Home / Business and Economy / Singapore Car Costs Skyrocket: $100K for Ownership!
Singapore Car Costs Skyrocket: $100K for Ownership!
8 Jul
Summary
- Ownership certificates for small cars now cost nearly $100,000.
- Certificate prices have quadrupled since pre-pandemic levels.
- Singapore is now the most expensive city globally for car purchases.
Car ownership in Singapore has become prohibitively expensive, with certificates of entitlement for small vehicles now costing close to $100,000. This price represents an all-time high for small car certificates and reflects a quadrupling of costs since pre-pandemic levels. The city-state employs a vehicle quota system, auctioning a fixed number of these 10-year ownership certificates to limit the road fleet to approximately one million vehicles.
These soaring costs have cemented Singapore's status as the most expensive city globally for car acquisition. Transport Minister Jeffrey Siow noted in May that strong demand, driven by competitive electric car prices, and declining availability of small vehicle certificates at auctions are contributing factors. The price of a certificate alone now rivals the cost of four Toyota Corollas in the United States. Even with a median annual household salary of S$149,352, the combined cost of a small car, its certificate, and registration fees can exceed S$179,888.
