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The original was posted on /r/worldnews by /u/chilladipa on 2023-10-05 12:25:10.
A certificate to own a car in Singapore now costs $106,000 - BBC News
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.bbc.com/news/business-67014420
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
The cost of a certificate to own a large family car in Singapore has jumped to a fresh record high of S$146,002 ($106,619; £87,684).
With taxes and import duties, the system has made Singapore the most expensive country in the world to buy a car.
COE prices have hit record highs for several months in a row as a post-pandemic recovery has driven up demand and ahead of the government cutting rebates for the certificates next year.
Alice Chang from Toyota Borneo Motors told the BBC that she had expected the surge in the cost of COEs due to strong demand for new cars.
However, for ordinary Singaporeans, with an average salary of about S$70,000, the COE scheme means it can be difficult to afford a car.
The government is keen to encourage residents to use the public transport system, which has been ranked as one of the best in the world.
The original article contains 394 words, the summary contains 152 words. Saved 61%. I’m a bot and I’m open source!