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Sports Car Insurance Coverage Explained In Singapore – Money How much does it cost to own a Porsche in Singapore? It costs nothing to dream. Timothy Ho February 21, 2023
Porsche is a luxury sports car brand that is known for producing the best sports cars in the world. Its flagship car, the Porsche 911, is widely regarded as one of the world’s best sports cars.
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But one thing should be clear. Although it’s not usually priced like a Lamborghini or a Ferrari, Porsche doesn’t make affordable cars even at its entry level.
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Thanks to high COE prices in recent years, Singapore is unofficially recognized as the most expensive country to own a car in the world. So, how much does it cost to own one of the world’s most desirable sports car brands in a country where owning a car is very expensive?
We decided to pick the most “affordable” car that Porsche currently sells in Singapore – the Porsche Boxster.
To own a Porsche Boxster, you can either buy it brand new or get a pre-owned car. In this article, we will compare both the price of a brand new car and a pre-owned car.
A brand new Porsche 718 Boxster (PDK 2.0) is currently on sale for $288,288 from Stuttgart Auto, Porsche’s authorized dealer in Singapore. This excludes COE. Adding in the cost of the Type B COE ($115,001 as of February 2023), a brand new Porsche 718 Boxster can cost around $403,289. It still doesn’t include the add-ons that Porsche owners have shared with us, which most people can opt for. One Porsche owner tells us you can expect to spend at least $30,000 on optional add-ons.
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Opting for a Porsche Boxster 2.7A (2012) that was pre-owned 10 years ago, you can expect to pay around $250,000 based on the listings we found on sgCarMart. So that’s about a $153,000 difference. However with a pre-owned model, add-ons are already added to the car, while for a brand-new model you may have to spend on your own add-ons.
There are two general methods of calculating how much it will cost to buy a car in Singapore. The first time is to look at its purchase price, which is what we have done above. Another way is based on 10-year depreciation on a straight-line basis. It envisages that car owners must deregister the vehicle after 10 years.
The table above clearly shows that buying a brand new Porsche costs $10,000 more per year than choosing a pre-owned car. However, a pre-owned Porsche is still very expensive, and the actual price depends on how much you pay for the car.
As anyone who owns a car in Singapore already knows, the purchase price is far from the only expense we incur. Here are some cost areas we factor in.
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That means our pre-owned Porsche Boxster 2.7A (2013), with current annual road tax of $2,042, will have an average annual road tax cost of $2,859 (after surcharge) over the next 10 years.
The actual cost of insurance depends on your driving history, years of experience, your No Claim Discount (NCD) and of course the insurance company you buy it from. On an average, if you have 50% NCD you have to pay $2,000 per year. Note that the car’s excess volume may be higher than usual.
Let us make an assumption here that someone rich enough to buy a Porsche is likely to reside in a private estate. Therefore, residents of private properties will not incur additional parking costs.
If you drive your Porsche to your office in the CBD, you pay $200 a month for off-season parking.
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The cost of petrol depends on how often you use your car. On average, if you pump once a week, you’ll spend about $400 a month.
It is difficult to calculate. Performance cars require more attention when it comes to maintenance and servicing.
Logically, brand new cars should be less expensive to maintain and if you buy them from an authorized dealer, the major parts are guaranteed. At the same time, it depends on how well your car needs to be maintained. If you want to own a Porsche, we recommend setting aside at least $3,000 a year for service and replacement parts, especially if you own an older vehicle. You don’t need to replace the parts every year, but when you do, it can cost you more than $3,000.
* Note that our cost does not include interest. If you take out a car loan, your actual cost will be higher.
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Based on our calculation, a pre-owned Porsche Boxster 2.7A (2013) costs around $3,338 per month and if you want a brand new Porsche 718 Boxster (PDK 2.0), you need to spend around $4,044 every month.
Over a 10-year period, you’ll spend about $400,590 on a pre-owned Porsche, and a staggering $485,290 if you buy a brand-new Porsche.
As the saying goes, if you need to calculate how much a Porsche will cost you, you shouldn’t actually buy one in the first place. But hey, there’s no harm in dreaming a little, right?
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Why should we review our personal finances at least once? (I paid $99, but you don’t have to) To find the cheapest car insurance plans, we compared the driver’s premium for the 2020 Toyota Corolla Altis from all car insurance companies in Singapore. By adjusting variables such as gender, years of driving experience, NCD discounts and car types, we were able to find out which car insurers offer the most competitive rates for different types of drivers. Some prioritize keeping their premiums as low as possible by offering basic coverage, while others balance affordability with comprehensive benefits.
To find the cheapest car insurance plans, we have compared premiums for the driver of the 2020 Toyota Corolla Altis from all car insurance companies in Singapore. By adjusting variables such as gender, years of driving experience, NCD discounts and car types, we were able to find out which car insurers offer the most competitive rates for different types of drivers. Some prioritize keeping their premiums as low as possible by offering basic coverage, while others balance affordability with comprehensive benefits.
Budget Direct’s comprehensive car insurance plan is a great choice for sedan and SUV owners who need basic coverage and want to pay as little as possible.
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A budget plan is one of the cheapest available, with a typical car insurance quote averaging 48-54% cheaper than the average comprehensive plan for sedan and SUV drivers. However, this price reduction comes at a cost. Budget Direct’s medical, personal accident and roadside assistance coverage comes at an additional cost. Nevertheless, the base premium is low enough that drivers can choose the coverage that’s important to them and pay much less.
If you need to insure multiple drivers, Budget Direct has two options to choose from. A named driver plan includes the main driver and any named drivers you add to your plan. The Authorized Driver plan costs 15% more than the Named Driver plan, but it covers everyone you let drive your car. Due to its low cost, the approved program is still a competitively priced option for drivers who frequently loan out their car. Budget Direct’s underrated Young and Inexperienced Drivers cover is more than S$500 each, making it a great choice for parents looking to insure their younger drivers.
A budget plan is one of the cheapest available, with a typical car insurance quote averaging 48-54% cheaper than the average comprehensive plan for sedan and SUV drivers. However, this price reduction comes at a cost. Budget Direct’s medical, personal accident and roadside assistance coverage comes at an additional cost. Still, the base premium is low enough that drivers can choose the coverage that matters to them and still pay rock-bottom prices.
If you need to insure multiple drivers, Budget Direct has two options to choose from. A named driver plan includes the main driver and any named drivers you add to your plan. Authorized Driver Program Costs
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