this post was submitted on 04 Oct 2023

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227

Certificate to own car in Singapore rockets to $106,000 (www.theguardian.com)

submitted 2 years ago by fne8w2ah@lemmy.world to c/world@lemmy.world

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[–] autotldr@lemmings.world 24 points 2 years ago (1 children)

This is the best summary I could come up with:

Singapore has a 10-year “certificate of entitlement” (COE) system, introduced in 1990, to control the number of vehicles in the small city-state, 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 ($183,000) in Singapore, compared with $28,855 in the US.

In 2020, when fewer people in Singapore were driving, the price of COEs dropped to about S$30,000; a post-Covid increase in economic activity has led to more car purchases while the total number of vehicles on the road is capped at about 950,000.

The rocketing price puts cars firmly out of reach of most middle-income 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 hit by persistent inflation and a slowing economy, and some are selling the cars they bought when certificate prices were low to make a profit.

Jason Guan, 40, an insurance agent and father of two, said he bought his first car, a Toyota Rush, for S$65,000 in 2008, including the price of the COE.

The original article contains 389 words, the summary contains 202 words. Saved 48%. I'm a bot and I'm open source!

[–] mercano@lemmy.world 47 points 2 years ago (1 children)

I’ve never heard a more perfect term than “Certificate of Entitlement.”

That did, Singapore has one of the most well developed mass transit systems in the world, so if there’s anywhere you can live without a car…

[–] mke_geek@lemm.ee 11 points 2 years ago (1 children)

Singapore is known for it's low crime rate. Corporal punishment is widely accepted. Caning is used not only to punish criminals but also as a disciplinary measure in schools, the military, and domestically. You can find rattan canes for sale in the grocery store for about 50 cents.

[–] calhoon2005@aussie.zone 23 points 2 years ago (2 children)

Yeah, but what relevance does that have about car prices?

[–] Volidon@lemmy.world 7 points 2 years ago* (last edited 2 years ago)

When the CoE gets so high you opt for caning instead /shrug

[–] lando55@lemmy.world 1 points 2 years ago

If you let the car rot, you get the stick

[–] answersplease77@lemmy.world 1 points 2 years ago (1 children)

do you pay $100k to get a liscense or do you just have to have that much in your bank account or credit?

[–] Myro@lemm.ee 4 points 2 years ago

You need to pay. It is a bidding, as mentioned in the first paragraph.

[–] dingleberry@discuss.tchncs.de 0 points 2 years ago

Equating a city-state with the rest of the world is silly and impractical.

And you don't have to be a car freak to know what this means for your freedom of movement if your government has this much control over the modes of transportation.

[–] lntl@lemmy.ml 0 points 2 years ago (1 children)

that price is too high! /s

[–] Bondrewd@lemmy.world 8 points 2 years ago (2 children)

I would have thought lemmy wont root for gaining privileges with more cash.

[–] lntl@lemmy.ml 3 points 2 years ago (1 children)

lemmy does root for reduced car dependence tho :)

[–] Bondrewd@lemmy.world 3 points 2 years ago

Anti-rich resentment is a good contender though. Their brain might explode at some point, when they realise that these limitations only apply to them, who never actually made most of the pollution happen.

[–] Moneo@lemmy.world 2 points 2 years ago* (last edited 2 years ago)

Cars have a societal cost that is far greater than the car-related taxes paid by car owners. Aka car owners are subsidized by non car owners. Not saying Singapore has a fair system but people drastically underestimate how expensive cars infrastructure is for society.