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Singapore to Start Limiting Private Car Ownership

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Starting in February, Singapore will start enforcing a limit on private car ownership, in an effort to reduce traffic congestion.

Right now, the government allows just a .25% increase in car ownership per year. Its new initiative that begins in February will allow a 0% increase.

That means bad news for prospective car buyers. Currently, every car owner is required to pay approximately $37,000 for a certificate before they are legally allowed to drive their vehicle. The certificate lasts for ten years.

Under the new policy, no new certificates will be granted. So, any driver who wants to purchase a car must wait for another driver to give up their certificate before they enjoy using their new ride.

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To further reduce traffic congestion, Singapore will also spend significant resources on building up its public transit system. To this end, over the next five years it will spend an estimated $21 billion dollars on improving and expanding the city’s bus and rail networks.

The new ban will exclude trucks and buses. Also, the permanency of the ban has yet to be determined. In 2020, the government is set to revisit the new policy and assess the outcomes it has achieved up to date.

In the meantime, prospective car buyers in Singapore should make their purchase now before the new legislation goes into effect.

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News Source: CNNMoney