Honestly anyone who has to wait for COE to drop before buying a car shouldn't be driving anyway. The COE correction is a drop in the bucket compared to the cost of maintaining the car.

If you currently have and need a car and you looking to replace I can understand that you hope COE will go down. But if an aspiring car owner is timing the COE in order to buy a car its best the individual save the money on more worthwhile things instead of a large depreciating asset. (because you will lose much more in the long run)

Perhaps the government should let the COE drop but tighten the bank loans.

I just got my Cat B as well, if the COE drops so be it. I didn't buy a car to worry how much the COE was going to be in a year or 2 time.