Something I am learning in Singapore is just how expensive it is to own a car. If you want to buy a car you must first get a certificate from the government. There are only so many certificates available each year and they go to the highest bidders. Right now the cost to get just the certificate is about $80,000 SGD ($64k USD). This certificate then allows you to go to a dealership and buy your car. The cost of a car is double what it is in the US so just a standard compact would cost over $50,000 SGD ($40k USD). If you do the math that comes to $104k USD....for a car that is a VW Golf, Toyota Corolla, or Honda Civic! What I didn't mention is that this car you just paid $104k USD for, you can only keep for 10 years before you have to buy another certificate and another car.
When I imagined myself driving a $100k+ car, it was NOT a Toyota Corolla! I really can't complain as I'm very lucky to have that Corolla. Most people here are never able to have a car at all and they consider it a huge luxury. *Please note that I don't own this car nor would I ever spend that much money on a car. It is leased by my company and I just get to drive it while I'm here. Like I said, I'm very fortunate.
It's hard to believe with the high price of cars that you often see Lamborghinis, Maseratis, BMWs, and Mercedes. The fact is, there is a LOT of money in Singapore. During a recent tour we drove by a house that had four Ferrari's in the drive way. They had a fifth car which was a Maserati. Each of these cars cost almost a million dollars a piece! Why would you ever need that many Ferraris!?!
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