06 March 2014

World's Most Expensive City

So we have now become the world's most expensive city  according to the Economist Intelligence Unit's Worldwide Cost Of Living Index 2014 Report.

Essentially, it is an aggregate score of a basket of items, one of which is the price of a car.

So that kinda got me thinking.

WHAT IF.......

...we are to take the price of a car out of this aggregate score calculation?

The way I see it, the price of a car in Singapore is ridiculously expensive to the extent that it doesn't, imho, offer justifiable utility to own one.

Good thing we are a small island country where in time to come (soon), our subway system would be able to cover almost every corner of this land, sans the occasional breakdown here and there and here and there and here and.....

I am sure our Gahmen are already on hand to tackle the issue of frequent breakdowns for we, the voters will have a say in getting the right guy for the transport ministry. We will replace any incompetent minister with our vote and we will continue doing it every 5 years until we get the right guy.

With the ruling party getting only a mere 60% of the popular vote in the 2011 General Elections, the day where we have the option to pick an alternative candidate from the opposition pool may just be sooner than we think.

If the ruling party cannot find the right person for the job, then perhaps we should try someone else from alternative parties.

But I digress.

So coming back to the topic on hand. I was thinking since the average Singaporean CAN do without owning a car due to our relatively awesome public transport, sans breakdowns, why not take that out of the equation?

Oh. Some may say that owning a car gives you the freedom to go anywhere, anytime in comfort. Well, if you wallet allows it, take the taxi which would still be cheaper than owning a car.

Wait? What's that you say? No cab during peak period especially during thunder storms or near midnight? Well, if you can't sit back, relax and wait for the peak period to be over i.e. you die-die-money-no-object must get to a certain place, a certain time, there is always UBER Singapore.

While we are cutting back on luxuries, perhaps we should also take into consideration giving up alcohol, tobacco and gambling, given the tax hike as announced in the latest budget recently.

When one is living on meager resources, one should be able to forgo the able three items that are already expensive even before the latest tax increase.

A dram, a shot, a glass or a mug is nice to have but not essential. Tobacco is bad for the health which will cost you even more when your medical bills start coming in later in life. And then there's gambling where it is well, just bad.

So, if we are to take out these items from the calculation, would we still rank No.1?

I would like to believe that we won't, albeit we'd probably still be in the Top 20.

My point in this entry is this.

There is no need to panic right now. Singapore is NOT THAT expensive to the extent that you can't survive.

You'll live. Trust me. Just need to keep your material pursuits in check and you'll do just fine.

Image Credit: (CNN Edition: International);;

- Voxeros


Anonymous said...

The list that Singapore currently tops is typically used as a gauge for expatriate packages. So you're right in a way, that the impact of us being the most expensive is not exactly felt by the general populace. However, there IS now justification for what we've all been feeling the past couple of years. I don't know if it can ever be reversed, but I think most of us will need to re-evaluate our next moves, financially and economically.

Btw, thanks for the heads up on Uber. I didn't know such a service existed:P


JayWalk said...

Arrenn: Being here in QQland for so long, I've learn that in a same city, you can live both cheaply as well as expensively. It is very much up to you where you wish to draw the line.

I personally would prefer to live below the line of my affordability.

I am of the school of people who no longer believe in owning a car in Singapore. Do the math, even if you take a cab everywhere you go, every day, it is still cheaper than owning a car.

UBER SG has an awesome fleet of cars which is very much luck of the draw if a Mercedes Benz or a BWM or a Porsche Panamera or even a Bentley were to show up at your door.

The fare is around 3X that of a regular cab.

Go download and install the app (both IOS and Android supported). Enter my promo code of j2vxs and we both get SGD 20 credits for your first ride.