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You Must Pay $107,000 To Own A Car In Singapore – It Doesn’t Include The Cost Of The Vehicle Itself
Singapore is the most expensive place in the world to be a motorist due to cost of Certificate of Entitlement (COE) and import duties.
In the island country in Southeast Asia, prospective car owners must have a COE in order to be able to purchase a vehicle.
As an anti-congestion measure, the government introduced a 10-year Certificate of Entitlement (COE) system in 1990.
Now, drivers in Singapore must pay a new record $107k for the right to own a car – and it doesn’t include the cost of the vehicle itself.
With taxes, import duties and COE, a new Camry cost around $182,500) in Singapore — about five times more expensive than in the US.
In Singapore, an island country in Southeast Asia, the cost of a Certificate of Entitlement (COE) to own a car has now jumped to a new record high of $107,000 – and this price doesn’t include the cost to buy a vehicle.
Prospective car owners in Singapore must have a COE in order to be able to purchase a vehicle. As an anti-congestion measure, the government introduced the 10-year certificate of entitlement (COE) system in 1990 to encourage residents to use the public transport system.
With taxes, import duties and COE, the system has made Singapore the most expensive country in the world to buy a car with a new standard Toyota Camry Hybrid costing around S$250,000 ($182,500) in the country — which is about five times more expensive than in the US.
There are different types of COEs for smaller cars, motorcycles and commercial vehicles and according to report, the number of new COEs available depends on how many older cars are taken off the road.
