What a price to pay for a liability in the name of convenience!

Is a car an asset or liability? Many might think it is an asset, but it is actually a liability. An asset would grow in value. But, at the end of 10 years, the car is to be scrapped with zero value. In Singapore, maintaining a car costs about SGD$1,000 per month. Some say it costs as much as maintaining a wife! Isn't it true? Even then, why are many people still owning and driving a car? Besides the reason of prestige, convenience is what almost all motorists would cite as a reason for driving. It is incredible that people are willing to pay so much for convenience.

Generally, a car in Singapore costs at least three times that in the USA. Moreover, in Singapore, before buying a car, one has to first bid for a Certificate of Entitlement which could cost more than S$30,000 at times, excluding the price of the car.

I have many friends who wanted to give up driving, but so far, none has succeeded, even though the public transport in Singapore has been improving towards its goal of world-class standard. It is hard for those who have been driving for decades to stop driving unless they are being circumstancially compelled to do so! But, in all fairness, in my own experience, the public transport has improved tremendously over the years and it has become very convenient now.