It costs a record US$99,700 to buy a small car permit in Singapore

The right to own a small car in Singapore climbed to a record high of S$129,000 ($99,700), with analysts saying premiums could rise further as rebates for electric vehicles come to an end.The price of a Category A certificate of entitlement (COE) meant for smaller cars and EVs advanced by 4.2 per cent in Wednesday’s bidding exercise from the previous round on June 17. Premiums for larger and more powerful cars in Category B jumped 6 per cent to S$130,889.The surge in premiums comes ahead of the December 31 expiry of incentives given by the government to encourage EV adoption, as part of Singapore’s net zero strategy. Authorities have warned that this could lead to a temporary rise in COE premiums as buyers bring forward vehicle purchases.