There have been recent calls for the Government to intervene after certificate of entitlement (COE) prices hit a record high.
Our Government should not give in to public pressure to change the bidding system.
Cars are a convenience, not a necessity. Many argue otherwise, and say they need a car for reasons such as work, to run errands, and to ferry children to school and seniors to medical appointments.
But there are many people who don't own cars and manage these tasks by taking public transport, taxis or private-hire cars. Keeping mass transit convenient and accessible is important to meet the transportation needs of the majority of Singaporeans.
For those who wish to own private vehicles, the system is structured so that vehicle owners pay their share of taxes and fees to own and use vehicles.
The revenue collected adds to the pool of resources available for various programmes that directly benefit all Singaporeans, including spending on public transport infrastructure and subsidies.