Singapore's COE for large cars has crossed $100,000, up fourfold from pre-pandemic levels. The cost of a permit alone now exceeds the median annual household salary.
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Singapore's certificate of entitlement for larger cars has crossed the $100,000 mark, the latest auction data show. The 10-year permit, required to own a vehicle in the city-state, now costs nearly $100,000 for cars with engine capacity above 1.6 liters. For smaller vehicles, the price has risen to about $78,844, up roughly fourfold from pre-pandemic levels.
Singapore auctions a fixed number of these certificates each month, capping the total vehicle population at roughly 1 million. The system has long made the city-state the most expensive place in the world to buy a car. With a population of 6.1 million, the island can be crossed by car in less than an hour.
Transport Minister Jeffrey Siow told parliament in May that demand remained strong partly because of competitive electric-vehicle prices, while the supply of smaller-vehicle certificates was declining. His comments came as lawmakers fielded questions about the widening gap between car costs and household incomes.
A Toyota Corolla bought in Singapore with the certificate, registration fees and taxes costs about S$179,888, or $139,000. The median annual household salary in Singapore is S$149,352. A small government-subsidised flat costs upwards of S$139,000. The permit alone now costs more than the median annual income.
Many carmakers detune the engines of popular models so they qualify for the cheaper small-car certificate. The certificate covers vehicles with engine capacity below 1.6 liters.
The next auction for small-car certificates is scheduled for later this month. Prices have risen steadily from $78,844 at the first auction of this year.
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