While there are many affluent people here, there will be much more middle class and poor people. This country is taken away from them as they are forced into smaller spaces and away from private transportation.
If you look at the 80k COE. A lot of them are middle class buyers. Just look around your office lah. The point is that to a lot of Singaporeans, cars are really important and they are willing to pay $80k for COE. Can they afford $80k COE? Yes but it is going to lower the quality of life for them because so much of their income is channeled to paying for the car.
You can argue that they should take public transport instead but to them, that is the worse of the two choices. Basically, Singaporeans are left with all lousy choices.... Save up more of your limited income and pay for the COE or give up the car and join the public transport.
I don't believe that there is no good way around current high COE prices because LTA basically has not done anything. Below are the suggestions given up during the last year's consultation.
1) Change COE to pay as you bid, closed auction system. Now people pay the lowest successful bid. Favours people with deep pockets as there is nothing to stop people to overbid as they always pay the lowest bid.
2) Remove dealer bidding. Car owners has been asking this for YEARS and YEARS. LTA says there is a "choice" and you can bid yourself. During the feedback session, the officer was surprised to know that the cars price will be higher from the dealers if we bring our own COE. They thought it will be lower because the dealers don't have to do the bidding (less work for dealers). That is how detached LTA is from the ground. Of all the suggestions, this one should have been done long ago as there is just no good reason NOT to implement it. Almost ALL the car buyers WANT this suggestion. The dealers themselves "say" they are ok with it as they don't "profit" from COE swings.So what is stopping LTA from implementing this??????
3) Add a COE category that pays 10x or 20x ERP. Basically a car that should not be driven during peak at expressways. That gives an option for Families with old people or young children who need transportation in their neighbourhood during off peak.
Is is not that there is no good ideas, just LTA chose the easy way out.... which is basically do nothing.