In this series, TODAY’s journalists help young Singaporeans navigate this stage of their lives and learn something themselves in the process. Fellow correspondent, Ng Jun Sen loves cars and follows Formula 1 racing but for now, has decided against buying a car of his own.
The Straits Times news article says that round 46 per cent of Singapore households owned cars based on official 2012 data, which is one of the lowest rates among first-world countries. As of last year, there are nine Singapore residents for every car and station-wagon here.
And with Singapore embracing a car-lite vision by 2040, the Land Transport Authority (LTA) is looking into how commuting preferences have changed.
A report by consultancy EY involving global respondents last year noted that one-third of people who do not own a car intend to buy one in the next six months, and 45 per cent of those will be millennials.
The study suggested that this was due to the risk of Covid-19 transmission in public transportation and the allure of being in a safe personal bubble without needing to wear a face mask.
Kelvin Foo, our Managing Director, said that compared with past generations here, many younger Singaporeans are growing up in an era of comprehensive public transportation options that are compelling alternatives to private cars.
“Younger Singaporeans have also expanded the concepts of car sharing and on-demand car use in their time, which truly challenges (the concept of) car ownership in today’s society,” Kelvin said.
Many of the young Singaporeans has also embraced a car-free lifestyle because owning a car is a poor value proposition for them. A Singaporean who now works as an economist in a ride-hire company noted that generations of Singaporeans are now taking to swiping mobile applications for ride-hailing at a younger age before car ownership becomes something within financial reach.
With these habits and preferences already formed, it is common to hear younger people say that they will buy a car only when they have a child, he said.
Well done, TTS Group!