Singapore's quest to combat traffic congestion has reached new heights as the cost of owning a large family car in the city-state skyrockets to an astonishing high of S$146,002 ($106,619; £87,684).

This jaw-dropping price tag is attributed to the 10-year Certificate of Entitlement (COE) system, implemented in 1990 to tame the traffic beast.

In the lion city, the road to car ownership is paved with COEs. Without one, you simply can't purchase a vehicle. These coveted certificates are sold in auctions every fortnight, with the government maintaining tight control over their availability.

However, the COE system, coupled with taxes and import duties, has catapulted Singapore into the unenviable position of being the world's most expensive place to buy a car. To put it in perspective, a standard Toyota Camry Hybrid commands a staggering S$250,000, a figure nearly six times the cost in the United States.

Interestingly, there are various flavors of COEs for different vehicle categories, including smaller cars, motorcycles, and commercial vehicles. Prices for these certificates have been on an uninterrupted climb, fueled by a post-pandemic economic recovery and in anticipation of government rebates being reduced next year.

As demand for new cars surges, dealerships are witnessing queues of eager buyers, especially for luxury cars. Alice Chang of Toyota Borneo Motors shared her perspective, highlighting the insatiable appetite for automobiles.

For Singaporeans, though, the COE scheme remains a formidable barrier to car ownership, especially considering the average salary hovers around S$70,000. The government's solution? Encourage the use of one of the world's best public transport systems, which received a hefty S$60 billion investment for expansion and renewal over the next decade.

In a city-state boasting a population of around 5.5 million, the number of private cars on the road, as of last year, was just shy of 1 million. The availability of new COEs hinges on the removal of older vehicles from the streets, keeping this unique automotive ecosystem in perpetual motion.