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A survey by Deutsche bank has reaffirmed an open secret - Singapore is the most expensive place in the world to buy a car.

17 May 2014 | Local News : Singapore


An annual survey conducted by Germany's Deutsche Bank has reaffirmed that Singapore is indeed the most expensive place to buy an automobile.

According to its annual survey of global prices released yesterday, a new Volkswagen Golf (above) costs $126,499 (S$158,310) here - which is more than twice the next highest price tag of $55,516 (S$69,476) for the same car in Kuala Lumpur. The Golf's price in Singapore is also more than five times of what it would cost a resident in New York at US$26,700 (S$33,414).

In addition to car prices, the survey also revealed prices for a pint of beer and a gym membership in the business district were revealed to be the second highest in the world.

However, in contrast public transport, amongst other costs, in Singapore were revealed to be among the most affordable in the world. The minimum fare for single rides on the public transport system in Singapore is $0.61 (S$0.76), with only China, India, Malaysia and Mexico offering lower fares.

In China, the minimum fare is $0.16 (S$0.20) in Beijing, while in India the fare is $0.08 (S$0.10) in New Delhi. In Kuala Lumpur, Malaysia the amount is $0.30 (S$0.38) while in Mexico city, the cost is $0.19 (S$0.24).

Deutsche Bank economist, Sanjeev Sanyal, believes the unevenness in Singapore's price is due to government intervention, with subsidies awarded for activities that are considered beneficial and taxes imposed for those considered damaging - like alcohol and tobacco products.

He also added Australia is the most expensive major economy, while the U.S.A is generally the cheapest developed country. The data is collated by directly surveying prices posted on the internet and from secondary sources that have collated such data.
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