This is done in Singapore. You can buy a car no problem but you need a certificate of entitlement to register and drive it. COE price fluctuates based on demand

This is done in Singapore. You can buy a car no problem but you need a certificate of entitlement to register and drive it. COE price fluctuates based on demand but has been over $50k USD (no mistake). A small island nation. Traffic still gets pretty bad but it would probably be a lot worse without this policy.