In some countries, the high costs associated with car ownership make it a privilege reserved for the wealthy.
From exorbitant fuel prices to hefty taxes and maintenance fees, car ownership becomes a financial strain for the average citizen, making it a luxury reserved for the rich.
Singapore tops the list due to its strict vehicle control policies. To own a car, residents must first obtain a Certificate of Entitlement (COE)—a mandatory license that currently costs a staggering S$146,002 ($168,000 AUD). This government initiative is designed to limit car numbers in the densely populated city-state, but it also drives up car prices to levels only the wealthy can afford.
With a total annual cost of $7,527, Denmark ranks among the most expensive places to own a car. High fuel prices ($3,150 per year), costly maintenance, and a 150% vehicle registration tax mean that only those with significant disposable income can afford to buy and maintain a car. The Danish government encourages public transport and cycling, making car ownership more of a luxury than a necessity.
Norway, despite being an oil-rich country, is one of the most expensive places to own a car. The total annual cost comes to $6,081, with high fuel expenses ($1,554 per year) and maintenance costs contributing significantly. Additionally, Norway has one of the highest toll fees in the world, adding to the financial burden of car ownership. Due to these costs, many Norwegians opt for electric vehicles.
In Ireland, the cost of owning a car is a significant financial strain, with an annual total of $6,481. Insurance alone costs $1,080 per year, while fuel expenses reach $2,305 annually. Taxes and registration fees further add to the expense, making it difficult for the average resident to own a car without a high income. Public transport is widely used as an alternative.
While Canada has a car-dependent culture, owning a vehicle there is far from cheap. With an annual ownership cost of $6,111, the country ranks among the most expensive for drivers. High insurance rates ($1,326 per year) and fuel expenses ($2,021 per year) make car ownership a costly investment.
For most residents in these countries, public transport, cycling, or car-sharing services are the more practical alternatives. If you lived in any of these countries, would you pay these high costs to own a car?
