9 Easy Steps To Buying And Owning A Car In Singapore

STEP 1: BUYING A CAR IN SINGAPORE - CALCULATE THE COST

Go to a car dealership. They will be able to help you with make and model and go through the costs. By the time you’ve bought your Certificate of Entitlement (COE), a car can end up costing over SG$100,000. A higher-end car such as a BMW or Mercedes could easily end up costing in excess of SG$200,000. Road Tax costs about SG$2,000 per year and is determined by engine size. Insurance is reasonable and can cost as little as SG$1500.

STEP 2: BUYING A CAR IN SINGAPORE - FIND A RELIABLE DEALERSHIP

Most car dealerships are along Alexandra Road and the Ubi Industrial estate. There are some online marketplaces such as SGCarMart, OneShift, and Carro which are proving popular if you’re looking to trade in. If you're looking for pre-owned cars, check out OneShift's guide before heading to any car dealer.

STEP 3: BUYING A CAR IN SINGAPORE - MAKE PAYMENT FOR THE CAR

If you're opting to use cash upfront to pay for the car, ensure you have enough to cover COE, taxes, insurance and the down payment. There are also loan options from local banks like POSB. Be sure to do your homework and source the best interest rates from MoneySmart before committing to one.

STEP 4: BUYING A CAR IN SINGAPORE - REGISTER THE CAR

STEP 5: BUYING A CAR IN SINGAPORE - SETTLE ALL PAPERWORK

This is what you will need to get on the road: Application for Registration and Licensing of a Motor Vehicle/Revised Off-Peak Car (Form R01/R01A), Notification of COE (issued by LTA as Temporary COE), Employment/Immigration Pass Card bearing Foreign Identification Number (FIN) issued by the Ministry of Manpower (MOM) or Immigration & Checkpoint of Singapore (ICA), Certificate of Insurance, Notice of Approval with Vehicle Approval Code (VAC) issued. For locals and PRs, documents will differ so check the LTA site first and get all paperwork ready.

STEP 6: BUYING A CAR IN SINGAPORE - CONVERT YOUR DRIVER'S LICENSE (Foreigners only)

In order for you to take to the roads, you will need to convert your license within a year of arriving. If you don’t you will need to retake the written and road test. Our advice is to get the necessary driving test books and pass the test as quickly as possible. Wait times can be up to 3 months to book for the conversion test. You will need to obtain 48/50 questions correct in order to pass.

STEP 7: BUYING A CAR IN SINGAPORE - FAMILIARIZE YOURSELF WITH THE ERP

Singapore uses the Electronic Road Pricing System (ERP) to handle traffic congestion; in essence, these are tolls that you will need to pay using the In-Vehicle Unit (IU) in your newly purchased car. All Singapore registered cars will come equipped with the unit that reads the NETS stored value card and is required for paying the tolls and charges at ERP and carpark gantries.

STEP 8: BUYING A CAR IN SINGAPORE - BE ROAD READY

STEP 9: BUYING A CAR IN SINGAPORE - HAVE FUN!

Explore the wonderful island of Singapore and all it has to offer. You can take mini road trips along the many expressways here and have little pit stops in town or even explore the farms in the north during weekends with the fam! If you want to explore further afield take a trip to Malaysia and discover hidden beaches and small towns with delicious food and Peranakan culture.