Yes, that's right, and it is so cheap, it is unbelievable. I bought a 7 year-old Mazda 323 and it costs me HK$35,000 (equivalent to S$6,250).
You know the killer? It's the petrol and parking!!
Macau is such a small space and land is even a more scacre resource than in Singapore. Roads are narrow and the roads are usually full of cars (especially in the city central). There is always a scrabbling for parking lots, and sometimes people double-park. Oh, if you want to drive in Macau, you'll need to polish up on your parallel parking skills! :P
one litre of petrol costs HK$12, that's equivalent to S$2.20 (I think this it the price in Singapore now too). So although cars are cheap, the running costs takes a bite in your expenses too.