Main reason is deliberate government policy

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Singapore cars are the world’s most expensive. A main reason is deliberate government policy. Buyers must pay several levies on top of the basic price for a car, including the “Additional Registration Fee” (ARF) and “Certificate of Entitlement” (COE) on new car registrations.The ARF is based on the wholesale cost or import price of the car, which is officially called the “open market value” (OMV). The COE is essentially a vehicle quota system where people bid for a certificate to own a vehicle. A new car may be registered only with a COE, which is valid for ten years. Despite the high prices, we observe more luxury cars on the street of Singapore than in most US cities.

Suppose you are a manager of a new car parallel importer in Singapore, which type of cars are you supposed to import more? Luxury Cars or Normal Cars?

Reference no: EM132134092

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