this post was submitted on 04 Oct 2023
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SINGAPORE, Oct 4 (Reuters) - To own a car in Singapore, a buyer must bid for a certificate that now costs $106,000, equivalent to four Toyota Camry Hybrids in the U.S., as a post-pandemic recovery has driven up the cost of the city-state's vehicle quota system to all-time highs.Singapore has a 10-year "certificate of entitlement" (COE) system, introduced in 1990, to control the number of vehicles in the small country, which is home to 5.9 million people and can be driven across in less than an hour.
In 2020, when fewer people in Singapore were driving, the price of COEs dropped to about S$30,000; a post-COVID increase in economic activity has led to more car purchases while the total number of vehicles on the road is capped at about 950,000.
The skyrocketing price puts cars firmly out of reach of most middle-class Singaporeans, putting a dent in what sociologist Tan Ern Ser said was the "Singapore Dream" of upward social mobility - having cash, a condominium and a car.
Singaporeans have been battered by persistent inflation and a slowing economy, and some are selling the cars they bought when COE prices were low to make a profit.
Jason Guan, 40, an insurance agent and father of two, said he bought his first car, a Toyota Rush, for S$65,000 in 2008, including the price of the COE.
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