Key facts
- The cost of a certificate of entitlement (COE) in Singapore has reached a record high.
- COE prices for small vehicles are nearing $100,000.
- COE prices have quadrupled since pre-pandemic levels.
- Car ownership has become exceptionally expensive in Singapore.
- A COE is required to own a car in Singapore.
The price for a certificate of entitlement (COE) in Singapore, which is required to own a car, has climbed to an unprecedented level, nearing $100,000 for small vehicles. This marks an all-time high for COEs, reflecting a dramatic increase in the cost of car ownership in the city-state. Since the pre-pandemic period, COE prices have quadrupled, making the prospect of owning a vehicle exceptionally expensive for many residents. The surge in prices is attributed to a combination of factors, including a limited supply of available COEs and robust demand from individuals seeking to purchase cars. This situation creates a significant financial barrier for potential car owners in Singapore, where COE prices are a major component of the overall cost of vehicle acquisition.