Andre Lee bought a used Kia Forte to boost his career as an insurance agent in Singapore. In his mind, he saw himself zipping across town in his black coupe, impressing potential clients.
“It’s the same as being dressed in formal wear with leather shoes, or wearing a Rolex,” Mr. Lee, 33, said of the two-door car he bought in 2020.
oj678Mr. Lee paid $24,000 for the 2010 model, about five times what the car would have been listed for in the United States. Why the markup?
Singapore, an island city-state that is smaller than New York City, charges drivers thousands of dollars just for the right to buy a vehicle. The price of the permits, which were introduced in 1990 to limit pollution and congestion,89vip rises with a car’s value.
The price Mr. Lee paid for his car, including the permit, was on the cheaper side. Some drivers pay as much $84,000 for the 10-year document, known as a certificate of entitlement.
“I know of people who treat their vehicles better than their family because it costs more to maintain a car than a family sometimes,” Mr. Lee said. (His own family lent him money for the Kia.)
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Mr. Donahoe, the company’s chief executive since January 2020, helped navigate Nike through the disruption of the Covid-19 pandemic, the growth of e-commerce and supply chain bottlenecks. But he wasn’t seen as an innovator and marketer, key qualities in a company that combines performance and style.
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