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Updated Thursday, November 20, 2008 10:47 am TWN, Reuters

Singapore car tax prices make U-turn in downturn

SINGAPORE -- Car tax prices in Singapore, one of the world’s most costly places to buy vehicles have plunged to a record low of just two dollars for small cars, from over S$10,000 (US$6,549) last month, as demand stalled. The Certificates of Entitlement (COE), which allow Singaporeans to own a car, also slid 59 percent to S$4,889 for bigger cars in an auction on Wednesday, transport regulator the Land Transport Authority said on its website.

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