Buying a car, especially in Singapore, is not a trivia matter. The price of owning a car, including paying for the Certificate of Entitlement (COE), road tax, fuel, maintenance costs and car insurance, can all add up, costing a pretty penny.
Most drivers would usually take up a loan to facilitate the payment. However, repaying the loan is a source of stress for many. As such, some have turned towards working part-time as a private-hire vehicle (PHV) driver to help with the repayment.
But, is this a feasible option for most people?
Perhaps it is feasible if you were driving with ComfortDelGro as a part-time PHV driver. Driving part time as a PHV driver will provide you with a supplementary income on top of your day job, and that would help cover the repayment as well as your monthly expenses.
Working as a part-time PHV driver has its drawbacks. You won’t have income unless you drive and driving would incur higher costs because you are using your vehicle more often than before. It is therefore important to ensure that the earnings you bring home as a PHV driver is able to cover the costs. But, on the good side, if you drive consistently and fixed an amount that you wish to earn every day or every month, it will make a good supplementary income to cover your car loan repayment.
Working as a part-time PHV driver also offers flexibility as it allows you to decide when you wish to drive – whether it be before or after your full-time job and even the weekend. Furthermore, you can pick up passengers and drop them off along the way to and from work, helping to subsidise the cost of your own commute.
Ultimately, as long as you manage your expenses and budget carefully, it is a feasible option to consider if you wish to speed up the repayment of your car loan.
Said Ms Nio, a PHV driver with CDG Zig: “Driving part-time has enabled me to set aside a portion of what I earned daily as part of my car loan repayment!”