Driving costs a lot of money. In addition to the purchase price of your car, you also have to take into account maintenance, refueling and car insurance in Belgium. Yet it could still be worse, because in Singapore you first have to pay more than 100,000 euros to be allowed to drive a car.
Cars are considered an absolute luxury in Singapore. Public transport is standard. That’s not surprising: you can cross the entire country in less than an hour, and yet 5.9 million people live there. That means little space for roads, gas stations and parking lots. Because every free square meter is used for living.
Certificate
And so just owning a vehicle in the country requires a special certificate. The government wants to limit the number of cars on the road. The certificates, which you can qualify for through a bidding process, have made Singapore the most expensive place in the world to buy a car. The ten-year valid ‘certificates of entitlement’ (COE) are now reaching record prices.
The COE for a large car has more than quadrupled compared to three years ago. The amount was recently determined at the equivalent of $106,376.68, or about 101,000 euros. There are also COEs for small cars, the prices of which are slightly lower.
Toyota for 180,000 euros
A reasonably average car such as the Toyota Camry Hybrid costs $ 183,000 (more than 173,000 euros) to purchase in Singapore, compared to $ 28,855 (more than 27,300 euros) in the US. Small consolation: the average annual family salary in Singapore is about 90,000 dollars (approximately 85,200 euros), but it still requires a significant investment to spend twice your annual salary on an average car.
Homes are according to news agency Reuters or reasonably affordable in Singapore with a starting price of around 125,000 dollars (more than 118,000 euros) for a government-subsidized apartment.
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2023-10-10 04:30:54
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