Just when I thought I was getting over the sticker shock of prices in Singapore ($19.99 for a pound of BC Cherries!), I got completely knocked to the floor when I found out my Jaguar F Type cost $550,000 here!
Even if I was willing to pay $550K, I still wouldn’t be able to buy it. Before I can buy a car, I must first buy a piece of paper call the “Certificate of Entitlement” or COE. The COE grants the legal right of the holder to register, own and use a vehicle in Singapore for a period of Ten years. When demand is high, the cost of a COE can exceed the value of the car itself. Currently, the price of a COE is up to $70,000.
Then there is the cost of driving the car on the road. Premium fuel, which the Jag needs, cost $2.76 a litter ($8.83 a gallon) here. And that’s just the start. You have to install a transponder inside your car that take money from your account for driving on the streets. The rate range from $1 to $10 depending on the street and time of day.
These crazy high prices may explain why one in six Singapore household have over $1 million in disposable assets (the highest percentage of millionaires in the world). If you decide to live here, or just visit, bring LOTS OF MONEY!
