Car ownership in Singapore just got even more out of reach. The price of a government-issued certificate required to own a small car in the city-state has climbed to an all-time high, approaching $100,000 — a record for smaller vehicle categories.
Singapore controls the number of vehicles on its roads through a system that auctions a set number of “certificates of entitlement,” each granting the holder the right to own a car for ten years. The program keeps the total number of vehicles in the country at roughly 1 million — a significant limit for a nation of 6.1 million people that can be driven across in under an hour.
These auctions have already earned Singapore the title of the world’s most expensive place to purchase a car, and the latest figures suggest that distinction isn’t going away anytime soon.
Certificates for small vehicles — those with engines under 1.6 litres — have jumped to four times what they cost before the pandemic, with no indication that prices will ease. Transport Minister Jeffrey Siow addressed the issue in parliament back in May, explaining that demand remains high due to competitive pricing on electric vehicles, while the number of small-car certificates being offered at auction has been shrinking.
To put the certificate price in perspective: that single document now costs the equivalent of four Toyota Corollas purchased in the United States. When you factor in the certificate, registration fees, and taxes, buying that same Toyota Corolla in Singapore carries a total price tag of S$179,888 — roughly $139,000 U.S. dollars.
That figure is staggering when compared to the typical household income in Singapore. The median annual household salary stands at S$149,352, and even a small government-subsidized apartment starts at around S$139,000.
The current record for small-car certificates comes after a gradual climb. Back in October 2023, certificates for larger vehicles crossed the $100,000 threshold while small-car certificates were sitting at about $77,500. Prices for the smaller category started this year at $78,844 (S$102,009) at the first auction and have risen steadily since.
In response to the high costs, many automakers adjust the engines on popular models specifically for the Singapore market, tuning them down so the vehicles qualify for the less expensive small-car certificate category.
(Exchange rate: $1 = 1.2938 Singapore dollars)
