The Shocking Cost of Owning a Car in Singapore: $106,000

The cost of owning a car in Singapore has reached an all-time high, with a 10-year Certificate of Entitlement now costing a minimum of $76,000. This license is required before purchasing a vehicle, and the price has increased more than four times since 2020. The quota system, implemented in 1990 to reduce traffic and emissions, has made car ownership unaffordable for many Singaporeans. While supporters argue that it has helped alleviate congestion, critics point out the rising costs of living in Singapore and the impact on businesses.