June 25, 2017

Grab and Uber Cost Less Than Owning a Car in Singapore

phone with grab logo on screen
Image Courtesy of Grab

Singapore is notorious for having expensive cars. With the average cost of cars hovering around S$106,000 in 2017, cars in Singapore are 4-5x more expensive than cars in the US or Korea. In fact, Singapore’s car price is the highest in the world. This poses an interesting question: is using ride-sharing services like Uber and Grab actually cheaper than owning a car in Singapore? According to the analysis conducted by our team at ValuePenguin, the cost of using Uber every day is quite comparable to owning and driving a car. Driving A Car = Riding on Grab or Uber = S$15,000 to S$16,000 of Cost Per Year

On average, it costs about S$150,000 to S$160,000 to either drive a car or use ride-sharing services everyday for a year. Below is a summary of our analysis. According to a study conducted by the Land Transport Authority of Singapore , an average car drives about 17,500 km per year, which is equivalent to roughly 4 trips of 12km per day. We assumed that an average driver drives a Toyota Corolla Altis 1.6, which is the most popular car in the country. This particular car has a mileage of 6.5litre/100 km (or […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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