Buying a used car in Singapore looks cheaper on paper, but the sticker price is only the start. We priced a 2019 Toyota Vios 1.5A (a PARF car with about 2.5 years of COE left) using sgcarmart listings from October 2026, and added up everything an owner pays: the downpayment, the loan, petrol, ERP, parking, road tax, insurance, servicing and a cash buffer for repairs.
The short answer
| Item | Estimate |
|---|---|
| Upfront (downpayment) | about $14,190 |
| Every month (loan + all running costs) | about $1,865 |
| Cash to keep in the bank (servicing, tyres, brakes, repairs) | about $5,000 |
| Back to you at the end (PARF rebate when scrapped) | about $6,968 |
These are estimates. The ones we could not find a published figure for (real-world fuel use, insurance and the emergency fund) are our own assumptions, flagged below.
1. The car and its price
We looked at 22 listings for a 2019 Toyota Vios 1.5A on sgcarmart in October 2026. Asking prices ranged from $41,000 to $56,800, and the median was $47,300. The 1.5-litre petrol engine (1,496 cc) comes with an original ARF of about $13,936, and road tax is $682 a year. With only about 2.5 years of COE left, this is short-term ownership.
2. The downpayment: why 30%
For used cars, banks must first reduce the car’s OMV by its age (age in months divided by 120) before applying the loan limit. This Vios has an OMV of $13,936, which adjusts to about $3,600. That is under $20,000, so the bank can lend up to 70% and you pay at least 30%. CPF cannot be used.
| Item | Amount |
|---|---|
| Car price | $47,300 |
| Bank loan (70%) | $33,110 |
| Downpayment (30%, cash only) | $14,190 |
3. The monthly loan instalment
We assume a typical bank rate of 2.98% flat, the same as our other Car Cost episodes so you can compare. Used-car rates are typically about 2% to 3% flat, so check a few banks. A flat rate is charged on the full loan for the whole term, so the true rate is higher. The loan cannot run past the COE, so we use 30 months.
| Item | Amount |
|---|---|
| Loan amount | $33,110 |
| Loan length | 30 months |
| Interest rate (flat) | 2.98% |
| Total interest | $2,467 |
| Monthly instalment | $1,186 |
| Downpayment + all instalments | $49,770 |
4. Petrol
Toyota’s official figure for the 1.5 Vios is 6.5 litres per 100 km (about 15.4 km/L), and one road test of a 2019 Vios measured 6.8 L/100 km. In real Singapore traffic it is worse, so we assume 13 km/L, which is our own assumption. RON 95 costs about $3.60 a litre (October 2026). That is about $28 per 100 km.
| Item | Cost |
|---|---|
| 1,250 km a month (15,000 km a year), no card discount | $346 |
| With a ~20% fuel card | $277 |
Fuel cards give up to about 21% to 23% off but need monthly minimum spends of $800 to $2,000.
5. ERP and parking
We assume $90 a month for ERP (a light to heavy commute is $30 to $150), $110 a month for an HDB season parking ticket at home (condo and landed owners pay $0), and about $70 a month for parking when out (around 8 trips at about $8 each). The casual parking figure is our estimate for a typical driver who does not park at the office.
6. Road tax and insurance
Road tax is $682 a year, or $57 a month. Insurance depends on your age, claims history and no-claims discount (NCD). A 2026 comparison-site example for a similar-priced Honda Vezel with 50% NCD was about $700 to $1,000 a year. We assume $900 a year ($75 a month) for the Vios. This is our estimate, so please get real quotes.
7. Servicing, tyres and repairs: cash to set aside
These are not monthly bills, so we treat them as cash to keep in the bank over the 30 months.
| Item | Estimate |
|---|---|
| Servicing: 5 visits (4 regular at ~$150, 1 big one at ~$500) | $1,100 |
| Tyres: replace all 4, once (~$120 each plus ~$115 fitting) | $600 |
| Brakes: 1 repair (new front pads and discs, $250 to $600) | $300 |
| Expected maintenance | $2,000 |
| Emergency repair fund (aircon, battery, engine mounts, transmission) | $3,000 |
| Total to keep aside | $5,000 |
Independent-workshop prices in October 2026: a minor service is $118 to $190 every 10,000 km or 6 months, and a major service is $400 to $600 every 40,000 km or 24 months. Compact-car tyres cost $80 to $150 each (median about $120), plus $80 to $150 in labour for fitting, alignment and balancing. Dealer servicing costs more. The emergency fund is our estimate, not a published median.
8. Your monthly bill
| Item | Per month |
|---|---|
| Loan instalment | $1,186 |
| Petrol (with a ~20% fuel card) | $277 |
| ERP | $90 |
| Parking at home (HDB season) | $110 |
| Parking when out | about $70 |
| Subtotal | $1,733 |
| Road tax | $57 |
| Insurance (our estimate) | about $75 |
| Total per month | $1,865 |
On top of this you pay the $14,190 downpayment upfront and keep about $5,000 in the bank for servicing and repairs. The loan runs the full 30 months, until the COE ends.
9. The end game: scrap and PARF
If you scrap or export a PARF car before its COE expires, you get back a percentage of the ARF you paid, based on the car’s age. For this Vios at 9 to 10 years, it is 50% of the $13,936 ARF, which is about $6,968.
| Item | Amount |
|---|---|
| Downpayment + instalments | $49,770 |
| PARF rebate | −$6,968 |
| Net cost of the car itself | $42,802 |
A scrapyard may also pay for the car’s metal body, but we could not find a reliable published figure, so it is not counted here.
10. Can you afford it?
Here is the $1,865 monthly bill as a share of household income:
| Monthly household income | Share spent on the car | Feel |
|---|---|---|
| $4,000 to $6,000 | 31% to 47% | Tight |
| $6,000 to $8,000 | 23% to 31% | Tight |
| $8,000 to $10,000 | 19% to 23% | Stretched |
| $10,000 to $12,000 | 16% to 19% | Manageable |
| $12,000 to $15,000 | 12% to 16% | Comfortable |
| $15,000 and above | under 12% | Comfortable |
A common rule of thumb is that up to about 15% of household income is comfortable and 20% to 25% is a stretch. If you pay the full price in cash with no loan, the monthly bill falls from $1,865 to about $679, but you need the full $47,300 upfront.
Frequently asked questions
Why is the downpayment 30% and not 40%?
The loan limit is 70% for cars whose age-adjusted OMV is $20,000 or below, so the downpayment is at least 30%. Above that, the loan limit is 60% and the downpayment is at least 40%. CPF cannot be used.
What is the PARF rebate?
If you scrap or export a PARF car before its COE expires, you get back a percentage of the ARF you paid, based on the car’s age. For this Vios at 9 to 10 years, it is 50% of the ARF.
How much should I keep aside for car repairs?
We used $2,000 for expected maintenance (servicing, one set of tyres, one brake repair) plus a $3,000 emergency fund, about $5,000 over 30 months. Your own figure will depend on the car’s condition and how much you drive.
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Disclaimer: all figures are estimates based on public sources (sgcarmart listings in October 2026, LTA, MAS, lender and workshop guides) and our own assumptions, including real-world fuel use, insurance and the emergency fund. They are not financial or professional advice and will differ from person to person. Please check with your bank or financial adviser.