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$106,000 for the car purchase rights in Singapore

Graham Watson

6th October 2023

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This is a fantastic real world example of the use of market to try to correct a market failure, with the certificate of entitlement required to purchase a family car having risen to $146,002 ($106,619; £87,684). The equivalent certificate for larger cars is even more expensive.

Of course, the Singapore government also regulates the number of certificates for sale, which is determined by how many old cars are taken off the road, so it can regulate the amount of traffic on the city-state's roads.

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Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.

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