A basic commuter car costs over S180,000( US135,000) due to a compulsory 10-year quota license (COE/certificate of entitlement) that alone costs S$100,000+, plus registration taxes scaling up to 320% of the car's base value. Total running costs (tolls, parking, road tax) easily add S1,000–S2,000+ per month.
Singapore is so small though and cabs are cheap and I never needed a car. I can see why Waymo will be very attractive.
The utility of a car in singapore is very different from other places. Yes, a car will get you faster from point A to point B in singapore when compared to public transport. But you can get a private hire car or a taxi which is just as fast and is probably much more convenient.
For many people in Singapore, a car's real utility is to signal status. More often than not, this status gets you real-life benefits. Such as increased dating success.
Yes, because when adjusted to car ownership costs, the young have a lower purchasing power when compared to the older generation at the same age back then.
I'm not sure that's a good lens to look through: the total number of cars in Singapore is fixed, and ownership cost adjusts (via the CoE auction) to balance supply and demand.
So there's no drop in total car ownership to explain: that one is held fixed. What we'd need to explain is why comparatively more older people and fewer younger people drive.
Singapore residents are not limited to one car. There's a lot of regional ultra rich in Singapore, and it's not unusual for them to have half a dozen or more cars, all of which count against the total cap.
Singapore's population has exploded in the past 20 years, almost doubling due to immigration. Native birth rate has collapsed.
Many relatively wealthy foreign individuals have moved to Singapore, disproportionately middle aged and above. These folks also compete in buying car quotas. They can also buy more than one car. Their demand is more inelastic.
Younger folks, local or foreign born are priced out.
For Singapore's boomers, success once meant the 5 Cs: cash, car, credit card, condominium and country club. For today's young Singaporeans, these no longer define success.
shell0x · · focus · HN ↗
Singapore is so small though and cabs are cheap and I never needed a car. I can see why Waymo will be very attractive.
vachina · · focus · HN ↗
jimmydef · · focus · HN ↗
For many people in Singapore, a car's real utility is to signal status. More often than not, this status gets you real-life benefits. Such as increased dating success.
fhe · · focus · HN ↗
jimmydef · · focus · HN ↗
eru · · focus · HN ↗
So there's no drop in total car ownership to explain: that one is held fixed. What we'd need to explain is why comparatively more older people and fewer younger people drive.
motionlessveloc · · focus · HN ↗
jimmydef · · focus · HN ↗
Singapore's population has exploded in the past 20 years, almost doubling due to immigration. Native birth rate has collapsed.
Many relatively wealthy foreign individuals have moved to Singapore, disproportionately middle aged and above. These folks also compete in buying car quotas. They can also buy more than one car. Their demand is more inelastic.
Younger folks, local or foreign born are priced out.
eru · · focus · HN ↗
Btw, I don't think you need the assumption that the rich people's car demand is inelastic.
jnaina · · focus · HN ↗