Hey, guys! Do you know which car has the best sales in Singapore?
Toyota? Mercedes-Benz? BMW?
NO! NO! NO! Those cars are outdated.
Today, the best-selling car in Singapore, the one that more people are driving, is BYD!
01
BYD is selling like crazy in Singapore: Overtakes Toyota to become the sales champion, outselling Tesla 12 times.
Yes, that’s right! BYD was the best-selling brand in Singapore in February.
Recently, Singapore’s car sales data was revealed! In February 2024, BYD sold 424 cars in Singapore, accounting for 17.6% of the total car sales share!
In other words, among the people who bought cars in Singapore in February, 1 out of 6 people bought a BYD.
In the past, Toyota, which used to be the sales champion, only sold 382 cars. Tesla, on the other hand, sold only 33 cars, less than one-twelfth of BYD’s sales.
It’s worth noting that BYD’s market share in China is only 17%. Looking at it this way, Singaporeans prefer BYD cars more than Chinese people do.
Even netizens in Singapore are complaining online: There are more and more BYD cars on the roads of Singapore, and Singaporeans prefer BYD when buying cars.
02
BYD opens restaurants and sells cars in Singapore: Starting at $850,000, six times more expensive than in China
Speaking of this, we have to talk about BYD’s big move.
In 2023, BYD opened two stores in Singapore, one selling food and the other selling cars, making a big splash with its advertisements.
The ATTO 3 model is very popular in Singapore, and this model corresponds to the Yuan PLUS in the Chinese market.
Considering Singapore’s control over traffic and vehicles, buying a car is not cheap at all.
BYD ATTO 3 is selling at a high price of $158,000 to $180,000 Singapore dollars (approximately 850,000 to 970,000 RMB).
Looking back at the price of the BYD Yuan PLUS in China, it’s only around 140,000 to 168,000 RMB. Buying an equivalent BYD car in Singapore costs six times more than in China!
03
World’s Most Expensive Vehicle Certificate of Entitlement (COE) at $59,800: Sold 3.47 Billion in One Year
In Singapore, having a house doesn’t make you wealthy, but having a car does. This is not an exaggeration. Not only are cars expensive, but even the prerequisite for buying a car, the Vehicle Certificate of Entitlement (COE), is outrageously pricey.
To buy a car in Singapore, you first need to obtain a COE. This certificate allows you to purchase one car, and if you want to buy a second car, you’ll need to purchase another certificate. Furthermore, the COE is only valid for 10 years and becomes invalid once it expires!
What’s even more challenging is the high price of the COE itself.
In the first round of COE bidding in March, the price for the Category A (small and medium-sized cars) that caters to the general public skyrocketed to $59,800 USD (approximately 430,000 RMB). With that amount, you could buy three BYD cars in China.
With just these certificates, Singapore generated a revenue of $3.47 billion USD (approximately 25 billion RMB) in 2023.
04
Singapore Car Prices Increase Taxes: Paid 1.94 Billion in Car Taxes in One Year
In addition to a 9% Goods and Services Tax (GST), there are additional costs such as the Additional Registration Fee (ARP), Electronic Road Pricing (ERP), insurance road tax, and more. When added up, it’s not a small amount.
Especially in February last year, Singapore increased the luxury car tax rates. Cars with a cost exceeding $29,900 USD have to pay higher additional registration fees. Among them, the portion exceeding $59,800 USD will see the additional registration fee increase from 220% to 320% of the cost.
Taking into account petrol, parking, road tax, Electronic Road Pricing (ERP), insurance, and regular maintenance, the average annual expenditure is around $9,000.
In terms of car taxes alone, Singapore generated $194 million USD (approximately 1.4 billion RMB) in revenue in 2023!
In 2023 alone, Singapore earned $5.43 billion USD (approximately 39.1 billion RMB) from the Certificate of Entitlement (COE) and car taxes, accounting for 7% of the government’s recurring income.
This year is even more remarkable. According to the Singapore Ministry of Finance’s estimates, the COE is expected to generate $3.53 billion USD in revenue, while car taxes will bring in $2.12 billion USD, totaling $5.65 billion USD (approximately 40.7 billion RMB)!
05
Foreigners Buying Houses in Singapore are Expensive Too: A $1.12 million house incurs $710,000 in taxes
Singapore’s high prices are not limited to cars; other aspects are also exorbitant.
Last year, Singapore increased the Additional Buyer’s Stamp Duty (ABSD) for foreigners buying properties, doubling it from 30% to 60%. Buying a $1.12 million USD house would require paying $710,000 USD in taxes. It’s quite a hefty sum.
According to a survey conducted by Knight Frank on 30 cities worldwide, Singapore has become the city with the highest stamp duty rates for foreigners. The stamp duty paid by foreigners accounts for approximately 64% of the property price.
China’s Hong Kong ranks second, with foreigners paying stamp duty that amounts to around 31% of the property price, which is less than half of Singapore’s rate.
This means that for houses of the same value, Singaporeans have to pay 35% more in taxes compared to Hong Kong…
06
Singapore Becomes the World’s Most Expensive City: Even Locals Face High Living Costs
According to the “Global Wealth and Lifestyle Report 2023” published by Julius Baer, Singapore has become the world’s most expensive city for high-end living!
Local netizens express that living in Singapore has become extremely expensive!
Singapore is ranked first, surpassing cities like Hong Kong, Shanghai, and London.
Some netizens suddenly realize why they don’t find things expensive when traveling abroad. It turns out that Singapore is already the most expensive…
Since January 1, 2024, the Goods and Services Tax (GST), which is closely related to the daily lives of Singaporeans, has officially increased from 8% to 9%.
At the same time, the cost of water, electricity, gas, and other utilities in Singapore has also risen. The cost of living for people continues to climb, making the “world’s most expensive city” even more expensive!
07
Summary
Singapore truly lives up to its reputation. It is expensive no matter where you look, and it’s hard to find anything affordable.