Key facts
- The cost of a car ownership certificate in Singapore has reached nearly $100,000 for small vehicles.
- This price is an all-time high for small car certificates.
- Prices for small vehicle certificates have quadrupled since pre-pandemic levels.
- The certificate cost alone is equivalent to purchasing four Toyota Corollas in the United States.
- A small car in Singapore, with all associated costs, totals S$179,888 ($139,000).
Car buyers in Singapore are facing record-high costs for vehicle ownership, with certificates of entitlement (COEs) for small cars now approaching $100,000. This surge in COE prices, which allow car ownership for 10 years, has quadrupled from pre-pandemic levels.
Transport Minister Jeffrey Siow attributed the rising prices to strong demand driven by competitive electric car pricing and a decrease in the availability of certificates for smaller vehicles at auctions. The current price of a COE alone is equivalent to the cost of four Toyota Corollas in the United States. When combined with registration fees and taxes, a small car in Singapore costs S$179,888 (approximately $139,000).
This expense is significant when compared to the median annual household salary of S$149,352 and the cost of a small, government-subsidised flat, which starts upwards of S$139,000. In October 2023, COEs for larger cars had already surpassed the $100,000 mark, while those for smaller cars were around $77,500. Prices have seen a steady increase since the beginning of the year, starting at $78,844 (S$102,009) per certificate.
To navigate these costs, many car manufacturers adjust the engines of popular models for the Singapore market to qualify for the less expensive certificates.