Although Singapore has one of the most efficient, affordable, and safest public transport system in the world, the advantages of driving your own car undeniably pushes the convenience of going to places (especially in ulu or far-flung corners), without having to squeeze in MRTs and buses among its many other comforts. But convenience always comes at a cost.
In a recent analysis conducted by Carro, the demand for cars in Singapore remains strong despite the circuit breaker. A compact car averaged $95,550 last year, while with an average SUV, you can expect to settle between $90,000 to $110,000.
To give you a clearer picture, the county’s most popular compact car, the Toyota Corolla Altis (Elegance Version), retails at $100,888, and the new Mazda CX3 is achieving popularity at $91,000. While these figures remain one of the highest in Asia (even the world), owning a private car in Singapore is still desirable.
Finding the Cheapest Car in Singapore?
If you’re not ready to spend way more, here’s our pick for the most affordable models that are at a great starting point.
| Model | Car Prices |
| Perodua Bezza 1.3 Premium X (A) | $59,999 |
| Perodua Myvi 1.3 X (A) | $63,000 |
| Honda Fit 1.3 (A) | $69,000 |
| Nissan Note 1.2 (A) | $69,000 |
| Mazda 2 Hatchback 1.5 (A) | $69,888 |
| Mitsubishi Attrage 1.2 CVT Style (A) | $69,999 |
| Mitsubishi Space Star | $69,999 |
1. Perodua Bezza 1.3 Premium X (A)
Price: $59,999
Produced by Malaysia’s largest car manufacturer, its dual VVT-i engine makes it the brand’s most fuel-efficient compact car. Most likely to be the only brand new car in the country priced below $60,000, Perodua Bezza 1.3 Premium features an Advance Safety Assist system to support drivers, a spacious cargo/boot space, and a lightweight engine to improve fuel economy made by Toyota.
Key Features:
- Top Speed 180 km/hr
- Smart entry with Smart Key push Start/Stop button
- Advanced Safety Assist (ASA 2.0)
- 508L luggage space
Fuel Consumption: 21km/L
2. Perodua Myvi 1.3 X (A)
Price: $63,000
With slightly more premium features than the Bezza, Myvi is equipped with 4 airbags and its size and torque are obviously bigger. The hatchback features sporty exterior elements such as LED headlamps and has a boot space of 277L with a wide aperture for ease of loading and unloading. The cabin comfort is also supreme, and with an acoustic windshield for quiet road travel. The 1.5L engine is also available with a slightly higher tag at $67,999.
Key Features:
- Push Start/Stop button
- Smart Entry with Smart Key
- Built-in Toll reader
- Advanced Safety Assist (ASA 2.0)
- Quiet cabin
Fuel Consumption: 17KM/L
3. Honda Fit 1.3 (A)
Price: $69,000
This Japanese model represents well the new generation of Honda hatchbacks with its sportier exterior and so much interior space that can sit 5 (thanks to its Magic Seat feature), making it more competitive compared to its contemporaries.
With enhanced entertainment and connectivity features and an illuminated driver’s window, Honda Fit 1.3 (A) makes an engaging companion to your leisurely or urban driving.
Key Features:
- Proximity Key Entry System
- Impressive Cabin Space (Cargo capacity of 52 cubic feet)
- Illuminated driver’s window
- Full airbag safety system
- Vehicle Stability Assist
Fuel Efficiency: 15-20 KM/L
4. Nissan Note 1.2 (A)
Price: $69,000
This compact, easy-to-handle hatchback has finally made it to our list of best cheap cars. It accelerates at seamless immediacy and quiets even at low speed. Despite being small, it is packed with safety features, can seat 5, and with comfortable legroom and decent boot size.
Its visually handsome exterior is complemented with features such as the fancy rearview camera, Vehicle Dynamic Control, and Hill Start assist, making the Nissan Note ideal for beginner drivers or looking for an easy-breezy drive.
Key Features:
- Comfortable to Drive
- Spacious Cabin
- Large 7-inch infotainment system
- 1.2L three-cylinder engine ideal for city driving
- ABS with EBD and reverse parking sensors
Fuel Efficiency: 20 KM/L
5. Mazda 2 Hatchback 1.5 (A)
Price: $69,888
Mazda 2 Hatchback has the plushest and premium cabin a compact hatchback has ever offered. While it looks smooth and curvy, its driving appeal makes up for a spirited driving experience with a 6-speed automatic gearbox that pumps a respectable 115 PS maximum output.
With an ample amount of safety features and multi-function steering wheel, Mazda 2 Hatchback is easily one of the most desirable hatch in its segment at a favorable price tag. The only downside is the smaller size of its legroom.
Key Features:
- KODO design
- Impressive fuel efficiency and engine power
- Intelligent Safety
- Mazda Connect – advanced touch screen infotainment system
- Skyactiv Technology
Fuel Efficiency: 18.5 KM/L
6. Mitsubishi Attrage 1.2 CVT Style (A)
Price: $69,999
Despite being marketed as a private-hire vehicle, Mitsubishi Attrage remains to be one of the best cheapest cars in Singapore (including COE prices). It impresses with its recent equipment upgrades, such as the keyless engine start/stop button, mounted audio controls, and the 7-inch infotainment display.
Mitsubishi Attrage comes with six airbags, auto headlights, active stability control, electronic brake-force distribution, and a practical 450 L boot. The Cruise Control feature allows ease of maintaining a fixed speed with just a push of a button.
