BMW, Mercedes Boom in Singapore as Rich Shrug Off Higher Taxes
- It takes nearly $90,000 to purchase the right to buy a car
- Singapore expects budget windfall as costs keep rising
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A luxury car tax in Singapore is helping push the cost of owning a BMW or Mercedes to almost the equivalent of a typical local family’s entire income for the year.
In the city-state’s latest bi-monthly auction, 125 bidders successfully offered as much as S$116,020 ($87,000) just for the right to own an “open category” auto, which can be applied toward any vehicle type but frequently ends up being used for larger cars in the densely-populated island.