Car Prices in Singapore (2025 Overview)

Singapore is known for having some of the world’s highest car prices. This report provides a comprehensive overview of current car prices in Singapore, covering both new and used vehicles. It includes examples of popular models with their prices, a breakdown by vehicle type (sedans, SUVs, EVs, etc.), recent market trends, and the key factors influencing car prices (like COE, taxes, and policies). All prices are in Singapore dollars (SGD) and reflect conditions as of 2024–2025.

New Car Price Ranges in Singapore

Buying a new car in Singapore is very expensive. As of 2025, even the most affordable new models cost well above S$100,000, primarily due to high taxes and the Certificate of Entitlement (COE) fees. In fact, industry research in 2025 could not find any brand-new car priced below S$140,000 . The days of buying a new sedan for under S$50k are long gone – today’s buyers must budget well into six figures for any new car. COE prices (the cost just for the right to own a car) have been extremely high, often exceeding the base cost of the car itself .

Examples – New Car Prices (Popular Models):

New Car ModelVehicle TypeApprox. Price (SGD)
Suzuki Swift 1.2 HybridCompact Hatchback~S$149,888 (entry-level new car)
Toyota Corolla Altis 1.6Sedan (Compact)~S$172,000 – $180,000
Honda Vezel 1.5 (Parallel Import)SUV (Compact)~S$146,000 – $152,000
Tesla Model 3 (Standard/Performance)EV Sedan~S$189,500 – $258,000
Toyota Harrier 2.0 HybridSUV (Mid-size)~S$216,000 – $233,000
Mercedes-Benz S-Class (S320L to S560)Luxury Sedan~S$412,000 – $597,000
Mercedes-Maybach S-ClassUltra-Luxury Sedan~S$1.12 – $1.48 million

Table: Price examples for new cars in 2024–2025. Ranges may reflect different trims or COE fluctuations. All prices cited include COE unless otherwise noted. As shown, even mass-market models cost well above S$150k, while luxury vehicles can cost several hundred thousand dollars or more .

Used Car Price Ranges in Singapore

The used car market in Singapore offers relatively lower prices, but used cars are still expensive compared to other countries. High COE costs prop up used car values as well, especially for younger used cars. In general, buying second-hand can save a significant amount versus new, though savings vary widely depending on the car’s age, remaining COE, and market conditions.

Examples – New vs Used Price Comparison:

In summary, used cars can save a lot of money especially if you choose a model around 4–6 years old or an older car with a short remaining COE. But when COE prices are high, both new and used prices rise in tandem . The demand for used cars increases when new car costs become prohibitive, which in turn pushes up secondhand prices. Conversely, if COE premiums fall, used car prices tend to soften as well. Buyers must also consider maintenance: an older used car may incur higher upkeep costs (often $1.5k–$3.5k per year for cars 8+ years old) , and will eventually require COE renewal or scrapping at the 10-year mark.

Price Breakdown by Vehicle Type

Car prices also vary by vehicle segment. Below is a breakdown of typical price ranges in 2024–2025 for different vehicle types, with examples:

Sedans (Saloon Cars)

Sedans remain a popular category in Singapore, spanning affordable Japanese models to high-end European luxury saloons. For mass-market sedans (Toyota, Honda, Mazda, etc.), current new prices generally range from about S$150k to S$200k. For example, a Toyota Corolla Altis (1.6L family sedan) costs roughly S$173k new , and a Honda Civic 1.5 Turbo is in a similar ballpark (around S$160k–$180k, depending on variant). Slightly larger models like the Toyota Camry 2.5 Hybrid are closer to S$200k+ (the Camry Hybrid starts at ~$247k with COE) . Premium mid-size sedans such as the BMW 3 Series or Mercedes-Benz C-Class fall in the S$250k–$300k range when new, since they belong to COE Category B (larger engines) which have higher COE costs.

On the used market, sedan prices cover a wide range. A 5-year-old Japanese sedan (e.g. 2018 Corolla or Mazda3) might cost on the order of S$70k–$90k used, whereas a 9-year-old unit could be under S$40k. A popular model like the Corolla tends to hold value due to reliability and demand, but even it depreciates to perhaps ~40–50% of new price by the 5-year mark . Luxury sedans depreciate more steeply: a 5-year-old BMW or Mercedes sedan could be well under 50% of its new price (still easily >S$100k, but much less than new). As always, remaining COE years heavily influence used prices for sedans.

