How much I spent on my very first car!

After patiently waiting for a good deal for 3 years, I finally found a car that ticks most of the boxes in my checklist. Getting a second-hand car is exciting, but here’s what I had to shell out before I could actually drive away!

1. Deposit

To secure the car, I paid a $500 deposit.

2. Pre-Purchase Inspection

I took the car to a workshop for a check-up, and thankfully, my car technician gave the green light to proceed.

3. Downpayment

Once the inspection was done, I made a downpayment of $14,088. This was 45% of the total price.

4. Transfer Fees

To transfer the car into my name, I had to pay $25 to LTA.

5. Insurance

Since I hadn’t driven in 3 years, my insurance cost was a bit higher at $2,362. This also includes coverage for 1 named driver.

6. Season Parking

I secured sheltered parking at my HDB carpark for $110.

7. First Monthly Instalment

My first car loan installment came to $1,153.

8. Post-Collection Repairs

Just a few days after collecting my car, I spent another $2,700 on essential repairs and new tyres.

Total Cost (Before Road Tax):

$500 (deposit) + $14,088 (downpayment) + $25 (transfer fee) + $2,362 (insurance) + $110 (parking) + $1,153 (first installment) + $2,700 (repairs) = $20,938

I have about 1.5 years left on the car before it’s COE runs out. I figured this would be a good litmus test to see how it fits into my finances. I didn’t expect my total cost to reach almost $21k as I was just focused on the downpayment and monthly repayments. Big rookie mistake I hope you guys won’t make. It all adds up quickly before you even hit the road!

#myfirstcar

#RealTalk