Drivers in Singapore now need to pay £88,000 for the right to own a car – and that doesn’t include the cost of the vehicle itself.

The city-state is the most expensive place in the world to be a motorist, with skyrocketing prices putting cars out of reach for most middle-class Singaporeans.

Back in 1990, a 10-year certificate of entitlement (COE) was launched to control the number of vehicles on the road, which is capped at about 950,000.

Would-be motorists need to bid for one of these certificates, which now cost four times more than they did in 2020.

The cost of buying a Toyota Camry Hybrid in Singapore – when combined with a COE, registration fees and taxes – now stands at £151,000, five times more than in the UK.

That’s also twice more than the median annual household salary, which stands at £72,716.

Cost of living latest: Rents hit record high as demand more than triples

Be the first to get Breaking News

Install the Sky News app for free

Read more world news:
India floods leave 14 dead and 100 missing
Biden’s dog removed from White House

Persistent inflation and a slowing economy mean some Singaporeans are selling the cars they bought – when COE prices were low – to make a profit.

“There is a need to lower one’s aspiration from achieving the ‘good life’ to settling with a ‘good enough life’,” said sociologist Tan Ern Ser.

Jason Guan, 40, an insurance agent and father of two, said he bought his first car, a Toyota Rush, for £39,000 in 2008 – including the price of the COE.

Now he lives without a car, focusing on other perks that the city-state of 5.9 million has to offer.

He said: “As a family man, it doesn’t affect me much as Singapore still has a good and stable education system.

“In terms of security, it’s still one of the safest countries.”

It takes less than an hour to drive from one end of Singapore to the other.

Related posts:

‘Together forever’: Husband of Brit murdered in front of daughter in Greece pays tribute More than 100 British tourists refused entry to Austria after COVID rules website mix-up Desmond Tutu’s daughter recalls ‘proudest’ day he saved man from being burned alive Moderna developing autumn ‘super-booster’ to protect against Omicron and Delta Irishman held against his will in China for 3 years reunited with ‘unbelievably happy’ family New Zealand is reopening to the world – if you can manage to find a flight there No city has been hit as ferociously and as frequently as Mykolaiv – and it could get worse UK’s former Myanmar ambassador arrested in country – report Italian government holds crisis summit as pasta price soars ‘Backpack hero’ used bag as shield to chase knifeman who stabbed British girl Mexico decriminalises abortion nationwide Warming world nearing ‘point of no return’, says Pope Francis