Cars in Singapore cost on average 5 times more than they do in the US
- Singapore is the most expensive country in the world for buy cars.
- On average, cars in the city-state cost five times more than they do in the US doller.
In 2021, Singapore was the world’s second-most expensive city to live in. It’s also the most expensive country in the world to buy a car in.
According to local financial website Value Champion, the average cost of owning a hatchback in the city-state is around S$125,000 (US$90,430). Cars in Singapore cost on average 5 times more than they do in the US , according to local financial website Budget Direct.Cars in Singapore cost on average 5 times more than they do in the US
On top of the base fare for a car in Singapore, there are additional charges such as a Certificate of Eligibility (COE). A COE is a license that allows him to own and drive a vehicle for 10 years in Singapore. According to the Department of Land Transport, as of June 2022, the average COE cost for a base vehicle is S$74,000 ($53,407).
Cars are also subject to excise duty, goods and services tax, additional registration fees, markdowns and surcharges based on the vehicle’s CO2 emissions.
Insider has compiled a price comparison of five popular car models from the US and Singapore. All car prices are from the official websites of the manufacturers of each country. His COE is included in all Singapore car prices in this article, except Tesla. The price of a Tesla vehicle does not include a COE.
1. Tesla Model 3
Cost in the US: $59,490
Cost in Singapore: S$114,455 ($82,604), without COE
Unlike most automakers in Singapore, Tesla does not include the COE in its pricing. Instead, he bids on the COE on behalf of the buyer when the vehicle is ready for registration.
Singapore is on average the most expensive country in the world to buy a Tesla, according to InsideEVs’ index. The US is the cheapest place to buy an electric car, according to the InsideEVs Index. Sold in
North America, his
cars are built in Fremont, CA and Austin, TX. In Singapore, cars are shipped to the city-state from Tesla’s overseas factories across Asia.
2. Toyota Corolla Standard
Cost in the US: $20,425
Cost in Singapore: S$134,888 ($97,369)
Toyota is the best-selling automaker in the United States and Singapore. But the price in the city-state is four times higher than his in the US, and in Singapore the Corolla is more than $70,000 higher than his.
3. Audi A8
Cost in the US: $86,500
Cost in Singapore: S$516,777 ($373,033)
Audi flagships are four times more expensive in Singapore than in the United States. High prices don’t seem to deter Singaporean buyers. The German luxury car maker was his seventh most popular manufacturer in the city-state in 2021.
4. Honda Odyssey (8-seater)
Cost in the US: $37,340
Cost in Singapore: S$226,999 ($163,801)
The Odyssey was the best-selling minivan in the US in 2021. Honda is also a bestseller in Singapore and was his fourth most popular car brand in Singapore in 2021.
However, there is a big difference in the price of Honda cars, and minivan prices are the same in Singapore as they are in the United States.
5. Mercedes-AMG E53
Cost in the US: $75,000
Cost in Singapore: S$510,888 ($368,652)
The German luxury automaker was Singapore’s third most popular brand by sales in 2021. In the US, Mercedes ranked her second most popular luxury car maker after Tesla in terms of his 2021 registrations. In Singapore, luxury brands like Mercedes are subject to a tax of 220% of the market value of a vehicle over S$80,000 ($57,760).