Change car four times over span of 40 yrs = $1m? Let check the assertion.

With my current 2 cars, I have owned in total, 8 cars from 1984 till now, covering a span of 30 years. Why 8 cars? Because my wife and I have our own cars. So how does the costs stack up?

We started with 2nd hand cars bought cheap because before 1990, no COE. Petrol then was also cheap. Way below $1 per liter. Road tax and insurance were lower.

Expenses for our current 2 cars - both Jap, one MPV and one Sedan car. Both bought new, one this year, one five years ago.

Total upfront cost : $ 200k
Loan for 1 year : - $2k (minus because if you take their loan for minimum 1 year, you get discount from car price. The discount is more than the loan interest.)
Insurance yearly: $1k x 2 (after 50% NCD and 5% loyalty rebate)
Road tax : $1.2k + $730 = $2k (round up)
Petrol per month = $350 or $4.2k per year
Car park = free at condo. Condo fees fixed whether got car or not.
Car park outside = free at wife's company, mine = $60 pm or $720 per yr.
ERP charges : zero for daily commute, but if on official duties can claim.
Maintenance = $50 x 2 per month or $1.2k per year.

Total cost for 2 Jap cars over 10 yrs = $200k -$2k + $20k + $20k + $42k + $7.2k = $300k

So, we take the cost over 40 years for 2 cars it is $300k x 2 = $1.2mil.

But if your family has only 1 car (Jap car), the the cost over 40 yrs of car ownership should be closer to $600k.