Singapore Not Allowing Any More Vehicles onto Its Roads Starting Next Year

According to a report from Bloomberg, the Southeast Asian city-state of Singapore will stop increasing the total number of cars on its roads beginning in early 2018 citing lack of space on its crowded roads. Currently, Singapore have only been allowing the number of cars to increase by just 0.25% per year but that was recently deemed too much and that number will go down to 0 starting in February. Additionally, if you are a Singapore resident and want a car, you have to purchase a permit that costs the equivalent of $39,000 in order to do so, on top of the price of the actual car itself. The permit is good for 10 years and are in limited supply with the government auctioning them off monthly. The report states that the zero-growth target will affect vehicles in Categories A, BC and D under its permits system which includes cars and motorcycles. Additional vehicles, such as goods vehicles and buses, will remain at the 0.25 percent growth until 2021 in order to give businesses time improve their vehicle efficiency.