Those wanting to buy a vehicle, must first get a "certificate of entitlement", valid for 10 years - the average cost of a certificate is now around SGD50,000 (USD37,00). A limited number are made available via auction annually.
The current growth rate of the auto number set by LTA is 0·25% per year, at which level it will remain until the end of January.
The growth rate has been steadily cut for the past decade, with the last round taking place in February 2015, when it was halved from 0.5 to 0.25 per cent. Then-Minister for Transport Lui Tuck Yew had signalled that growth rate would likely drop to zero eventually. The city has a population of around 5.6 million.
The cap in growth rate is for the government to expand current road network.
Currently, roads take up 12 per cent of Singapore's total land area.
Come February next year, the city-state will no longer allow any new vehicles into the country, citing land shortage and overcrowded roads.
In addition to caps, Singapore has a deliberate policy of elevating the cost of owning a auto in an effort to reduce the number of vehicles on the road. The rate will be reviewed in 2020, according to Reuters.
The total number of vehicles peaked at 974,170 in 2013 and declined to 956,430 in 2016. This includes Singapore's metro rail, which, like many rapid rail systems in major cities, has been suffering from significant delays. A big reason for the decline in overall cars is that Singapore began phasing out a scheme for "off-peak cars"-cars that can be driven on evenings and weekends, but not during rush hour-in 2010". Drivers need to buy a special certificate from the government - which can cost as much as 50,000 Singapore dollars ($37,000) - before they can hit the road.
The cost of a Toyota Corolla Altis, a five-door sedan, can be around SGD111,000 in Singapore, including the price of the certificate, or about four times what it costs in the US.