2022 has been an insane ride for many motorists here in Singapore. From skyrocketing fuel prices to COE premiums going well past the $100,000 marker, car ownership has never been quite as daunting as it current is today.
But as the year-end festive season approaches, it seems that car owners here can discard any hopes of having a slight reprieve from this financial black hole.
The Singapore Land Transport Authority (LTA) announced to motor traders earlier this week that it will be increasing 25 vehicle-related fees and charges from 19 December 2022 onwards. According to the original news coverage by The Straits Times, consumers can expect between 10 to 25% in price hikes, with the vehicle registration fee seeing the sharpest increase, by a whopping 59%.
|Vehicle Registration Fee Breakdown|
|Status||Percentage Increase||Total Price|
|Upcoming (19 Dec onwards)||59%||$350|
Motorists faced a similar jump in vehicle registration fees back in 2017, when it increased by 57%, rising from $140 to $220. According to the report, the LTA is expected to earn anywhere between S$5.9 million to S$16.3 million from the registration fee alone.
This development came as a shock to motor traders, who were first informed by the agency of this via letter, with no public announcements being made on the official LTA site as of the time of publication.
Many were frustrated by this untimely rise, as COE prices are still hovering near record levels despite the recent dip yesterday, and that core inflation is currently at a 13-year high.
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