SINGAPORE - Car buyers in Singapore will now need to fork out almost US$100,000 for a certificate to own a small car, as costs under the city-state’s vehicle quota system hit an all-time high on Wednesday.
Singapore regularly auctions a fixed number of “certificates of entitlement” allowing car ownership for 10 years, which helps limit the number of vehicles on the road to about 1 million. The city-state has a population of 6.1 million people and it can be traversed by car in less than an hour.
