In brief
The average cost for car ownership in Singapore can soar high, with permits reaching up to $84,000, resulting in a culture where cars are seen as status symbols.
Driving in Singapore has become synonymous with high costs and exclusivity. For many, it's akin to flaunting a luxury item, like a Rolex watch. Andre Lee, an insurance agent, purchased a used Kia Forte in 2020, hoping to enhance his professional image. However, the price he paid, which was $24,000, is particularly steep compared to similar models in the United States, where such a car would be significantly cheaper.In Singapore, owning a car comes with the requirement of a Certificate of Entitlement (COE), a permit that grants the right to buy a vehicle, and the cost can soar to $84,000 for a 10-year document. Introduced in 1990 as a measure to combat pollution and traffic congestion, the COE costs have created an environment where owning a car is a luxury reserved for the wealthy.Lee shared that some individuals prioritize their cars over family commitments, highlighting that car maintenance can often be pricier than raising a family. In a city-state where space is limited, car ownership has transformed into a matter of status, as vehicles become symbols of both wealth and a well-curated image in the competitive landscape of Singaporean society.
