Average Cost of Cars in Singapore 2024
The ValueChampion team examined the car market in Singapore to find you the going prices for some of Singapore's bestselling mid-market sedans, small SUVs and luxury sedans. We hope that this information will serve as a helpful point of reference as you consider your options for your new car. These prices are inclusive of COE costs and discounts such as CEVS rebates.
Cost of the Average Compact Car
At the end of 2021, the average cost of a compact sedan is about S$125,300. We calculated this figure based on the current prices for some of Singapore's top-selling small sedans. As of March 2022, a Toyota Corolla Altis (Elegance version), the most popular car in Singapore, sells for S$142,888, a Honda Civic 1.6 sells for about S$145,999 and a Mazda Mazda3 sells starting from S$124,888.
Cost of the Average Small SUV
You should expect to pay in the range of about S$120,000 to S$140,000 for a mid-market small/crossover SUV in Singapore. This was based on our comparison of the Nissan Qashqai, the Honda HR-V, and the new Mazda CX-3. The latest model of the Nissan Qashqai, which has been one of the top-selling SUVs in Singapore for years, will be selling for over S$160,000 in 2022. The Honda HR-V, designed to compete with the Qashqai, is currently priced around S$130,000. Finally, Mazda's response to the HR-V, the new CX-3, is selling for about S$123,000 this year. Since 2010, the average price of the Nissan Qashqai, one of Singapore's favorite SUVs, has decreased by over 24%.
Cost of the Average Luxury Sedan
A luxury small executive car should cost you in the range of S$180,000 to S$210,000 in 2022. We base this estimate on the current selling prices for the Mercedes-Benz C-Class, the BMW 3 series and the Audi A4, which include Singapore's top-selling cars in this category. At present, the Audi A4 (Mild Hybrid) costs over $230,880 given that it is the least popular model of the three. The Mercedes-Benz C-Class sells for about S$264,888 and the BMW 3 series costs the least, starting at roughly S$200,000. Since 2011, the average price of these three models has decreased by 11%.
Those interested in larger luxury sedans should note that prices are much more variable for this type of car, ranging from around S$232,900 for the new Audi A6 2.0 to just under S$260,000 for the Mercedes-Benz E-Class in 2022. The new BMW 5 series currently hovers between S$258,000 and S$308,000. Since 2011, the average price of these three models has increased by 24%.
Methodology
We collected data from pricelists archived on SG Carmart's website and the retailers' websites themselves, and used the December pricelists wherever possible to indicate year-end prices. 2019 prices were obtained from the most recent pricelists available. Prices reflected are for the most basic, or "standard," versions of the models offered. Makes and models were selected based on our research of the Singapore car market and Singapore car sales statistics.
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Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.