31 Oct '17, 5am

A car is an extravagance in Singapore

Here's why cars are so pricey in Singapore. Prospective buyers have to first bid for a COE before they are allowed to purchase a car. It isn't cheap: the last tender for COE bids for a mid-sized sedan came out at S$41,600 (US$30,600). Additional taxes are slapped on top of that, which means that these costs add up to more than the open market value of the car itself. The average cost of a compact car in 2017 has been reported to be about S$105,929 (US$77,670). It's part of the government's plan for a "car-lite" Singapore, as limited space challenges city planners. "Today, 12% of Singapore's total land area is taken up by roads," the country's Land Transport Authority said in a statement. "In view of land constraints and competing needs, there is limited scope for further expansion of the road network." A general view of the Helix Bridge, Marina Bay Sands, ArtScience Museum...

Full article: http://edition.cnn.com/2017/10/31/asia/singapore-cars/ind...

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