Singapore is one of the most expensive places in the world to own a car because buyers must pay excise and registration duties that are more than double the vehicle’s market value. They must also bid for a limited number of car-ownership permits that are auctioned by the government and that allow drivers to own a car for a maximum of 10 years.
Tesla Inc. is selling its Model 3 in Singapore at a starting price of about $113,000 – more than double the cost in the US – as the electric-vehicle manufacturer makes inroads into one of the world’s most expensive automobile markets.
The Model 3’s price tag in the island nation can stretch to about $155,000 once extras like all-wheel drive are included and the car has a wait time for delivery of around 12 to 14 weeks, according to Tesla’s Singapore website, which went live this week. An entry-level Model 3 in the US costs about US$38,000 ($50,382.20).
