CityLab Daily: Singapore’s Car Prices Hit Record Highs
Also today: The American cities where auto payments cost more than rent, and the German city of Magdeburg’s latest comeback attempt.
The government of Singapore imposes quotas, taxes and duties that push up the cost of cars.
Photographer: Nicky Loh/Bloomberg
Having a car is getting more expensive in Singapore, where government restrictions on sales have made auto ownership a luxury. Buyers must bid for a limited number of ownership permits, the cost of which recently hit record highs. This has helped push car prices up to five times their wholesale prices; a new Toyota Camry can now cost as much as an apartment.
But the high cost of driving in Singapore is beginning to look less like a global outlier; in some US metros, monthly car payments can cost more than rent. Some experts say that cities trying to build more sustainable infrastructure and reduce car ownership can look to the city-state’s model, which is balanced by an efficient urban public transit system. Others warn, though, that higher vehicle costs come with risks, Bloomberg’s Nurin Sofia and Xiao Zibang report. Today on CityLab: Singapore’s Sky-High Car Prices Are Warning for Global Cities