Also let me math this out k? Lets say lease for one year as per my current plan. Average Price taking into acct fluctuating COE - $170K Downpayment 40% - $68,000 Monthly Installment w Interest - $Approx 1,700 (depending on bank) Other stuff: Annual Insurance - $1,700 (Was what I paid when i bought my first car) Annual Roadtax - $1,300 (Was for my Suzuki Swift, might be more for SUV) Annual Petrol - $5,000 (Once again this was my suzuki which quite fuel efficient I Think) Maintenance - $2,000 (Average of my 3 years usage - change tire, suspension, servicing, etc) Average per month: $825 (Bear in mind that Jap models are cheaper to maintain) Total per month: $1,700 + $825 = $2,525 EV Charging much cheaper and Jack cars got rebate. So basically, I would have to pay $350 more per month if I rent. But I don't pay $68,000 in downpayment. And rental includes servicing, roadtax and insurance) This was my math based on my experience. And I'm not even recommending this to you. So please don't doubt my character when I'm just sharing my experience with you. Cars are extremely expensive these days. - John cc: @mulelos

Just a thought: petrol should be excluded since you are only comparing between buy or lease the same EV.

@@wong339 Yeah you're right. I actually was looking to add EV charging into the equation instead. But I also dunno the damage yet. hahah. The website says save $3K a year la. But must test first.

@@JOHNPATCROSS Bro don't worry we dont doubt your character, you are just innately a good influencer 😊

your math is definitely right. 100k might as well buy new car since coe is already around 100k. and use it for 10 years

See my pinned comment!!

​@@JOHNPATCROSS okok saw your ting ting bell notification~ Don't triggered leh bro, where got until doubt your character. I'm just here for a healthy convo to save your money. We agree that car ownership is expensive, which is why we gotta scrutinize and justify the cost right? Right off the bat, before we swing into the number crunch, a few things I want to point out about the reference figures which you mentioned: You shouldn't include $2000 maintenance (3 year average) into your calculation as it is a wrong reflection of maintenance cost on a new car. You drove a rather problematic used swift, that caused you about $6000 in repair. That is, quite alot. Suspension don't usually require a change. Tires change happens every 3~4 years. Depending on your wear rate, I give you discount, change every 3 years (720 for 4 pcs of 17" tires / 3 years = $240 per year / $20 per month . Yearly servicing twice, I give you mid range; $250 per typical minor servicing(oil/filter change/checks), $500 per year / $41 per month. EV already not much servicing, so the estimation has to be lower. 170k - 40%($68k) downpayment = $102,000 $102,000 with 2.78% interest over 7 years = $1450 monthly Insurance monthly benchmark = $141 (Insurance is unusually high, unless you're single/young/langa before) Roadtax monthly benchmark = $108 (Road tax is unusually high side given its a swift (swift sport?) 1600cc, but can be expected for EV with higher BHP) Petrol = $416 (You might save money from EV charging as compared to petrol. Perhaps you can update again.) Given high roadtax and low charging cost, I will take your figures as is, assuming they offset each other. Maintenance = $62, from my explaination above. Total makes out to be $2180/month, is very generously high already and can be lower if your charging costs per month is lower than $416 and your roadtax and insurance is revised. You're paying minimally $700 more /month at $2.8k more despite servicing/roadtax/insurance included. $700 over a year is $8.4k and over 10 years is $84k (for leasing vs owning). We're looking at a timespan of 10 years. If today the topic is to drive a car for 10 years, the cost effective answer is to save for the downpayment and then own the car for 10 years. Not lease the car for 10 years. Which was what I meant. If today the topic is to spend additional 8.4k on top of the original costs, to try an EV for a year, then the next question is, Is it better to pay ($2800 x 12 = 33.6k) or Is it better to pay the downpayment of $68k, pay 2100 monthly, then sell off the car at a 17k depre a year later and potentially get back 170k - 17k = 153k (realistically look at 150k~ for buffer of market conditions). Would you be able to get investment returns of close to 15k had you invested the $68k for a year? or Is it better to buy an ICE instead? Objectively speaking (i'm not against you), this is the current car ownership situation in singapore. Alot of people obviously cannot afford a car because they are not cash rich to downpay, but yet they're willing to literally waste additional money per month to own a car. That is how leasing companies grew larger. Lease car = burn money, the longer the duration the more painful the burn.

@@zhihao5750 i also thinking is my math wrong or his math wrong, how would leasing be more worth it than his other options lol

there is no need to understand all the logic for you will forgo all of them when u enter the showroom, get inside e car and enjoy the 'buy me' smell...

That is the purpose

Confirm ah. Haha. If can find another 30K car I buy bro.

Got 35K, but now is left 2 years only compared to 3 years 😂. The new car appeal is stronger for sure​@@JohnathanChuaa

@@CrazyPaperSun Last time my suzuki - 30k for 5 years sia. hahahah.

Yes of course. MRT and bus is still most cost effective. That’s why John say he’s not asking anyone to consider having a car. But if you are, this is one option to consider before owning an EV. - Pat

since when do majority of private car owners do?...haha

Owning a car in SG won’t ever make sense unless you need to ferry a lot of people everyday (big family). It’s a luxury in life that we can do without luh. Like you said, it’s not like we can cancel anytime. So we chose to lease an EV (instead of buy) for 1 year and see if we really still want to have a car after that. If the cost of EV is lower than expected, and still need a car, then I think we will buy. - Pat

yea lease to try out is the right approach but not lease for the long term. no downpayment is attractive but it could be a costly temptation in the end due to the high total price paid for long term lease =)

I used to be one of those guys whom say that because I couldn't afford one. Just got my tesla last month, it's a different experience altogether