Let’s put on our thinking caps and do some mental sums. Using the Mazda 3 sedan as illustration, the maximum car loan you can take out is 70% of the car’s value if the open market value (OMV) is less than $20,000. Max loan tenure is 7 years. In this case, the down payment would be $30,840 and the monthly loan repayment would work out to be approximately $993 (COE taken into account). Here’s a breakdown of the other main costs:
For private non-Grab use, this figure is likely be lower as you won’t be guzzling as much petrol. Your monthly remuneration at the office may allow you some capacity to stomach the upkeep, or it may not. Either way, remember: every minute that your car sits idle is money lost. That is never a good idea.
The only way to ensure that your new car is always on the move while actually earning you money is to drive with Grab, duh!