The price is high because there is sustained demand.

Hah! No but seriously. For a variety of reasons, owning a car in Singapore is a step change in QoL.

Infrastructure reasons:

- abundant parking at destinations (e.g. malls), home (HDB flats, condominiums) due to fairly generous car park lot mandates. IIRC, HDBs, where 85% of Singaporeans live, have until fairly recently had a 1:1 unit:lot ratio. Similarly for condominiums. A lot of these are progressively being scaled down especially near train stations, but buildings and giant multi storey parking lots are fixed infrastructure that will be around for decades. Abundant parking will be available for decades still.

- roads are wide and well maintained and well connected.

The experience:

- because the number of cars on the road are controlled through the COE system, the experience of driving is good. We get slow traffic but it is extremely rare that we get the kind of multi-hour jams that other countries experience.

- the door-to-door experience saves tons of time. In public transport, I walk (7m), wait for the train (3m), sit on the train (36m), get out at the interchange and walk to another platform (2m), wait for the train (2m), sit on the train (12m), exit and walk to my destination (11m). Total time: 1h14m. In a car, I walk to my car (2m), drive to my destination (35m), walk from the car park to my destination (1m). Total time: 38m. x2 for the return trip, and the car saves you a whole hour a day.

- the public transport experience is not so good if you have a family or are disabled. Don't even mention cyclists, culturally we spit on them here.

The status: - it's true, the car is a status symbol. You don't know it until you get into conversations where driving a "mere BMW" as opposed to a mercedes is looked down on, or when someone mentions that driving a hatch is "not appropriate" (to station). Sedans are still popular here because they're "executive". Yes, these are all real conversation points I've been in.

Combine all of the above and owning a car in Singapore means you save tons of time, is technically "affordable" after loans, and you get to feel like you made it. So there's huge pressure to get a car. And once you're hooked, it is very difficult to give it up.

Then you have other reasons, like Taxis and Grab compete with individuals for the COE, and parents who "made it" in the boom years buying cars for their kids, and foreign money coming in. But I don't know how big these effects are.

Waymo in Singapore