Owning a car in Singapore, one of the world\u2019s most expensive countries, has always been something of a luxury. But costs have now soared to an all time high. <\/p>\n
A 10-year Certificate of Entitlement \u2013 a license people in the wealthy city state must purchase before they are even allowed to buy a vehicle \u2013 now costs a record minimum of $76,000 (104,000 Singapore dollars), more than four times what it did in 2020, according to Land Transport Authority figures. <\/p>\n
And that just buys the right to purchase a standard Category A car, with a small to medium-sized engine of 1,600cc or below. <\/p>\n
Those who want something bigger or flashier \u2013 like an SUV \u2013 will have to fork out $106,630 (146,002 Singapore dollars) for the Category B license \u2013 up from $102,900 (140,889 Singapore dollars). <\/p>\n
Then there are the costs of the vehicle itself to think about. <\/p>\n
The quota system was introduced in 1990 to minimize traffic and reduce emissions in a space-starved city state that is home to 5.9 million but boasts an impressive public transport network. <\/p>\n
It has put cars out of reach for the average resident of Singapore, where the median monthly household income in 2022 was $7,376 (10,099 Singapore dollars), according to the Department of Statistics. <\/p>\n
Wong Hui Min, a mother of two, said she might need to rethink her reliance on her car despite using it mostly for her family. <\/p>\n
\u201cI run around a lot, sending my kids to and from school, also for other activities like swimming lessons and tuition. I need my car. Taking taxis or shared rides everywhere is just not convenient for me,\u201d she said. <\/p>\n
\u201cA Singaporean family on average has to save up years just to buy a car to help with their needs,\u201d Wong continued, adding, \u201cI don\u2019t know if I can afford to keep my car in the long run.\u201d <\/p>\n
For some, the announcement is just the latest financial blow. <\/p>\n
Locals say living in Singapore, already ranked the world\u2019s most costly city, has gotten extraordinarily expensive in recent years amid persistent inflation, rising costs of public housing and a slowing economy. <\/p>\n
But supporters of the quota system say it has helped spare Singapore the sort of congestion that routinely snarls up other Southeast Asian capitals such as Bangkok, Jakarta and Hanoi. <\/p>\n
Those who can\u2019t afford a Certificate of Entitlement can also make use of Singapore\u2019s extensive public transport system they point out. <\/p>\n
Failing that, there is the option of getting a motorbike \u2013 permits for which are a relative snip at $7,930 (10,856 Singapore dollars). <\/p>\n\n
Owning a car in Singapore, one of the world\u2019s most expensive countries, has always been something of a luxury. But costs have now soared to an all time high. A 10-year Certificate of Entitlement \u2013 a license people in the wealthy city state must purchase before they are even allowed to buy a vehicle \u2013 <\/p>\n","protected":false},"author":0,"featured_media":9708,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-9707","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"_links":{"self":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts\/9707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/comments?post=9707"}],"version-history":[{"count":0,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts\/9707\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/media\/9708"}],"wp:attachment":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/media?parent=9707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/categories?post=9707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/tags?post=9707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}