Last Updated on 2016-05-19 , 1:43 pm
Lest there’s anyone who is not aware, Singapore is home to the most expensive cars in the world: a Toyota Corolla Altis costs more than $110,000 here in Singapore, while it is going at only about $38,000 in Malaysia. To rub salt to the wound, that $110,000 car can only be driven for ten years—after that, it needs to be re-registered again for another five or ten years at a hefty fee.
Whereas that $38,000 car in Malaysia can be driven for 100 years—if it can last that long, that is.
The high cost of cars in Singapore is attributed to its fees, from the registration fee of about 150% of the car market value to the COE that can go up to $90,000. In other words, at this current moment, a Toyota Corolla Altis is at $110,000 while a more high-end luxury car, a Mercedes-Benz CLA-class, is at $160,000—just 45% more expensive.
On the other hand, a Mercedes-Benz CLA-class in Malaysia is at $89,000—that is 134% more than the similar Toyota Corolla Altis there.
So it’s no surprise that you’ll see more luxury cars in Singapore, since the difference between a Toyota and a Mercedes is less than 50%, compared to other countries that could be more than 150%.
In 2012, the top car brand sold in Singapore is BMW. In 2013, it is Mercedes-Benz. In 2014, it is Toyota, but the difference is not a lot: Mercedes-Benz registered 4,651 cars while Toyota registered 5,431.
Then, in 2015, everything changed—despite the fact that registration fees and COE are still expensive AF.
Here’re the top five brands and how many cars were registered.
#1. Toyota (12,171)
#2. Honda (7,916)
#3. Nissan (5,574)
#4. Mercedes-Benz (5,408)
#5. BMW (3,598)
Source: Annual Vehicle Statistic 2015
What is happening? There’s not even a Kia or a Hyundai there—are Japanese cars going to take over the roads again, just like how it was in the 90s?
Top Image: Lucy Liu / Shutterstock.com
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