The cost of owning a car can vary significantly from one country to another due to factors such as taxes, fuel prices, insurance costs, and vehicle-related fees. Some of the most expensive countries to own a car include:
Singapore: Singapore is often cited as one of the most expensive places in the world to own a car due to high import taxes, registration fees, and a system called the Certificate of Entitlement (COE), which limits the number of vehicles on the road.
Norway: Norway is known for its high vehicle taxes and import duties. However, electric cars receive substantial incentives, making them a more attractive option.
Denmark: Denmark imposes high car registration taxes and has a value-added tax (VAT) on vehicles, making car ownership quite expensive.
United Kingdom: The UK has high fuel prices, insurance costs, and vehicle excise duty (VED) based on emissions, which can make car ownership expensive.
Netherlands: The Netherlands has high taxes on both new and used cars, making them more expensive to purchase. Fuel prices are also relatively high.
Japan: Japan imposes high automobile acquisition taxes and vehicle inspection fees, making car ownership costly. Parking fees in urban areas can also be high.
Switzerland: Switzerland has high vehicle registration fees and fuel prices. Additionally, parking and toll costs can add to the overall expense.
Iceland: Iceland has high import taxes and registration fees for vehicles, making car ownership expensive. Gasoline prices are also relatively high.
Australia: While Australia doesn’t have high taxes on vehicles, the cost of cars themselves can be high. Additionally, fuel prices and insurance costs can vary, making car ownership expensive in some areas.
Hong Kong: High registration taxes and limited parking space make owning a car in Hong Kong expensive. As a result, many residents rely on public transportation.