Car Ownership Costs $106,000 In Singapore

The city-state of Singapore is the most expensive place in the world to own a car. In fact, to qualify, you pay $106,000, excluding the cost of the car, of course.

Since 1990, Singapore, with a population of 5.9 million, has introduced a 10-year Certificate of Ownership (COE) for cars – a trick to restrict traffic by dramatically reducing the number of vehicles. However, in the post-pandemic period, the required numbers literally sprung up.

After paying COE, taxes, and registration fees, a mid-range car such as the Toyota Camry hybrid currently costs $183,000 in Singapore, according to Reuters. To have the same model in the United States, you’ll need just under $29,000.

Singapore’s plans call for the total number of cars on the road to be 950,000, with new certificates only available when older cars are deregistered. This makes it nearly impossible for the middle class to qualify for a car, especially when you consider that the median annual household salary is $88,000, and the cost of a small apartment in subsidized housing is about $90,000.