7 Cheapest New Cars Under S$130,000 You Can Buy in Singapore

Looking for a brand new ride in 2024, but wary of spending too much? We’ve got you covered. Here’s our pick of seven new (and new-ish) car models to consider if you’re on a budget.

Private cars have been so expensive for so long that the majority of drivers in Singapore have simply rolled over and accepted it as just another fact of life. Until we enter the glorious age of flying cars and personal jetpacks, nobody expects an end to the Certificate of Entitlement (COE) scheme. And, maybe, not even by then.

What’s a money-conscious Singaporean to do? Well, public transport and private-hire rides are compelling alternatives, but these options don’t work for everyone. Some of us simply need to own and drive our own cars. 

To help you find a new car at the right price, we’ve sussed out seven of the best new models you can find in 2024, each with a price tag of under $130,000.

(Yeah, it’s still expensive, but there’s nothing we can do about that, sorry!)   

Table of Contents: 

• 7 New Cars Available for Under S$130,000
  • Nissan Sylphy 1.6 Lite Facelift (A) - S$92,800
  • Opel Corsa 1.2A Turbo (Elegance) - S$99,500
  • Mitsubishi Attrage 1.2 CVT (A) - S$105,999
  • Kia Stonic EX 1.0 T (A) - S$116,999
  • Mazda 2 1.5 Hatchback Standard (A) - S$117,888
  • Suzuki Swift 1.2 Standard (A) - S$125,888
  • Perodua Bezza Premium X 1.3 (A) - S$128,999
• Average Cost of Owning a Car
• Save On Your Car Insurance Now

7 new cars available for under S$130,000 

^Monthly instalment based on 50% loan over 7 years at 2.78% annual interest rate.

Nissan Sylphy 1.6 Lite Facelift (A) - S$92,800

The Nissan Sylphy 1.6 Lite is priced at just S$92,800, which is interesting considering its engine capacity. At 1,600 cc, this car is the only one on our list with such a large engine. 

As a facelifted model of Nissan’s popular four-door sedan known for its roomy interiors, the Sylphy 1.6 Lite offers abundant space along with updated looks and styling. 

It’s a modest performer despite its engine capacity. But this model is more than up to the job when it comes to conveying you and your passengers (and stuff) around in comfort, and it does so at a pleasing mileage of 6.2 kilometres per litre of fuel. 

With an open-market value of S$16,753, you can expect a PARF rebate of S$8,376 after 10 years. This works out to an annual depreciation rate of S$8,442.35.

Opel Corsa 1.2A Turbo (Elegance) - S$99,500

This is a turbocharged model for the speedsters out there. 

The Opel Corsa 1.2A Turbo comes with a price tag of S$99,500, making it a rare find among German performance vehicles. 

This model has a 1,200 cc engine with a maximum power of 128 bhp. It is capable of going from 0 to 100 km/h in a speedy 8.7 seconds, and has a top speed of 208 km/h (you know, if you’re into that sort of thing). 

The vehicle has a five-door hatchback design, balanced out by a low profile for a sleeker, sportier feel. However, do be warned that the rear doors are narrower than most, owing to the vehicle’s configuration as a subcompact hatchback.

Curiously, we couldn’t find any information on this model’s OMV. But you can always ask your dealer during your test drive.

Mitsubishi Attrage 1.2 CVT (A) - S$105,999

Next on our list of cheapest new cars in Singapore is a sleek-looking sedan from long-time Japanese favourite Mitsubishi.

The Mitsubishi Attrage 1.2 CVT is a four-door sedan with sporty stylings that will look good zipping around the highways. With a 1,200 cc engine delivering up to 78 bhp of power, this automatic-transmission car has the muscle to match. 

Fuel consumption, however, is a little lacklustre, with an average mileage of around 8.4 km per litre reported.

Available for S$105,999, the Mitsubishi Attrage 1.2 CVT has an open-market value of S$14,739. Assuming a 10-year usage period, this works out to a scrap value of S$7,369.50.

Accordingly, you can expect an annual depreciation rate of S$9,862.95.

Kia Stonic EX 1.0 T (A) - S$116,999

We didn’t think we’d find any sports utility vehicles (SUV) to include in this list, but here we are.  

