Singaporean authorities would rather that you not buy a car at all. After all, the tiny city state has excellent state-of-the-art public transport, and not a lot of space for roads and parking. But its wealthy population loves cars; even steeply increasing road taxes didn't keep the automotive overpopulation from becoming an acute problem. By the 1980s Singapore's road congestion had become unbearable.
Enter the Certificate of Entitlement.
The COE scheme is birth control for cars - to be precise, import control: Every year somebody counts the number of cars that have been retired from Singapore's automotive fleet, either by being scrapped or by being sold abroad. Also, the desired number of cars is determined for the next year. Those two things set the number of new cars that can be sold for that year, embodied by Certificates of Entitlement.
A Certificate of Entitlement is the right to own a car in Singapore for ten years. The COEs go on an auction, so the price is determined by how badly people want to own a car. This month, a COE in the "small car" category (engines up to 1.6L and 130HP) went for S$ 63,880.