SUVs and Crossovers

SUVs have surged in popularity in Singapore, as elsewhere. Compact crossovers and SUVs (like the Honda Vezel/HR-V, Toyota Yaris Cross, Hyundai Kona, etc.) are priced similarly to sedans or slightly higher. New, these tend to be around S$150k–$180k for mass-market brands. For example, the Honda Vezel 1.5 is roughly S$150k new (via parallel import) , and the Toyota Yaris Cross (1.5L compact SUV) would be in the high-$150k range. A Mazda CX-5 (2.0L) or Honda CR-V (larger compact SUVs) might cost around S$180k–$200k new, depending on specs.

Larger mid-size and full-size SUVs are considerably pricier. A Toyota Harrier 2.0 Hybrid (mid-size, 5-seater SUV) is about S$215k–$233k new . The Toyota RAV4 Hybrid was recently listed around S$257,888 with COE . Seven-seater family SUVs or MPVs like the Toyota Fortuner or Honda Odyssey often exceed S$200k as well. European luxury SUVs (BMW X3/X5, Mercedes GLC/GLE, etc.) will commonly be S$300k and up when new, given their high OMV and Category B COE. For instance, an entry-level Mercedes GLC or BMW X3 can be ~S$280–$320k new, while a Range Rover Sport or BMW X5 might be S$400k+. Ultra-luxury SUVs (Bentley, Lamborghini Urus, etc.) easily cross S$800k–$1M+.

On the used market, SUVs hold their value relatively well if they are popular models, since demand is strong. A 5-year-old Honda Vezel (which is very sought-after) might still fetch S$80k–$100k used, given its desirability as a practical crossover. On the other hand, large thirsty SUVs or less common models might depreciate more. As an example, a first-generation 2014 Honda Vezel (with a renewed COE to 2029) could still be around S$60k, illustrating how even a decade-old popular SUV isn’t “cheap” in Singapore. In general, expect used SUV prices to mirror sedan trends: older than ~8 years can drop under S$50k, but 3-5 year old ones are often between S$80k and S$150k depending on make and COE remaining.

Electric Vehicles (EVs)

Electric vehicles have gained momentum, and the government has introduced incentives to encourage EV adoption (discussed in a later section). In 2025, EV prices range from about S$150k on the low end to well over S$300k for premium models, similar to conventional cars in equivalent segments.

At the more affordable end, the BYD Dolphin (a compact EV hatchback) at ~S$158k is one of the cheapest new EVs . Other entry-level EVs include models from Chinese brands like Dongfeng, Aion, and Ora, priced in the S$140k–$160k range . For example, the Aion S (ES) electric sedan starts around S$147,988 , and the quirky Dongfeng ER30 (Box) EV was about S$148,888 – these are among the very few new cars under S$150k in 2025.

Mainstream EV models are typically in the S$170k–$250k bracket. The Tesla Model 3 and Model Y are prominent examples, at roughly S$190k–$250k depending on configuration . The BYD Atto 3 (compact SUV EV) is around S$170k , and the Kia EV6 or Hyundai Ioniq 5 (if available) would be in the high S$200k range.

Luxury EVs are very costly due to high OMV and COE Category B. A Tesla Model S Plaid or Audi e-tron GT can easily be S$500k or more in Singapore. The Porsche Taycan variants range roughly from S$400k up to S$700k+. Even the Mercedes EQC or BMW iX3 (electric SUVs) hover around S$300k+. In short, EVs do not magically avoid Singapore’s high costs – they are subject to the same COE and ARF structure, though they receive certain tax rebates which help a bit (e.g. a 45% ARF rebate up to S$15k for new EVs) .

On the used side, EVs are still a new segment so data is limited. However, early indications are that EVs depreciate similarly to equivalent petrol cars. A 2-year-old used Tesla might sell for maybe 10–20% less than new (reflecting mileage and one less owner of COE). As more EVs reach the second-hand market, their resale will also depend on battery longevity perceptions. Government incentives on first registration (like the ARF rebate) are not transferable, so a second-hand EV’s price will factor in the remaining COE and any loss of that initial rebate. Still, popular EVs like Teslas tend to hold value relatively well at the moment, due to strong demand and long wait times for new orders.

Market Trends and Recent Pricing Changes

Car prices in Singapore have been on a general upward trend in recent years, mainly driven by rising COE premiums. There have been some notable fluctuations and policy changes recently:

COE Premiums Trend (2024–2025): COE prices remain near record levels. The chart above shows Category A (small cars), B (big cars) and E (open category) COE price trends from mid-2024 to Q1 2025. After a brief dip in late 2024, premiums rose again – by early 2025 Cat B and E were still climbing (~5% higher in Q1 2025 vs late 2024), while Cat A saw a slight 4–5% dip on average . In absolute terms, all categories hovered around the S$90k–$120k range. These persistently high COEs have kept car selling prices high.

