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Cost of Driving in Singapore Soars as Ownership Certificates Reach Nearly $100,000
Small-car certificate prices have quadrupled from pre-pandemic levels as strong demand and a fixed quota keep supply tight, Transport Minister Jeffrey Siow said.
- Singapore car buyers now must pay nearly $100,000 for a Certificate, marking an all-time high on Wednesday and cementing the city-state as the world's most expensive place to buy a car.
- To manage traffic congestion, Singapore regularly auctions a fixed number of Certificates, limiting vehicles on the road to about 1 million for a population of 6.1 million people.
- Prices for vehicles with engines below 1.6 litres have quadrupled from pre-pandemic levels, with carmakers detuning popular models to qualify for cheaper Certificates in the Singapore market.
- The Certificate alone costs equivalent to four Toyota Corollas in the United States, exceeding Singapore's median annual household salary of 149,352 and making car ownership a significant financial burden.
- Prices have risen steadily from $78,844 at the start of this year, with Transport Minister Jeffrey Siow attributing the trend to strong demand and declining Certificate availability at auctions.
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Cost of driving in Singapore soars as ownership certificates reach nearly $100,000
By Jun Yuan Yong SINGAPORE, July 8(Reuters) - 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 hit an all-time high for small models on Wednesd...
Soaring Costs: The Financial Strain of Owning a Small Car in Singapore
Singapore's vehicle quota system has led to skyrocketing prices for small car certificates, now nearly $100,000. This cost increase stems from reduced certificate availability and steady demand, including competitive electric vehicle prices. Car ownership remains a costly endeavor in one of the world's most expensive cities.
·India
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Total News Sources16
Leaning Left0Leaning Right7Center4Last UpdatedBias Distribution64% Right
Bias Distribution
- 64% of the sources lean Right
64% Right
C 36%
R 64%
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