Cost of driving in Singapore soars as ownership certificates reach nearly $100,000
SINGAPORE: 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 Wednesday.
Singapore regularly auctions a fixed number of “certificates of entitlement” allowing car ownership for 10 years, which helps limit the number of vehicles on the road to about 1 million. Singapore has a population of 6.1 million people and the city-state can be traversed by car in less than an hour.
The auctions have made Singapore the most expensive city in the world to buy a car.
Certificates prices for small vehicles, or those with engine capacity below 1.6 liters, have quadrupled from pre-pandemic levels, with no signs of abating.
