Since motorbikes are one of the cheapest forms of transportation in Singapore, it has earned a reputation as one of the most costly cities in the world, Bloomberg reported.
According to figures from the Land Transport Authority, the cost of a 10-year motorcycle permit in the city-state reached a record S$12,801 ($8,984) this month, up over 200 per cent in four years and more than the price of a new, entry-level bike in the Southeast Asian country.
Singapore regulates the number of certificates of entitlement, also known as permits, in order to reduce the number of motorbikes and cars on the road.
The city’s motorbike fleet is limited to roughly 142,000 as of September. There can only be roughly 650,000 automobiles in total.
Drivers would require over S$20,000 at the present permit price in order to purchase and operate a $5,000 entry-level motorcycle.
As quoted by Bloomberg, Nathan Peng, a political science lecturer at the Singapore Management University, said it would eventually trickle down to delivery riders who zigzag the island on cheap motorcycles.
Currently, it costs more than S$11,000 to renew an existing permission. This is less than the cost of a new permit but about six times what it did a decade ago.
Renters’ costs are anticipated to increase, while individuals who own their bikes will pay the higher rates directly. A lot of delivery drivers rent their cars, either from a private owner or from a meal delivery service like Grab.
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