Overall, the market trend can be summed up as “high and relatively stable prices, with slight relief in supply expected.” Car ownership remains a luxury in Singapore, and recent years’ price records reinforce that. Prospective buyers are watching COE announcements and policy changes closely, as these will determine if prices moderate in the coming years or continue their upward trajectory.

Factors Influencing Car Prices in Singapore

Several unique factors contribute to Singapore’s steep car prices. The key drivers are government policies designed to control vehicle population and manage road usage. Below we outline the most notable factors:

Certificate of Entitlement (COE)

The COE is often the single largest component of a car’s price in Singapore. A COE is essentially a license that gives you the right to own and use a car for 10 years. Every vehicle must have a COE, obtained via a bidding system. Because the government tightly controls the number of COEs (to manage the vehicle population), the price of COEs can be extremely high when demand exceeds supply.

In summary, COE premiums are a critical determinant of car prices in Singapore. When COEs rise, both new and used car prices increase across the board (making cars more expensive for consumers) . When COEs fall or quotas expand, it relieves upward pressure on prices. The COE system is the government’s main tool to control car population, and it is also the reason owning a car is so costly – you are paying not just for the car, but for the privilege of having a car on Singapore’s roads.

Taxes and Duties (ARF, Excise, GST)

Beyond the COE, Singapore imposes heavy taxes and duties on vehicles which significantly inflate car prices. Notable ones include:

In sum, taxes like ARF and excise can double or triple the base cost of a car . The government uses these taxes both to generate revenue and to promote certain policies (like higher taxes on luxury cars, rebates for cleaner cars). For the consumer, it means even before adding COE, a car in Singapore might already cost 2-3 times what it would in a country with lower car taxes. When you combine COE + ARF + other taxes, it becomes clear why a car that might sell for S$30k in another market ends up at S$120k+ in Singapore.

Government Policies and Regulations

Underlying the COE and tax system are government policies aimed at managing car ownership and usage in Singapore’s land-scarce environment. Several policy aspects influence car prices and trends:

In conclusion, Singapore’s car prices are a product of policy choices to tightly regulate car ownership. The COE system and heavy taxation are intentional mechanisms to limit cars on the road and fund infrastructure. Recent policies show a balancing act: on one hand, keeping cars expensive to discourage congestion and pollution; on the other hand, offering targeted relief (like extra COEs or EV incentives) to address public concerns and encourage transition to cleaner vehicles. Anyone looking to buy a car in Singapore must navigate this complex landscape of COE bidding, taxes, and regulations – which collectively make car ownership a costly endeavor.

Conclusion

Car prices in Singapore in 2025 are extraordinarily high by global standards. New cars range roughly from S$140k for the most basic models to well over S$300k–$500k for luxury vehicles, and even second-hand cars often cost tens of thousands of dollars. The examples provided (Toyota Corolla Altis at ~$178k new vs $85k slightly used , Suzuki Swift at ~$150k , Tesla Model 3 at $200k+ , etc.) illustrate the reality that owning even a humble family car in Singapore requires a large financial commitment.

The breakdown by vehicle type shows that whether it’s a sedan, SUV, or EV, the category itself is less important than the underlying COE category and taxes – a mass-market EV can be cheaper than a luxury petrol SUV, but both will be expensive if they fall under high COE premiums or tax brackets. Market trends indicate that prices are currently near record highs, with slight signs of stabilization due to policy interventions. Importantly, the government’s tight control via COEs and taxes is the defining feature of this market: these factors (COE, ARF, VES, etc.) directly influence prices and are uniquely significant in Singapore .

Consumers should keep an eye on COE trends and policy changes. For instance, the planned increase in COE supply from 2025 may gradually improve affordability if implemented fully . Likewise, those considering an EV should factor in the current incentives which effectively discount the upfront price by up to ~$40k – a window of opportunity before these incentives expire. On the other hand, buyers of high-end cars must contend with the recently raised luxury taxes (320% ARF for the OMV beyond $80k) which significantly push up prices for top-tier models .

In summary, to purchase a car in Singapore requires understanding that you are paying not just for the car, but also for the right to own it (COE) and for various governmental objectives (through taxes and policies). All these components are reflected in the final price a buyer pays. Despite some short-term fluctuations, the overall trajectory has kept car ownership a costly proposition. Prospective buyers are advised to research across official dealerships, online marketplaces, and news sources for the latest prices and to explore options like used cars or COE renewals as more affordable alternatives . With thoughtful planning and timing – and a bit of luck in the COE bidding – one can navigate Singapore’s car market, albeit at a steep cost.

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