The relentless climb of COE premiums to record levels is increasingly viewed as a barrier to social mobility and a significant financial burden on middle-income families. Critics argue that when the cost of a certificate alone exceeds the price of a luxury vehicle in many other countries, car ownership is effectively transformed into an exclusive privilege for the ultra-wealthy. This trend risks deepening social inequality, as the ability to own a vehicle—often a necessity for families with young children or elderly members—becomes detached from the realities of average household incomes.
There is growing concern that the current system fails to account for the essential needs of various segments of the population. While the government maintains that public transport is a viable alternative, critics point out that for many, a car is not a luxury but a tool for productivity and family management. The volatility of the bidding process, exacerbated by corporate demand from private-hire fleets, often leaves individual buyers at a disadvantage, as they are forced to compete against entities that can treat vehicle costs as business expenses.
Furthermore, the psychological impact of these record-breaking prices cannot be ignored. The constant cycle of rising premiums creates a sense of frustration and helplessness among the public, who feel that the dream of car ownership is being systematically priced out of reach. Accountability-focused observers suggest that the government must move beyond simply urging 'prudence' and instead conduct a more fundamental review of how the quota system interacts with the needs of a modern, diverse society to ensure that the cost of living remains manageable for all.