A luxury car tax in Singapore is helping push the cost of owning a BMW or Mercedes to the equivalent of a typical local family’s entire income for the year.
In the city-state’s latest bimonthly auction, 125 bidders successfully offered as much as S$116,020 just for the right to own an “open category” auto, which can be applied towards any vehicle type but frequently ends up being used for larger cars in the densely-populated island.
The latest figures come despite government hikes on additional registration fees for cars valued at over S$40,000 in the coming budget year while affecting the top one-third of newly registered cars by market value. The pricey ownership rights are the result of a quota system that controls the number of vehicles allowed on the nation’s streets, helping limit congestion and pollution, through the twice-a-month bidding process. Bid successfully and your shiny new Mercedes-Benz becomes roadworthy.
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