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In Singapore, renowned as one of the world’s most expensive countries, owning a car has become a very expensive affair due to soaring prices, CNN reported.
A 10-year Certificate of Entitlement, a mandatory license in this affluent city-state before one can purchase a vehicle, currently commands a minimum record price of $76,000 (104,000 Singapore dollars), the report said citing data from the Land Transport Authority.
Besides the licensing costs, there are also the expenses associated with the vehicle itself to consider, the report said.
The quota system, implemented in 1990, was introduced to alleviate traffic congestion and reduce emissions in this space-limited city-state, home to 5.9 million residents but has effectively placed car ownership beyond the financial reach of the average Singaporean, said the report.
According to the Department of Statistics, the median monthly household income in 2022 was $7,376 (10,099 Singapore dollars).
A 10-year Certificate of Entitlement, a mandatory license in this affluent city-state before one can purchase a vehicle, currently commands a minimum record price of $76,000 (104,000 Singapore dollars), the report said citing data from the Land Transport Authority.
Besides the licensing costs, there are also the expenses associated with the vehicle itself to consider, the report said.
The quota system, implemented in 1990, was introduced to alleviate traffic congestion and reduce emissions in this space-limited city-state, home to 5.9 million residents but has effectively placed car ownership beyond the financial reach of the average Singaporean, said the report.
According to the Department of Statistics, the median monthly household income in 2022 was $7,376 (10,099 Singapore dollars).
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