Car buyers in Singapore will now need to fork out almost $100,000 for a certificate to own a small car, as costs in the city-state's vehicle quota system ... Show more
Cost of driving in Singapore soars as ownership certificates reach nearly $100,000
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Key FactsSingapore car COE reaches record price
Oct 6, 2023 · Reading time: ~45 sec.
Summary created with AI assistance · Source: independent.co.uk
Summary created with AI assistance · Source: independent.co.uk
- Introduced in 1990, the COE grants people the right to own and use a vehicle for 10 years.
- Anyone registering a vehicle must obtain a COE through open bidding exercises held twice monthly; LTA announces available quotas beforehand.
- COE, registration fees and taxes for a new Toyota Camry Hybrid total S$251,388 in Singapore, compared with $28,855 in the United States.
- Median annual household income is about S$121,188, while the report says cars are unaffordable for many middle-class people.
There is a need to lower one’s aspiration from achieving the ‘good life’ to settling with a ‘good enough life’.— Sociologist Tan Ern Ser told Reuters
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