Bidding for the quota premium is now equivalent to that of four Toyota Camry Hybrids in the US.
Singapore started the 10-year ‘certificate of entitlement’ system in 1990 to limit automobile use in the small nation.
Singapore has a 10-year “certificate of entitlement” system, introduced in 1990, to control the number of vehicles in the small country, which is home to 5.9 million people and can be driven across in less than an hour. Including COE, registration fees and taxes, a new standard Toyota Camry Hybrid currently costs S$251,388 in Singapore, compared with US$28,855 in the US. A small, government-subsidised flat in Singapore costs about S$125,000.
The skyrocketing price puts cars firmly out of reach of most middle-class Singaporeans, putting a dent in what sociologist Tan Ern Ser said was the “Singapore Dream” of upward social mobility – having cash, a condominium and a car.Singaporeans have been battered by persistent inflation and a slowing economy, and some are selling the cars they bought when COE prices were low to make a profit.
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