3 ms·

It costs around $50k (Singaporean) to buy the right to own a car for 10 years. https://www.lta.gov.sg/content/dam/ltaweb/corp/PublicationsResearch/files/Factsa

• Someone 9y ago
  For those who don’t know what this is about: Singapore each month holds an auction where people bid for the right to drive a car. https://en.wikipedia.org/wiki/Certificate_of_Entitlement https://en.wikipedia.org/wiki/Certificate_of_Entitlement: ”Before buying a new vehicle, potential vehicle owners in Singapore are required by the Land Transport Authority (LTA) to first place a monetary bid for a Certificate of Entitlement (COE). The number of available COEs is governed by a quota system called the Vehicle Quota System (VQS) and is announced by LTA in April of each year with a review in October for possible adjustments for the period of one year starting from May. Approximately one-twelfth of the yearly quota is auctioned off each month in a sealed-bid, uniform price auction system and successful bidders pay the lowest winning bid.” For $50k, you can rent one of these cars 100,000 minutes, or 10,000 minutes a year, or slightly less than half an hour a day. And for that $50k you don’t even get a car, let alone gas and maintenance.