Singaporean car owners must now allocate between $76,000 and $112,000 to secure a 10-year Certificate of Entitlement (COE)
Singapore has long been one of the most expensive countries on earth to buy a car and residents will now have to cough up more than ever to register and drive their vehicles on local roads. To drive a car in Singapore, individuals must participate in a bidding process to obtain a Certificate of Entitlement that grants them the right to drive a vehicle for a decade. Introduced in 1990 to manage car numbers, COE costs have recently surged.
The tiny nation has capped the number of vehicles allowed on local roads to approximately 950,000. The cost of the entry-level COE plummeted to approximately S$30,000 in 2020 when fewer residents were using cars. However, it has since surged more than threefold due to an economic upswing following the COVID-19 pandemic.
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