Prices Of These Pre-Owned Cars In Singapore Might Shock You
Six figure annual depreciations? It’s not a typo…
It’s no secret that Singapore is one of the most expensive cities to live in. Top it off with how different costs of living are compared to neighbouring countries and we could be touching on a topic that’s too sensitive to discuss. But for the well heeled, Singapore provides a safe haven to park and spend resources (even this could be up for debate), resulting in a market that’s so compact it leaves no margin for error.
For exotic car lovers well ahead in the rat race and not keen to wait months (or even years) for a new supercar, Carousell’s used car classifieds can uncover a couple of million dollar gems of interest for those with truck loads of cash stashed in a secret basement…
Why are cars so expensive in Singapore?
Apart from COE, there are other factors like a vehicle’s Open Market Value (OMV), Vehicular Emissions Scheme (VES) surcharges and Additional Registration Fee (ARF). Don’t get us started if you are aiming to buy a car that’s already considered pricey in other markets, because the fees will build up, fast!
What is the most expensive country to own a car in?
You guessed it, it’s Singapore. Other markets like Maldives, Iran and Brunei don't even come close…
How do people afford cars in Singapore?
Even though cars are very expensive in Singapore, wages are also very competitive compared to other developed cities. For those who qualify for loans (banks usually look at factors such as monthly income, credit score and debt servicing ratios), it can be stretched up to 84 months / 7 years. You’re able to borrow up to 70% of your vehicle’s OMV.
Now for the actual figures - let’s take a look at these listings…
Ferrari Portofino - S$1,330,000
Annual depreciation: S$135k
Bentley Continental GT S - S$1,390,000
Annual depreciation: S$137k
Lamborghini Huracan STO - S$1,555,800
Annual depreciation: S$160k
Rolls-Royce Cullinan Black Badge - S$2,500,788
Annual depreciation: S$252k
Lamborghini Aventador LP750-4 Superveloce - S$1,090,000
Annual depreciation: S$312k
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