Coming in at S$116,999, this is a compact, powerful vehicle suited to both city driving as well as more rugged terrains. 

This model is capable of accelerating from 0 to 100 km/h in a breezy 10.6 seconds, and owes its nimbleness to its turbocharged 1,000 cc engine with maximum power output of 118 bhp. It is also fuel-efficient, with an average mileage of 5.4 km per litre of fuel reported. 

The open-market value of the vehicle is S$17,642, meaning you can expect a scrap value of S$8,821 after 10 years. This gives us an annual depreciation rate equal to S$10,817.80.

Mazda 2 1.5 Hatchback Standard (A) - S$117,888 

With a combination of sporty looks, family-friendly, five-door design, and generously spaced 250-litre rear boot, the Mazda 2 1.5 Hatchback has won over many drivers seeking a balance between practicality and style. 

If you’re considering joining the fan club, you can pick up a Standard (A) model for the auspicious price of S$117,888. 

Under the hood, you’ll find a 1,500 cc engine capable of a maximum power output of 113 bhp at 6,000 rpm. Certainly, those specifications won’t deliver particularly thrilling driving, but they’re more than up to the task for a quick jaunt around the island. Also, you’ll love the fuel efficiency, which clocks in at an average of 5.4 km per litre.

The Mazda 2 1.5 Hatchback carries an open-market value of S$15,566, which means the 10-year scrap value comes in at S$7,783. In turn, the annual depreciation value works out to be S$11,010.50.

Suzuki Swift 1.2 Standard (A) - S$125,888

The Suzuki Swift is a fun, fuel-efficient hatchback. It features a mild hybrid system, pairing a 1.2L engine with a 12v battery for smoother performance and improved fuel economy up to 24.4km/L.

Exterior updates like pillar-mounted handles give it a sleeker look, while the interior gets a 7” display with Apple CarPlay and Android Auto. Safety is also improved with features like adaptive cruise control and lane departure warning. With its sporty handling and smart tech upgrades, the new Swift offers both driving enjoyment and practicality.

The vehicle carries an open-market value of S$16,449, which means the 10-year scrap value comes in at S$8,224.50. The annual depreciation value works out to be S$11,766.35.

Perodua Bezza Premium X 1.3 (A) - S$128,999

An entry from our neighbour up north, the Perodua Bezza Premium X 1.3 offers a more luxurious option for drivers with a higher budget. 

Priced at S$128.999, this five-seater sedan is powered by a 1,300 cc engine built to deliver up to 94 bhp of power, and 6,000 rpm. 

It boasts an extremely frugal fuel mileage of 21 km per litre, further adding to its value-for-money appeal. 

The Perodua Bezza Premium carries an open-market value of just slightly over S$11,000. After 10 years of use, it will return S$5,520 in scrap value.

This translates to an annual depreciation of around S$12,347.90.

Average Cost of Owning a Car

Car ownership in Singapore involves significant costs. The purchase price alone can be over S$100,000 when factoring in the Certificate of Entitlement (COE), taxes, and registration fees. 

Financing with a car loan adds to the cost. For example, borrowing S$60,000 over 7 years at 2.78% interest means monthly repayments of over S$860.

On top of the initial purchase price, cars require regular maintenance and repairs, which can add up to S$600 yearly for basic services like oil changes and brake pad replacements. There are also recurring ownership costs, including road tax (starting from S$320 annually), ERP charges (S$0.50-S$4 per trip), car insurance, parking fees, petrol, and accessories.

Save On Your Car Insurance Now

Given the high costs of owning a car in Singapore, finding affordable but comprehensive car insurance is vital. This protects you financially from an accident, theft, or damage. While owning a car involves many unavoidable expenses, the right insurance coverage can provide savings and peace of mind.

SingSaver’s car insurance comparison tool makes comparing car insurance policies from major providers quick and easy. 

Enter your details once to receive customised quotes for the coverage you need. With SingSaver's lowest price guarantee, you can secure the best protection at the lowest possible rate. Plus, you will also enjoy rewards and discounts for even more savings. Compare your car insurance with SingSaver today.