Many people in Singapore are rich. Households with income of $500k and above are very common nowadays. A lawyer couple, a doctor couple a banker couple in their early 30s can already earn a household income of more than $600k pa. No need to be in their 50s to reach this level. So what is a $100k COE? They can buy two brand new cars paid in cash just from their annual bonus. So current COE prices are cheap.