2023-10-07 07:00:00
It has been reported that to own a car in Singapore, one of the most expensive countries in the world, you need more than 100 million won, not including the cost of the car.
According to CNN on the 5th (local time), the cost of the ‘qualification certificate’ required to own a small or medium-sized vehicle under 1600cc in Singapore has recently risen to $76,000 (regarding 102.5 million won).
This is a price that is more than four times higher than in 2020, and means that you have to pay more than 100 million won just to verify ownership before purchasing the vehicle.
Even bigger and flashier vehicles like SUVs will cost you at least $102,900 (regarding 140 million won).
Singapore introduced this system in 1990 to reduce exhaust emissions and prevent traffic congestion.
However, as the cost of certificates has soared, it has reached a point where even households earning $7,376 (approximately 9.95 million won) per month, the average income in Singapore as of 2022, cannot own a vehicle.
Car dealer Ricky Goh said he “almost fainted” when he heard regarding the increase. “Sales are already so low and it’s only going to get worse.”
Wong Hui Min, a mother of two, said: “It is very inconvenient to take a taxi or share a car every time to send the children to school, swimming lessons, etc.” “Families in Singapore have to save years to buy a car.” “He complained.
However, some argue that the system has helped avoid the traffic congestion problems that occur in other Southeast Asian capitals such as Bangkok, Jakarta, and Hanoi.
They also emphasized, “If you cannot afford to purchase a certificate, you can use Singapore’s well-equipped public transportation.”
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