KONTAN.CO.ID - SINGAPORE. To own a car in Singapore, a buyer must bid for a certificate that now costs $106,000, equivalent to four Toyota Camry Hybrids in the U.S., as a post-pandemic recovery has driven up the cost of the city-state's vehicle quota system to all-time highs. Singapore has a 10-year "certificate of entitlement" (COE) system, introduced in 1990, to control the number of vehicles in the small country, which is home to 5.9 million people and can be driven across in less than an hour. The quota, offered through a bidding process, has made it the most expensive city in the world to buy a car, with the COE for a large car more than quadrupling from 2020 prices on Wednesday to a record S$146,002 ($106,376.68).
In Singapore, a Certificate to Own a Car Now Costs $106,000
KONTAN.CO.ID - SINGAPORE. To own a car in Singapore, a buyer must bid for a certificate that now costs $106,000, equivalent to four Toyota Camry Hybrids in the U.S., as a post-pandemic recovery has driven up the cost of the city-state's vehicle quota system to all-time highs. Singapore has a 10-year "certificate of entitlement" (COE) system, introduced in 1990, to control the number of vehicles in the small country, which is home to 5.9 million people and can be driven across in less than an hour. The quota, offered through a bidding process, has made it the most expensive city in the world to buy a car, with the COE for a large car more than quadrupling from 2020 prices on Wednesday to a record S$146,002 ($106,376.68).