It has some of the most expensive real estate in the world and is regarded as one of the most expensive places to live. The island owning State of Singapore is also one of the most expensive places, a car now.
Recent cooling measures for the automotive market, which include, in five years from the last 10 years with a hike in the property taxes to increase the minimum deposit for a 40 per cent plus cover area car loan, have many households from the car market price.
Although the wealthy financial capital has one of the highest per capita income in the world, there are few who can afford to buy a new car.
"It is very far off beyond my reach," said 43-year old Andy Siew, a personal trainer with a monthly household income of 12,000 Singapore dollars ($9.650). "Each couple earn within this area cannot afford to buy a new car now."
According to Mohit Arora, Asia-Pacific executive Director at market research company J.D. power and Associates, Singapore is the world's most expensive car market.
"The average price for a Toyota Corolla on the US website, Web page can look at Indian and Chinese website and you can view it in Singapore websites. "I think it not everything is left to discuss is", he told CNBC.
Before the recent moves, the cost of buying a car in Singapore was already very high in comparison to other developed economies. All new cars sold are a property tax of at least 100 percent of the cost price. Additionally, if you have a car in Singapore wants a certificate of entitlement (COE) first, get that gives the right to possess, and a car for 10 years. The measure was introduced to limit the number of cars in the city, which has an area of only 276 km.
The average cost of buying a COE is currently around 87,000 Singapore dollars ($70,000). The COE, walks for example total an average sedan such as a Toyota Corolla Altis to almost $120,000 in Singapore, compared to neighbouring Malaysia the same car starts sold for about $34,000. The latest Corolla models in the United States start at about $16,000 and $20,000 in the UK
Prices from buyers
"Everywhere in the world is owning a car to get the announcement to a special status in society." I think that this will be more difficult for an average Singaporean,"said Arora.
Car buyers who feel due to the latest curbs by the Government are even at the top end of the market.
A seller in a luxury car dealer in Singapore, so as not to be identified, CNBC said, since the measures were introduced last week, it was a "really uphill task" always to find buyers.
"The General mentality is out if I in cash--100,000 Singapore dollars I wouldn't fork at the moment, that much for a car, perhaps a property I would buy," said the salesman at the dealer of high end cars, where average prices hover around 200,000 Singapore dollars.
While the Government latest movements attempt, household credit risk, as well as additional taxes of Singapore's more than reduce 965,000 car population, marginal even it is buyer, squeezing according to Vishnu v, market Economist at Mizuho Corporate Bank.
"The hit among lower income households less likely 50,000 Singapore dollars, to buy an average car are likely to be higher on lower income households a disposable,", said v. "Probably, quality of life of the population fell in the light of all the transport problems we see."
Singapore offers the world-class infrastructure, but as the population of the city of 4.2 has 1 million in just 10 years, has led to overcrowding on trains, buses and on the streets. The Government plans to increase the city transit system to less incentive for the drive, but said analysts until these enhanced services are available, it is located on the mobility of people.
"Our transport system is not just so well, the infrastructure not right now us food," said Siew, lives in the northeastern suburb of Singapore. "The trains and buses are not punctual, and taxis are so hard to find, sometimes, especially for rainy days and peak hours."
Owning a car for some will be the burden for the city transport system increases have more than a luxury.
Forty-year-old Mike Tan, who is much a salesman to travel, is relieved that he a month ago a new car purchased, before the tightening torques introduced measures.
"If the policies in force, before I have my car changed, I probably my old car my COE, would have kept to the end", Tan said.
Siew was but not so good luck. He would have the "luxury" of a new car to replace his 7-year-old Hyundai Avante as is COE on it in three years and will renew him more than $72,000. But now he can even on your own car across to give up.
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