Key Features:
- Cruise Control Feature
- Keyless Ignition
- Class-leading fuel efficiency
- 1.2L MIVEC Engine
- INVECS III CVT
Fuel Efficiency: 20.4 KM/L
7. Mitsubishi Space Star 1.2
Price: $69,999
Last of the cheapest cars on the list (including COE prices), Mitsubishi Space Star features a similar engine and capacity with Attrage except for its body and size. This hatchback has a smaller turning radius making it great for navigating small spaces. Its sporty and sharp contours make a great visual paired up with its new LED headlamps. It’s also packed with amenities, a keyless operation system, and advanced safety features.
Mitsubishi Space Star is a fantastic car for small families.
Key Features:
- Excellent fuel efficiency and versatility (ideal for longer drives)
- Keyless Ignition
- Class-leading fuel efficiency
- 1.2L MIVEC Engine
- INVECS III CVT
- ABS with EBD and Pretentioners
Fuel Efficiency: 21.2 KM/L
Now that we have your best options when it comes to economical brand new cars, there are other important costs to consider in car ownership.
Aside from the petrol costs, scheduled maintenance, parking fee, and road tax, among others, Auto Insurance is a crucial cost that doesn’t just take from your monthly budget but, in return, adds value to your car.
Car Insurance acts as a financial cushion in cases of car damage or injuries, and to some extent of coverage, protects you and your car from other possible accidents such as fire, falling objects, and even theft.
Here are the best performing Auto Insurance products available in Singapore.
Top Performing Car Insurance Products in Singapore
| Auto Insurance Product | Accidental Damage | Roadside Assistance | Choice of Repairer | Guarantee on Repairs |
| Direct Asia Comprehensive Car Insurance | Yes | Optional | Optional | Lifetime Repair Guarantee |
| Budget Direct Insurance Comprehensive Car Insurance | Yes | Optional | Optional | 12-months repair at authorised workshops |
| FWD Comprehensive Car Insurance | Yes | Yes | Yes | Yes |
| Income Drivo Premium Car Insurance | Yes | Yes | Yes | N/A |
| Aviva Standard Car Insurance | $5,000,000 | Yes | Yes | No |
| ETiQA Comprehensive Car Insurance | Yes | No | Yes | No |
| AIG Auto Plan Car Insurance | $5,000,000 | Yes | No | Lifetime Repair Guarantee |
Before acquiring a brand new car, it is best to determine the actual cost and the monthly cost it would incur to better plan your budget.
Is it still worth it to buy a car this year?
With the pandemic still looming over the country’s economy and local businesses, the demand for private cars still stays strong due to various reasons. Be it for your family’s comfort of traveling, or your profession requires frequent domestic trips, calculate your objectives versus your capability to acquire, be it a brand new or a used car.
As long as the advantages outweigh the liabilities, it is definitely still worth it to buy a car this year.
Why are cars in Singapore expensive?
The answer is simple. COE or Certificate of Entitlement comprises a large chunk of your vehicle’s total cost, be it brand new or used. It is mainly introduced to control the country’s car population, and its validity lasts for 10 years.
COE price fluctuates based on market demand. The higher the number of bidders, the higher the price gets. Last year, a category A car 1,600 cc and below with engine power not more than 97 kW, e.g., Toyota Corolla Altis, was listed at $35,710.
What is the cheapest car in Singapore?
If we were to choose which brand new car is most affordable, the Perodua Bezza 1.3 Premium X (A) goes for $59,999, including COE. But finding the cheapest car actually depends on your needs, traveling purpose, and the number of passengers.
An SUV, compact car, and a Sedan all offer different features for every car buyer’s needs.
What is the average cost of owning a car in Singapore?
We are actually looking at a lot of numbers for this question. There are a whole lot of surcharges and fees associated with buying a brand new car and the actual cost after your purchase.
To give you an idea, here’s a table of the purchase cost alone of a Honda Jazz 1.3.
| Open Market Value (OMV) | $16,924 |
| Registration Fee | $220 |
| Additional Registration Fee (ARF) | $16,924 (100% of OMV) |
| Excise Duty | $3,385 (20% of OMV) |
| Goods and Services Tax | $1422 (7% on OMV and Excise Duty) |
| Certificate of Entitlement (COE) | $49,640 Category A (Apr 2021) |
| Vehicular Emission Scheme | -$10,000 (A2) |
| Total | $78,514 |
| Dealer’s Package | $83,988 |
What are the best car loan options in Singapore?
Various financial institutions in Singapore could offer the most suitable car loan for you. Banks have different interest rates, and terms and the same goes for in-house (dealership) financing. To better guide you in determining the best loan option, here are some factors to consider:
- Competitive interest rates
- Loan tenure of up to 7 years
- Loan amount up to 70% of the car’s value
- Customizable loan features
To learn more about these factors, check our recommendation on the best car loans in Singapore this 2022, with the list of the top banks that offer the most competitive loans to get you started.
Wrap-up
Owning a car in Singapore sure is an aspiration for most Singaporeans. While finding the best car for you takes a lot of consideration, the same goes for financing it and finding the best car loan that would work for you.
Loan Advisor will further put you in touch with the deals that best suit your circumstances. Our loan comparison for car financing will save you time and help you better understand what you can afford and make smarter financial decisions. Get your tailored car loan quotes today!
