The Significant Surge in Cost: Owning a Car in Singapore Now Requires a $106,000 Certificate

The cost of owning a family car in Singapore has reached a new record high of S$146,002 ($106,619; £87,684). Singapore implemented the certificate of entitlement (COE) system in 1990 as a measure to tackle congestion. Prospective car owners must possess a COE in order to purchase a vehicle, and these certificates are auctioned off every two weeks by the government. Along with taxes and import duties, the COE system has made Singapore the most expensive country in the world to buy a car. COE prices have been soaring due to increased demand as the country recovers from the pandemic. The lowest-priced car COE has almost tripled to S$104,000 since 2020. The "Open" category COE, which has no restrictions on vehicle type, has also hit a record high of S$152,000. The government aims to promote the use of public transport, which is ranked among the best in the world. Singapore has just under 1 million private cars on the road, with the number of available COEs dependent on the removal of older vehicles.