These so-called COEs are sold at auction every two weeks, and the government controls the number of certificates that can be sold.
Including taxes and import duties, buying a car in Singapore is the most expensive in the world.
In comparison, a new Toyota Camry Hybrid costs about S$250,000, including taxes and COE, nearly six times its cost in the United States.
The lowest premium owned equipment, currently priced at S$104,000, has nearly tripled since 2020 after a post-pandemic boom boosted demand and the government plans to cut ID card discounts next year.
The so-called open category (can be used for any car) COE actually costs 152,000 Singapore dollars, which is also a record amount.
The COE system makes it very difficult for those with an average salary of S$70,000 to buy a car, but the government will encourage the public to use the public transport system, which more than S$60 billion was allocated to develop last year.
In the city-state, which has a population of about 5.5 million, there were just under 1 million passenger vehicles on the roads last year.
Cover image credit: Alexander Havemann via Getty Images