The shocking COE prices ; what is this due to ? Inflation ?

The certificate of entitlement of the last 9 months for cars above 1600 cc has been hovering over the $100,000 level.

This is a totally unsustainable or untenable if, going forward for ordinary citizens like me.I do not intend to buy a new car, but the after June 2024 (10 year use), my car will either go to scrap and I get back the ARF (additional registration fee) and use that amount (S$ 55K) to buy the PQP 10 year (COE), so that means I will need to cough up an additional $50,000 IF I want to drive the car (E 250) for another 10 years.

For 5 years, I will need then to pay half the amount or about $25,000.

This situation is exacerbated by inflation and the rising costs of living caused in part by the war in Europe, US Fed Reserve raising bank interest rates, and the worsening global economy.

I believe that with the influx of new migrants with wealth, especially from certain parts of Asia, could be one of the reasons why the price of cars above 1600cc (the more luxurious sedans) since if the car costs (for example) S$ 800,000, then $100,000 is 16% of the total cost of ownership of the car. So, for the owner of a Ferrari , Maserati or Rolls Royce,  the total cost of ownership is increased by 16%. But for people who can barely afford $ 60,000 for the basic car, then another $80,000 (for cars below 1600 cc), then it is an additional 125% of the car cost.

Hence, the COE system benefits the more well off.    

Honestly, if the situation continues like this for 6 months or more, (high COE prices, high rental prices, and the new BTO flat prices are easily S$ 350,000 and above for a basic 3 room flat), there will be unhappiness amongst the ordinary folk, its just a matter of time.