In Singapore, the average cost of a car is five times higher than in the US. Here is a breakdown of how much five well-known cars would cost in each nation.

 

In Singapore, the average cost of a car is five times higher than in the US. Here is a breakdown of how much five well-known cars would cost in each nation.

In Singapore, the average cost of a car is five times higher than in the US. Here is a breakdown of how much five well-known cars would cost in each nation.

Tesla Model 3

Singapore has the highest car prices in the entire globe.

Car prices in the city-state are often five times higher than those in the US.

Singapore was the second-most expensive city in the world to live in as of 2021. Additionally, it is the most expensive nation in the world to own a vehicle.

According to a local financial website called Value Champion, the cost of owning a small automobile in the city-state is approximately 90,430 Singapore dollars, or 125,000 Singapore dollars. According to the local financial website Budget Direct, a car might cost five times as much in Singapore as it does in the US.In Singapore, there are other costs to consider in addition to the base price of an automobile, such as a Certificate of Entitlement (COE). A COE is a permit that gives someone permission to own and drive a car in Singapore for a period of ten years. According to the Land Transport Authority, the average cost of COE for a basic automobile as of June 2022 is S$74,000 ($53,407).

In addition, there are extra registration fees, excise taxes, goods and services taxes, price rebates, and surcharges based on carbon emissions that apply to automobiles.

Five well-known car models have each had their prices compared from the US to Singapore by Insider. Prices for cars are gathered from each nation's official manufacturer websites. With the exception of the Tesla vehicle, all Singapore car prices in this article include COE.

1. Tesla Model 3

U.S. price: $59,490

Without COE, the price in Singapore is S$114,455 ($82,604).

Tesla does not factor COE into its prices, in contrast to the majority of Singaporean automakers. Instead, when the car is prepared for registration, it makes a bid for the COE on the buyer's behalf.

According to an index created by InsideEVs, Singapore has the highest average cost of any country in the world to purchase a Tesla. According to InsideEVs' assessment, the US offers the best prices for buying electric vehicles.

Fremont, California, and Austin, Texas both produce the cars that are sold in North America. The automobiles are transported to Singapore from Tesla's Asian-based offshore plants.

2. Toyota Corolla Standard

U.S. price: $20,425

Singapore's price is S$134,888 ($97,369).

In both the US and Singapore, Toyota is the most popular automaker. However, costs are four times more in Singapore than they are in the US, with a Corolla costing over $70,000 more there.

3. Audi A8

U.S. price: $86,500

Singapore costs S$516,777 ($373,033).

In Singapore, the top-of-the-line Audi automobile is four times more expensive than it is in the US. Singaporean buyers don't appear to be put off by the high prices: In terms of sales, the German luxury automobile maker ranked sixth in the city-state in 2021.

4. Honda Odyssey (8-seater)

U.S. price: $37,340

Singapore's price is S$226,999 ($163,801).

In the US in 2021, the Odyssey was the top-selling minivan. The fourth-most popular automobile brand in Singapore based on registrations in 2021, Honda is also a top seller there.

However, there is a significant pricing difference between Singapore and the US for Honda automobiles, with the minivan retailing for more than four times more in Singapore.

5. Mercedes-AMG E53

U.S. price: $75,000

Singapore costs S$510,888 ($368,652)

According to sales, the German luxury automobile manufacturer ranked third in Singapore in 2021. In terms of premium vehicle registrations in the US, Mercedes came in second place to Tesla.

In Singapore, the E35 is about five times more expensive than it is in the US. Luxury automakers like Mercedes are liable to a 220% tax in Singapore on any vehicle's open market value that exceeds S$80,000 ($57,760).