A certificate to own a car in Singapore now costs $106,000

SINGAPORE: The cost of a certificate to own a large family car in Singapore has jumped to a fresh record high of S$146,002 ($106,619; £87,684).

The city-state introduced the 10-year certificate of entitlement (COE) system in 1990 as an anti-congestion measure.

Prospective car owners in Singapore must have a COE in order to be able to purchase a vehicle.

They are sold in auctions every two weeks, with the government controlling the number of certificates for sale.

With taxes and import duties, the system has made Singapore the most expensive country in the world to buy a car.

For example, a new standard Toyota Camry Hybrid costs around S$250,000 in Singapore, which includes the cost of a COE and taxes. That is about six times more expensive than in the US.

There are different types of COEs for smaller cars, motorcycles and commercial vehicles.

COE prices have hit record highs for several months in a row as a post-pandemic recovery has driven up demand and ahead of the government cutting rebates for the certificates next year.

The lowest COE for a car costs S$104,000, which has almost tripled since 2020 when there was less demand for new cars during the pandemic.