A measure designed to limit traffic congestion in Singapore has pushed the cost of car ownership sky-high in the island state.
What in the World, a free weekly newsletter from our foreign correspondents, is sent every Thursday. Below is an excerpt. Sign up to get the whole newsletterLike many kids their age, my two boys are rather transport obsessed. Buses, trains, they’re wrapped up in it all and after nearly three years in Singapore they seem to have just about every service and route etched into their eight and seven-year-old minds.
Singapore has introduced Certificates of Entitlement for car ownership to avoid the traffic congestion that clogs many other Asian cities.“What’s that one, Dad?” the eldest asked last weekend, spotting a particularly sleek and luxurious looking machine in front of our Grab ride .Still curious, my youngest followed up: “How much does one of them cost?”Clearly, a Bentley is a very pricey set of wheels, beyond the grasp of most, no matter what country you’re in.
Singaporeans are used to paying over the odds to drive in a country where the median annual household income is $SGD121,188, according to Reuters. But as the cost of new car certificates has soared from as low as $SGD30,000 during the pandemic, many are having to reconsider their options.
“The individual user will be suffering because Category A and B are mixed together having to bid against businesses,” Ting says. “For people who still really need the car for family use or their own job use, they’ve got two ways. One is they own the car, with the higher price. The second alternative some people turn to is leasing a car for one or two years. They don’t need to come up with a down payment, just the monthly rental, but it is still high.
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