How Much Does It Cost To Own A Motorbike in Singapore (Road Tax, Insurance, Parking, ERP, etc.)

How Much Does It Cost To Own A Motorbike in Singapore (Road Tax, Insurance, Parking, ERP, etc.)

There is nothing more exhilarating than riding a motorbike. Plus, it is much cheaper and easier to move around in the dense traffic of our beloved island.

But, how much does a motorbike cost in Singapore?

Apart from the market value, there are many other costs to consider before and after buying your bike. Luckily, we have broken down all these prices with plenty of examples along the way.

What Are Some Of The Costs To Take Note Of Before Buying A Motorbike?

Two essential costs to add to the price of your motorcycle before even buying it are:

  • Motorcycle riding lessons
  • Fees for a class 2B license

These costs add to around $700, but only if you pass your driving test in the first go. Otherwise, retaking the test would tip the scale with a few other hundred dollars.

You will also need the right driving equipment, including:

  • Helmet
  • Raincoat
  • Gloves
  • Riding jacket

You can find each of these items at around $100. Throw a phone holder too, and you get $430 for your safety equipment.

What Are Some Of The Costs To Take Note Of After Buying A Motorcycle?

Now that you have passed the driving test and bought the equipment, you can get your very own bike to ride around the island. But your financial planning is just beginning because even the cheapest motorcycle in Singapore requires after-costs to consider.

Electronic Road Pricing (ERP)

If you are driving in Singapore, the Electronic Road Pricing (ERP) tax, aka “Every Road also Pay,” depends on the time of day, as it is more expensive during rush hours.

This tax is imposed to avoid traffic congestion, varying between $0.25 and $3.

Assuming you are driving on several different ERP roads daily, buying a motorcycle in Singapore will put you back by $2.50 per day.

And if you are driving daily, that means $75 per month.

Parking

Concessionary season parking costs $20 per month, and it is the best type of parking to get because it allows you to park your motorcycle in Singapore at any HDB and most URA parking lots.

By comparison, normal season parking is $15 per month, but you are restricted to that one parking lot.

You should also consider where you usually go in Singapore and whether you need/ have a parking space nearby. For example, parking at a shopping mall can cost you around $5 for each entry. Your gym may not have free parking either.

Fuel

The motorcycle prices in Singapore seem like nothing if you calculate the fuel cost over ten years. Assuming your bike uses 4.2 litres per 100 km and you travel 30 km daily to get to work, you will need to fuel up once weekly.

Considering today’s prices, you will need to put aside $100/month for petrol.

That takes you to a total of $12,000 over ten years.

Servicing & Maintenance

Servicing and maintenance are essential for your safety, so it is important not to overlook them. And if a critical bike part breaks because you have missed regular maintenance, your wallet will feel the pain.

Usually, regular maintenance involves changing the oil, filters, tires, and sometimes your brake pads.

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You will pay about $200/year for this standard servicing, possibly a bit more once every couple of years when you need a major change.

What Is The Total Cost Of Owning A Motorcycle Over 10 Years In Singapore?

How much does a motorbike cost in Singapore? Apart from the expenses above, you will also have to consider a few others, such as:

Cost Of Motorcycle

The motorcycle cost in Singapore depends on the make, model, class, and whether the bike has been preloved.

Usually, new bikes cost below:

  • $10,000: Class 2B
  • $20,000: Class 2A
  • $25,000: Class 2

Conversely, second-hand motorbikes’ market values are half as much.

For example, you can purchase a Yamaha FZS150 street bike for just $5,300.

COE

The price of the motorcycle aside, you will also have to consider the Certificate of Entitlement (COE). The COE is a legal document allowing you to have and use a motorbike in Singapore for ten years.

The COE differs between new and used motorbikes.

  • New motorbikes: You will pay the full ten-year term.
  • Used motorbikes: You will pay a pro-rated COE, subtracting the years the bike has already been used.

The latest COE as of April 2024 is $9,990.

Interest Cost

Your Singapore bike price equals its market value plus the COE if you are not taking a loan. But if you have taken a car loan, each monthly interest adds with the next.

Here is an example:

Let’s say you have purchased a $10,000 motorbike with a 30% downpayment. Your principal loan amount is $7,000.

With a loan tenure of 60 months (five years) and a 7% p.a. interest rate, your monthly installments will be $157.5. Multiply that number by 60 (your loan’s duration) to see the total loan cost over these five years: $9,450.

And since your interest cost is the difference between your total loan and the borrowed amount, you will have to pay another $2,450 in interest.

Remember: Longer loan tenures and higher interest rates translate into a higher overall interest cost.

Road Tax

The motorcycle road tax price in Singapore is different than the ERP above. This tax is established for all roads and does not aim to reduce congestion. As such, the road tax depends on your engine capacity.

Here is what you can expect:

For Petrol Motorcycles or ScootersEngine Capacity (EC) in cc6-Monthly Road Tax
EC ≤ 200$40 x 0.782
200 < EC ≤ 1,000[$40 + $0.15(EC - 200)] x 0.782
EC > 1,000[$160 + $0.3(EC - 1,000)] x 0.782
Additional Petrol Duty Rebate
(For Petrol and Petrol-Hybrid Motorcycles or Scooters)
Individual owners of petrol and petrol-hybrid motorcycles or scooters with engine capacity of up to 400cc, registered as of the close of 16 February 2021, will receive additional Petrol Duty Rebate at the following amounts:
Engine CapacityPayment of additional Petrol Duty Rebate
200cc and below$80
201 to 400cc$50
For Electric Motorcycles or ScootersYour road tax is calculated based on the power rating of your motorcycle or scooter:
Power Rating (PR) in kW6-Monthly Road Tax
PR ≤ 10$40 x 0.782
10 < PR ≤ 96[$40 + $1.4(PR - 10)] x 0.782
PR > 96[$160 + $2.4(PR - 96)] x 0.782

Assuming you own a petrol motorcycle with an engine capacity of 1,000 ccs, you will have to pay $125.12 for the road tax.

Over ten years, this road tax sums $12,500.

Motorcycle Insurance

Motorcycle insurance depends on your profile. Basically, the younger and more inexperienced you are, the more insurance you will have to pay.

Here is what you can expect per year:

  • Class 2B: $500
  • Class 2A: $600
  • Class 2: $900

Over ten years, this amounts to $6,000 (considering that your age, experience, and accident-free driving experience lower your insurance).

Where Can You Purchase A Motorcycle In Singapore?

Some people prefer to buy from large, well-known dealerships, while others may find that smaller and more specialised shops offer the best selection and highest quality products.

Some of these places include:

If you are looking for something specific or need help finding the right model for your needs, you may want to consult motorcycle enthusiasts or other bikers in your area.

Whichever option you choose, do your research in advance to know exactly what to expect.

Funding The Purchase Of Your Motorcycle

As the cost of living in Singapore increases, Money Kinetics recognises that some individuals might have difficulties when it comes to funding a big ticket purchase like paying for a motorcycle. This is why we have a wide array of personal loans to suit your growing needs.

Find out how you can get your loan loan approved within 24 hours here.

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