Talking about the prices of cars in Singapore is a perhaps an exercise in what one could call “pointless venting”. But what is really irritating is the fact that some of the cheapest Toyotas in the world cost about one sixth the price of one in Singapore. And we’re not talking about some cheap country, but places like Japan and the US, with relatively high costs of living in the more metropolitan areas.
After our previous article about all the lovely cars you could buy overseas for the price of a measly Toyota Corolla here in Singapore, the good folk at CarBuyer Singapore went one step further and came up with one index to rule them all: The Toyota Corolla Global Price Index.
Why the Toyota Corolla Altis? Well, for starters, it’s the world’s best selling model ever with over 40 million units moved worldwide as of last year. With the launch of their new Altis model earlier this year, this is now the new standard for Corollas globally.
We decided to condense the numbers into a small infographic just to give you some perspective (and rub it in) on Singapore’s prices versus the rest of the world:
Even in places such as Cuba where, according to a Reuters report, taxes go up to 400% on some goods, a Toyota will cost you about $40,000 USD. That works out to the same price here as a 6 year old Altis (with only 4 years left on the COE).
Some of the less developed countries on the list do show a higher pricing for the car, which could be largely due to tax structures and lack of local production facilities, although Indonesia does have its own Toyota factory.
If you are still clueless as to why the same car model is so crazily expensive here as compared to all other parts of the world, here’s our simple explanation on this bane of our existence known as COE. And if you are crazy enough to want to buy a car, you should be saving money anywhere else you can, especially on your car loan. You can compare the latest car loan rates here.
What are your thoughts on the global price index? Do you think cars will get cheaper any time soon? Share your thoughts here!