Skyrocketing Certificate Prices Push Singapore Car Costs to New Heights

In Singapore, car buyers are facing record-high costs for Certificates of Entitlement required for car ownership, with prices nearing $100,000 for small cars. The city-state's auction system restricts vehicle numbers, contributing to Singapore's standing as the world's most expensive city to own a car.

Car ownership in Singapore has become increasingly expensive, with the cost of securing a Certificate of Entitlement soaring to nearly $100,000 for small cars. This unprecedented surge highlights the challenges within the city-state's vehicle quota system, designed to limit the number of cars on the road.

Singapore now boasts the title of the world's priciest city to buy a car. Prices for small vehicle certificates, covering cars with engines under 1.6 litres, have quadrupled compared to pre-pandemic times, showing no signs of receding.

Transport Minister Jeffrey Siow attributed the enduring demand to competitive electric car pricing, amid dwindling smaller vehicle certificate availability. Currently, the cost of a certificate rivals buying four Toyota Corollas in the US, with the total expense for a car in Singapore reaching S$179,888 ($139,000).