Liberty of Owning a Car Costs $106,000 Extra in Singapore
In Singapore, the cost of buying a car has become more expensive than the price of a car. Singapore residents have to buy a certificate before owning a car in the country. In Singapore, a large family car owned by a large family has hiked to a whole new record of S$146,002 ($106,619; £87,684).
In 1990, the city introduced a 10-year certificate of entitlement (COE) system. These measures have been taken as an anti-congestion measure, and now the prices for this certificate have hiked to the next level.
Potential car owners in Singapore need to have this certificate, to become eligible to buy a car or any vehicle. These certificates are sold every two weeks and the government controls the auction of these certificates and the number sold of certificates. With several taxes and this certificate, Singapore has become the most expensive country to buy a car across the globe.
Take a new standard Toyota Camry Hybrid as an instance, this car will cost around S$250,000 in Singapore, including the cost of COE and taxes. This number is six times more than the retail price of the car in the US markets.
The amount of COE will depend on the size of the car. Smaller cars, and motorbikes will have lesser COE, but it still depends on various other factors COE will vary accordingly. Post-pandemic, the COE prices have hit a new record. Since 2020, the COE costs have tripled by far.
Toyota Borneo Motors spokesperson, Alice Chang informed that she has expected the surge of COE costs due to the strong demand for cars. She said, “Whenever we have luxury cars, buyers are queuing up outside our store.”
Even though Singapore is regarded as having the maximum number of Millionaires in the world, the average salary of Singapore residents is S$70,000. This makes it difficult for the common people to buy a car.
Phillip Goodwin graduated in 2007 from reputable University majoring in Economics and Accounting. In the past years, he has gathered an immense amount of experience and written for other financial sites and published independent investment research, primarily on initiative companies and new entrepreneurs. He has been working in the writing industry for the last 4 years. He has a motivational persona and trains staff on the finer points of writing, editing and getting the news out on time. Address: 1635 Rainbow Road Arcadia, CA 91006,Unites states of America Contact Number: (+1) 626-254-4709 Email: [email protected]
