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In this video, I’ll explore whether I should get a Tesla or not. I’ll show you what’s the price of Tesla in Singapore, reasons for getting a car, and whether should you or I consider getting a Tesla. Enjoy.
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0:00 – Intro
0:52 – Price of Tesla
The Tesla Model 3 most basic price is $113k, and that’s almost 50% more expensive than the cheapest car in Singapore. This price doesn’t include COE, with COE it’s extra $58k. And if you take a loan, the car will cost $126,588 instead. If we factor in HDB parking, road tax and COE, Tesla costs $228k to own. This is not including charging costs, servicing and insurance.
6:33 – Why do people own cars in Singapore?
Singapore’s car ownership rate is one of the lowest at 11% among the more developed countries. According to others, it would only make sense to own a car in Singapore if we need it for our job, like taxi driver or profession that need to travel around quickly. I didn’t fit into any of these criteria as I work in CBD area where transport is convenient.
I also compared the cost of taking a grab to work everyday. Over 10 years, I would spend $187,200 on Grab, still way lesser than buying a Tesla.
9:03 – How much should I be earning to own a Tesla
According to the general budgeting rule, I should only spend 30% of my income on my wants. With Tesla’s monthly cost to be around $1900, I would need to earn at least $7916 to be able to afford it.
10:20 – Opportunity cost
In the end, it’s about opportunity cost. Should I buy a Tesla that only last for 10 years? Or is it better to grow my wealth with that money. If I were to use the 4% rule, I would easily have $1332 to use every month if I had just invested that money. I feel that the best thing money can buy is my financial freedom, so that’s why I decided that I won’t get a Tesla for now.