Bizarre! Singapore's entitlement certificate to own car is equal to buying 4 Toyota Camry Hybrids in US

livemint.com:

Reuters, a car buyer in Singapore must bid for a certificate that now costs $106,000 ( ₹88,23,493) citing post-pandemic recovery -- which has driven up the cost of the city-state's vehicle quota system to all-time highs. This amount is equivalent to buying four Toyota Camry Hybrids in the United States. Introduced in 1990, Singapore has a 10-year "certificate of entitlement" (COE) system to control the number of vehicles in the small country.

Singapore is home to 5.9 million people and can be driven across in less than an hour. ALSO READ: Singapore may get more rice from India This new quota – which is being offered through a bidding process – has even made it the most expensive city in the world to buy a car. Surprisingly, the COE for a large car more than quadrupled from 2020 prices on Wednesday to a record S$146,002 ($106442.99 or ₹88,62,042.54).

Compared with $28,855 in the United States, the new standard Toyota Camry Hybrid currently costs S$251,388 ($183,274.82 or 1,52,58,771.45) in Singapore – including COE, registration fees, and taxes. Apart from this, a small, government-subsidized flat in Singapore costs about S$125,000 ($91,131.45 or ₹75,87,261.25). Earlier in 2020, when fewer people in Singapore were driving, the price of COEs dropped to about S$30,000 ($21,871.55).

But with a post-COVID increase in economic activity, more car purchases took place despite the total number of vehicles on the road being capped at about 950,000. The number of new COEs available depends on how many older cars are deregistered. Looking at the median annual household salary in Singapore, it is S$121,188 ($88,352.31 or ₹73,55,880.13).