Stumbled Upon Singapore Car Prices and Now My Week is Booked

"Wobbles the Mind" (wobblesthemind)
10/21/2016 at 20:50 • Filed to: Singapore Cars

Google says the median monthly income per household in Singapore is $8,666 which is $103,992 annually. Converted to USD, Singapore median household income is a bit under $75,000 annually*. Funny thing though, the best selling car for 2016 is the Honda HR-V which starts at $109,999 which is about $79,199.20 USD.

*Current US median annual household income is $56,516 by the way.

Here’s the Singapore Honda Price Guide for your amusement.

http://www.honda.com.sg/_honda_car_staging_4AAQSkZJRgABAgAAZABkAAD/price_sheet.asp

Google says $1 in Singapore is equivalent to $0.72 USD. This is one of those markets where the Acura RLX Sport-Hybrid is the Honda Legend (which is great) and priced at just $445,999. The Honda NSX is a steal at $899,999, not even a cool million! But maybe you aren’t the kind of baller that looks at $100k cars, well the Fit/Jazz is priced to sell at as low as $96,999. Of course that COE rebate will get you $47,000 back in hand (but it still tops out at $51,000 for the NSX).

I guess I’m doing a Singapore car market research project this weekend. They have something called Certificates of Entitlement (sounds like something all US citizens believe they have intrinsically) that’s offers a substantial rebate on these cars. Presenting a COE on that HR-V offers a $47,000 ($33,870 USD) rebate! However this COE seems to be an economic can of worms at first glance some I’m excited to look into this. Wish me luck and feel free to comment on this Oppo-East. I’m going into this topic as a blank slate looking to be completely defaced by next weekend.

DISCUSSION (9)

jkm7680 > Wobbles the Mind
10/21/2016 at 20:56

Gahhhhhhhhhhhhhhhhh

not for canada - australian in disguise > Wobbles the Mind
10/21/2016 at 20:58

138k Canadian for an Accord. Jesus.

RPM esq. > Wobbles the Mind
10/21/2016 at 20:59

Somehow this post makes me feel like I need raise, even though I have no intention of ever living in Singapore. Those numbers freak me out.

Nibby > Wobbles the Mind
10/21/2016 at 20:59

Singapore has been trying to reduce the # of cars around and since it is already heavily populated in a small area, car prices have been skyrocketing over the years.

Or something along those lines. This girl I went to school with in undergrad was from Singapore and told me this stuff.

Wobbles the Mind > not for canada - australian in disguise
10/21/2016 at 21:01

Ha, I guess we know now why Jesus never spoke of his own Accord!

Wobbles the Mind > RPM esq.
10/21/2016 at 21:09

Think about it as the median household (likely two people providing income) isn’t enough to cover the cost of the smallest lifted hatchback Honda that EVERYONE is buying!

If it helps, if you were paid a salary of $9.61 an hour (40 hours a week, 52 weeks a year) you would still be in a better financial position to purchase cars in the US than most dual income Singapore households.

RPM esq. > Wobbles the Mind
10/21/2016 at 21:26

You’re right, I’m glad that my salary is more than $9.61 an hour.

Tapas > Wobbles the Mind
10/22/2016 at 03:42

I’ve lived in Singapore earlier this year.

The reason the median income is so high is because the small country of 5.39 million people (less populated and smaller in size than many US cities) has an unreasonably large number of millionaires, because of its generous tax policies. It is also one of the world’s largest ports, a popular financial hub and home to many Aviation, Oil & Gas and other manufacturing industries (although the economy is said to be slowing down right now)

An engineer with 3-4 years experience makes anywhere from SG$40k to SG$65k.

Most people don’t buy cars because a VW Polo costs SG$120k. The reason is the govt wants to keep cars off the very limited roads in the country, so they require you to buy a COE (certificate of entitlement) valid for 10 years to own a car. For cars upto 1600cc or 130bhp, its ~SG$53k. Any engines more powerful than that will cost you ~SG$58k. If your COE lapses and you don’t renew, the govt will crush your car.

And then most roads are toll roads and gas is expensive as fuck (SG$7/gallon last I checked). But its very well connected with public transport so having a car is not a necessity.

But you can also get used cars and drive them for whatever years are left on the COE. Then you can sell the car in Malaysia, which is a 1-2 hour drive away.

That and housing is expensive as fuck. Buying an apartment? You’ll pay anywhere from SG$1200 to SG$3000 per square feet! Rent for a modest 2 bedroom apartment outside the city is around $2200 a month. Houses are rare and cost many millions easily.

But you can buy used cars with a “weekend” license plate - meaning you can drive it on weekends and before 7am and after 8pm on weekdays. These cars have a cheaper COE. Most roads will have toll thingies that can tell what kinda car you’re driving and it will cost you $20 for everyday you drive your weekend car on a weekday. Many people do this.

RT > Wobbles the Mind
10/23/2016 at 08:27