If you thought driving in the UK was expensive it costs £88,000 just to register for the right to own a vehicle in Singapore.
It is one of the most expensive places to drive in the world but now these prices are even unaffordable for the middle class in Singapore.
A 10-year certificate of entitlement (COE) was launched in 1990 to control the number of vehicles on the road, which is capped at about 950,000.
What’s more people now have to bid for one of these certificates which has quadrupled in price since 2020.
The cost of buying a Toyota Camry Hybrid in Singapore costs £151,000, when combined with a COE, registration fees and taxes, five times more than the UK.
This is twice more than the median annual household salary in Singapore, which is £72,716.
Some Singaporeans are selling the cars they bought – when COE prices were low – to make a profit because of rampant inflation and a slowing economy.
Sociologist Tan Ern Ser said: ‘There is a need to lower one’s aspiration from achieving the “good life” to settling with a “good enough life.”‘
Jason Guan, 40, an insurance agent and dad of two, bought his first car, a Toyota Rush, for £39,000 in 2008 – including the price of the COE.
He now lives without a car, focusing on other perks that the city has to offer.
He said: ‘As a family man, it doesn’t affect me much as Singapore still has a good and stable education system.
‘In terms of security, it’s still one of the safest countries.’
Get in touch with our news team by emailing us at webnews@metro.co.uk.
For more stories like this, check our news page.
