Porsche is a luxury sports car brand known for making some of the world’s best sports cars. Its flagship car, the Porsche 911, is widely regarded as one of the best sports cars in the world.
But let’s be clear on one thing. Though it typically does not cost as much as Lamborghini or Ferrari, Porsche does not make affordable cars, even at its entry level.
Thanks to high COE prices in recent years, Singapore has been unofficially recognised as the most expensive country in the world to own a car. So how much does it cost to own one of the world’s most desirable sports car brands in the country where it’s most expensive to own a car?
We decided to choose the most “affordable” car that Porsche currently sells in Singapore – the Porsche Boxster.
To own a Porsche Boxster, you can either buy it brand new or get a pre-owned car. For this article, we will compare both the cost of a brand-new car and a pre-owned car.
Read Also: How Much Do You Need To Earn To Own A Ferrari In Singapore?
Cost Of Buying A Porsche Boxster
A brand new Porsche 718 Boxster (PDK 2.0) currently sells at $288,288 from Stuttgart Auto, Porsche’s authorised dealer in Singapore. This excludes COE. Once we include in the cost of a Category B COE ($115,001 as of February 2023), we can expect to spend about $403,289 to buy a brand-new Porsche 718 Boxster. This doesn’t yet include add-ons that Porsche owners have shared with us that most people will likely opt for. A Porsche owner tells us you should expect to spend at least $30,000 in optional add-ons.
If we were to opt for a pre-owned 10-year-old Porsche Boxster 2.7A (2012), we can expect to pay about $250,000 based on listings that we found on sgCarMart. So that’s a difference of about $153,000. Do note however that with a pre-owned model, add-ons are likely already included for the car while the brand-new model would require you to spend on your own add-ons.
There are two common methods of calculating how much it costs to buy a car in Singapore. The first method is by looking at its purchase price, which is what we have done above. The other way would be to base it on a straight-line 10-year depreciation. This assumes that car owners were to deregister the vehicle after 10 years.
Here’s a look at the expected depreciation.
|Purchase Price (With COE)||PARF Value After 10 Years||Annual Depreciation|
|Porsche 718 Boxster (PDK 2.0)||$403,289||$51,993 (OMV of the car is $73,326)||$35,131|
|Porsche Boxster 2.7A (2012)||$250,000||$0||$25,000|
The table above shows a clear picture that buying a brand-new Porsche would cost us about $10,000 more per year than opting for a pre-owned car. However, even a pre-owned Porsche is still really expensive, with the actual price depending on how much you pay for the car.
Other Costs Of Owing A Porsche
As anyone who ever owns a car in Singapore would already know, the purchase price is far from the only cost that we will be incurring. Here are some other cost areas for us to factor in.
# 1 Road Tax
The road tax of a new Porsche 718 Boxster (PDK 2.0) is $1,198 per year.
Road tax for vehicles over 10 years incurs an additional road tax surcharge.
|Age Of Vehicle||Annual Road Tax Surcharge|
|> 10 years old||10% of Road Tax|
|> 11 years old||20% of Road Tax|
|> 12 years old||30% of Road Tax|
|> 13 years old||40% of Road Tax|
|> 14 years old||50% of Road Tax|
|10-Year Average||40% of Road Tax|
That means our pre-owned Porsche Boxster 2.7A (2013), with an existing annual road tax of $2,042, will incur an average annual road tax cost of $2,859 (after surcharge) over the next 10 years.
Road Tax – $1,198 per year (New Porsche), $2,859 per year (pre-owned)
Read Also: Is It Really Cheaper to Buy a Second Hand Car in Singapore?
# 2 Insurance
Actual insurance cost depends on your driving history, years of experience, your No Claim Discount (NCD) and of course, the insurance company you buy it from. On average, you should expect to pay about $2,000 per year if you have 50% NCD. Do note the excess for the car might be higher than usual.
Insurance – $2,000 per year
# 3 Parking & Petrol
We will make an assumption here that a person who is rich enough to buy a Porsche is likely to be staying in a private property. As such, those living in private properties will not incur additional parking costs.
If you were to drive your Porsche to your office at the CBD, you should expect to pay about $200/month for season parking.
Petrol cost depends largely on how often you use your car. On average, if you were to pump once a week, you should spend about $400 per month.
Parking & Petrol – $600/month, $7,200 per year
# 4 Servicing & Parts Replacement
This is tricky to calculate. Performance cars need much more attention when it comes to maintenance and servicing.
Logically, brand-new cars should cost less to maintain and if you buy them from the authorised dealer, there would be a warranty on major parts. At the same time, it also depends on how well-maintained you want your car to be. If you are intending to own a Porsche, we suggest setting aside at least $3,000 per year on servicing and parts replacement especially if you have an older vehicle. You may not need parts replacement every year, but when you do, it will easily cost you more than $3,000.
Servicing & Parts Replacement – $3,000 per year
Total Cost Of Owing A Porsche
Here’s the total cost of owning a Porsche Boxster in Singapore. Figures shown are the annual cost
|Porsche 718 Boxster (PDK 2.0)||Porsche Boxster 2.7A (2007)|
|Annual Road Tax + Insurance||$3,198||$4,859|
|Parking & Petrol||$7,200||$7,200|
|Servicing & Parts Replacement||$3,000||$3,000|
|Total Annual Cost||$48,529||$40,059|
|Total Cost Over 10 Years||$485,290||$400,590|
* Do note that our cost does not include interest. If you take a car loan, your actual cost will be higher.
Based on our calculation, you should expect to spend about $3,338 per month for a pre-owned Porsche Boxster 2.7A (2013) and about $4,044 each month if you prefer a brand-new Porsche 718 Boxster (PDK 2.0).
Over a 10-year period, you will be spending about $400,590 for a pre-owned Porsche and a staggering $485,290 if you buy a brand-new Porsche.
As the saying goes, if you need to calculate how much a Porsche would cost you, chances are that you really shouldn’t be buying one in the first place. But hey, there is no harm in dreaming a little right?
Read Also: How Much Should You Earn In Singapore Before You Think About Buying A Car
This article was first published on 21 November 2017 and has been updated with the latest figures.
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