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Crazy Rich! Singapore is The Most Expensive Country in the World to Own a Car
ECONOMY Singapore

Crazy Rich! Singapore is The Most Expensive Country in the World to Own a Car

According to a research released by Swiss private bank Julius Baer, Singapore is now the fifth most expensive city in the world, up four places from previous year.

The Global Wealth and Lifestyle Report uses a basket of goods and services to assess the lifestyles of high-net-worth individuals (HNWIs) around the world. We evaluate yearly changes on a global, regional, and categorical level through this Lifestyle Index, and assess the influence they have on purchasing power and wealth preservation.

Singapore cars were also the most costly in the world, according to the Global Wealth and Lifestyle Report 2022. Based on the price of a BMW X7 gathered from the manufacturer's appropriate country website, cars topped the list.

According to Yahoo Finance Singapore, a BMWX7 starts at S$548,888 in Singapore and US$74,900 (S$104,000) in the United States.

In Singapore, owning a car is a costly proposition. It can easily cost a couple hundred thousand dollars over ten years, from the vehicle's market value to fuel, parking, and all the additional taxes.

Because of the Certificate of Entitlement (COE), which is necessary for purchasing a car and allows for 10 years of ownership, Singapore can be one of the most costly places in the world to buy an automobile. The number of COEs made accessible to the public in Singapore is determined by the Vehicle Quota System (VQS).

The number of cars withdrawn from the road, permitted expansion, expiration of existing COEs, vehicle type, and other considerations are used by the VQS to establish the quota.

This approach enables Singapore to strictly regulate the number of vehicles on the road in order to avoid overburdening its infrastructure and maintaining traffic control. COEs are made available for bidding after which the final price is determined by the bids.

When demand is high, the cost of a COE can be extremely expensive, often exceeding the car's value. The entire purchasing price of a car might be significantly varied due to the unpredictability of the procedure.

Keterangan Gambar (© Pemilik Gambar)

The research, which assessed 24 cities this year but excluded Moscow, was issued on Wednesday (15 June) and revealed that Asia remained the most expensive area in the globe, with Asian cities accounting for six of the top ten spots on the list.

Shanghai remained in first place in the global list, as it did last year, with London, Taipei, and Hong Kong coming in second, third, and fourth, respectively.

Other important Asian cities, such as Tokyo, dropped six spots to eighth rank this year, while Bangkok dropped four spots to 15th place.

The research, Julius Baer's third annual report, also graded countries based on their luxury goods. Singapore was revealed to be the most costly country for automobiles, followed by Sao Paolo and Jakarta.

Source: JuliusBaer.com, Yahoo Finance Singapore, airshare.air-inc.com

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