nor arrogant here, just sharing my thoughts on financial prudence. Cheers!

Yes. That's what I am considering.

 

[item2sell]

It depends time more important or $$$ more important.

I see it as using $$$ to buy time.

 

[yanbros]

It depends time more important or $$$ more important.

I see it as using $$$ to buy time.

You are right. Both my wife and I do not need to meet customers. So no hurry for time.

 

[laksa2003]

How old kids?

 

[Yo2020]

12km doesnt sound like a car is a must.
but having a car is good for shopping n raining days.

 

[yanbros]

How old kids?

now 4 months and 5 years old. Car will end its COE in mar 2016. By then they will be 2 and 7 years old.

 

[yanbros]

12km doesnt sound like a car is a must.
but having a car is good for shopping n raining days.

its a compromise between convenience and $$$

 

[laksa2003]

2 years still young. . Not easy without a
car. If can afford .. i will hang on to a car

 

[edwinttt1978]

2 years still young. . Not easy without a
car. If can afford .. i will hang on to a car

Me too.

Without a car is like Maleficient without her wings.