Reflections on owning a car for 1 yr

Having owned a pre-loved car for slightly more than a year, I wanted to reflect on whether it's a good way to burn the money and also to gauge what's the real cost of owning a car. I did some calculation before buying, now it's time to check back those assumptions and verify it once and for all whether those assumptions are rubbish or not

*Items that are estimated means that I take the amount spent for 1 yr and divide it by 12 to get an estimated monthly charge

One time expenses:
First car inspection before taking the car: $142
Downpayment: $16,000
Major car servicing: $560

Total one time payment: $16,702

Monthly expenses:
Season parking : $65
Fuel : $260 (estimated)
Cashcard: $50 (estimated)
Insurance: $120
Carpark Coupon: $4 (estimated)
Car wash: $5 (estimated)
Monthly installment: $359

Total monthly payment: $863

Even before the new rules set in, I'm already paying 50% down payment and borrowing the rest. I've the money to pay it all down but I just don't think it's wise. Anyway, the total interest is $1.2k over 4 yrs, so I think it's alright to borrow money since it raises my liquidity, which is more impt for me. My wife and I are sharing the cost, so it works out to be half of whatever is calculated on top.

My share of the one time payment is $8,400
My share of the monthly payment is $430

Is it affordable? I think so. A lot of people who say that they can't pay for a car is because they didn't look at the secondary market. If you need to smell the fresh leather seats of new car, then don't complain that the cost of owning a car is so high.

Anyway, these are the cost. In accounting, there's got to be something to balance the cost. Here's the benefits:


1. Less energy wasted taking public transport and walking

This reason alone is good enough to make me want to own a car. After work, I still have the energy to go to other places. It's like everyday I start off with 100% energy, then as I work, travel, walk...I spent those energy. Having a car conserve my energy level and spend it slower than walk & public transport. I'm not spoilt or anything (most of the time, my wife drives instead of me) but having a car will make the journey much less taxing on my energy reserves. It makes me more energetic once I reached my destination, rather than tired and sweaty and generally worn out.


2. Saves time

I used to take several buses that will reach my destination in 15 mins but with the waiting time added in, I've to go 35 mins ahead. The extra 20 mins goes like this: 15 mins for waiting, another 5 more in case the bus is too full or 2 buses come at the same time or the bus arrives earlier than expected. It's a tremendous waste of my time. When you value your time and energy more than money, you know that that's the time to get your own transport.


3. Ability to go several places in one day

I've not had that experience before, since my family don't ever own a car. I could be in one place having lunch, then vroom to another place to get something, then vroom to yet another place for dinner. Just because I can do so. The kind of freedom that it gives me is worth the money. I wished I had bought it sooner, actually.


The benefits do not have a dollar value, but that doesn't mean that it's not important. The cost has a price to it, but the benefits are literally and metaphorically priceless.