Buying a sports car in Singapore
Enjoying the luxurious comfort, speed and power of a sports car in Singapore comes at a price, although it’s usually worth it for the exhilarating experience you live every day.
In addition to the high prices for a sleek luxury sports car, the prices for the Certificate of Entitlement (COE) are also constantly increasing, which further drives up the prices for a prospective sports car owner.
Amid the rising COE, as well as a greater variety of sports cars – from luxury cars to the slightly more accessible to the trendiest electric cars – read on to learn more about just how much it takes to finally become a sports car owner like you always have were dreamed of.
The COE awards for the open category reached the 100,000 mark
Following the release of COE results for June 2022, aspiring car buyers might be dismayed by the latest bidding, as COE prices for the Cat E (Open – All Except Motorcycles) category shot past six figures with a whopping $100,697.
Most luxury and sports cars fall into the Cat E category. If you add the already expensive prices for sports cars to the increased COE premiums, buying a sports car in Singapore is becoming more and more expensive.
Below are the latest COE results for all five vehicle categories, all of which have seen increases in awards.
COE prices have been so high all along, why are they still going up and up, seemingly indefinitely? The main factor explaining this phenomenon would be the low and scarce supply of COEs.
For example, for the open category (Category E), 316 bids were received competing for the offered quota of 190 available COEs.
In view of the persistently high demand for passenger cars in the market, further upward pressure is to be expected in the near future.
Demand for luxury and sports cars is also relatively high and resilient, so an increase in COE premiums might not act as a enough deterrent to the wealthy, and bids would continue to rise.
Additionally, the Singapore government has a zero growth target for cars, which explains why the rate is so low.
All in all, the tight supply of COE offers remains the driving reason for the rising COE premiums. With COE premium already hitting the 100,000 mark, the highest since 1994, it is likely that COE premiums would break the nominal record set in 1994 when COE premiums hit $110,500.
How much it costs to own a sports car
With recent near-record COE prices, how much does it cost to own a sports car in Singapore now?
The table below shows the prices (before COE) of the following sports car models, ranging from fairly expensive to very expensive, and the total price, with COE in return.
We can see that with the sky-high COE premium prices, it accounts for almost a third of the total amount to be spent.
Of the five models below, the Porsche Cayenne E-Hybrid and the BMW i8 are 2020 electric cars, both of which are trending and could also appeal to the more eco-conscious consumer segment.
|car model||Approximate price (before COE)||total price|
|Mazda MX-5 RF||$234,888||$335.58|
|Lamborghini Huracan Tecnica 2022||$329,820||$430,517|
|Porsche Cayenne E Hybrid||$412,788||$513,485|
|BMW i8 2020||$640,888||$741,585|
|Bugatti Divo 2022||$7,980,000||$8,080,697|
Sports car under the magnifying glass
Mazda MX-5 RF
The Mazda MX-5 RF is a relatively more accessible sports car model, but it has features just as exquisite as its more expensive counterparts.
With Mazda’s KODO: Soul of Design at its heart, this car has a balanced body, comfortable interiors and a sleek and elegant exterior.
With its outstanding safety features such as Adaptive LED Headlights and Advanced Smart City Brake Support system, drivers can also rest assured that their safety on the roads is under control.
All these features make it clear that this car model is indeed worth considering, especially for those who value comfort when driving.
Lamborghini Huracan Tecnica 2022
The Lamborghini Huracan Tecnica combines impressive performance and striking beauty. As a racing-inspired sports car, the exterior of the car is textured and designed with sharp lines to improve its aerodynamics and make this car comfortable and enjoyable to drive.
The car’s striking lines and exterior architecture are also distinctive and iconic for this popular car brand, making this car model one of the most desirable sports cars on our list.
In addition to its impeccable design, the Lamborghini Huracan Tecnica also features Lamborghini Connect, an exclusive in-car dashboard that keeps the driver informed of on-board features, allowing for an engaging, enjoyable and peaceful drive whenever you hit the road .
Porsche Cayenne E Hybrid
As an electric car, the Porsche Cayenne E-Hybrid enables drivers to integrate sustainability into their everyday lives. Performance is never compromised with Porsche, however, as this sustainable model is still a sports car at heart.
With impressive top speeds and driving comfort on different terrains, the Porsche Cayenne E-Hybrid is indeed a good choice for many.
With a five-seater, it’s also perfect for families. Like all other Porsche vehicles, this car model is powerful and precise and should definitely be considered if you are considering buying a new sports car.
BMW i8 2020
Part of BMW’s sustainability line, the BMW i8 features a beautiful and futuristic look and is a hybrid car. There’s also a convertible version, and it’s the only fully plug-in hybrid drop-top on the car market.
The i8’s all-electric range is around 18 miles, and this car offers both high efficiency and impressive power and performance.
The BMW i8 also has an incredible in-car system with Apple CarPlay compatibility and a strong infotainment system with impressive audio and display screens.
With the strong and beautiful appearance of this model, it is highly representative of BMW as a brand and its hybrid efficiency also paves the way to become a leader in the new market segment.
Bugatti Divo 2022
The Bugatti Divo is a car with maximum speed, agility and dynamics at the highest level. It is Bugatti’s first modern alcove project and a sharp and athletic sports car with a distinctive character.
With exceptional craftsmanship, perfectly tuned systems and engines, the Bugatti Divo offers drivers the most exciting driving experience.
Sports cars are so expensive what can I do to own one?
For the sports car enthusiast who really wants to own one but finds it difficult to finance such a high-ticket, expensive item, there are a few ways you can potentially get a sports car at a lower price or increase its affordability.
Buy a used sports car online
A brand new sports car might be ridiculously expensive, but a used one might not burn that big of a hole in your pocket.
There are retail locations in Singapore such as sgCarMart and Motorist that offer buyers the chance to get their hands on some beautiful sports cars, some of which are in premium and pristine condition.
Aside from being in pristine condition, some cars also boast features like low mileage.
The best part is that the prices are much lower than if you would go to a luxury car showroom and buy a brand new sports car there.
Trust us when we say no one can tell the difference between your brand new sports car and some of the best maintained used sports cars available online!
Wait for COE premiums to drop
While it currently seems impossible for COE premiums to fall, they could in the near future.
Currently, due to the lack of COE supply, COE prices remain high and are constantly increasing. However, industry watchers and pundits believe premiums are likely to continue rising at least until next year, 2023.
When COE premiums start to stabilize or even drop slightly, this may be the best time to finally buy your dream car.
This article was first published in ValueChampion.
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