They pay only $20 a day and FREE on sat, sun and public holidays. They also get free 10 days a year. With 11 days of public holidays, that works to around 52*5-10-11=239 days a year.
One year cost assuming driving everyday is $4780 a year. or $478000 for 10 years. Remember they save $20 for any days which they don't need to drive. Example, if they just drive 5 days a week including weekends (maybe they don't drive on tuesday and wednesday), their cost of ownership drops to $2700 a year or $27000 for 10 years which is a pretty good deal.
Or if they just drive during weekends, basically they pay $0....
Also if they use ERP roads, they pay $5/day.... which can be a great deal...
Also they don't have to pay for 10 years up front..... just $20/day as and when they need....
Also they have discount during the school holidays...
http://app.lta.gov.sg/apps/news/page.aspx?c=2&id=5bb74dd0-ca2b-406e-8c5c-0e340815284a
I have sent a email to LTA asking them why malaysian cars have a cost adv over singaporean cars 2 years ago.... they say they are in the process of reviewing the VEP.... that was 2 years ago...