The heart is driving COE prices more than reason

I recently visited the latest car fair at Singapore Expo. With certificate of entitlement (COE) prices hitting

another record high,

it was little surprise – and perhaps a relief – that the crowd was thinner than in past years.

Did the smaller crowd size suggest Singaporeans might finally be regaining some sensibility and pulling back from the recent car-buying frenzy sparked by the Land Transport Authority’s announcement of

rebate reductions for electric vehicles (EVs)

? I left the exhibition hall and settled down at a nearby coffee bar, ready to write about this.