I think we should change the COE system. Instead of bidding for COE we should just fix the COE prices and set the amount of COE available for each month.

For instance, we should just fix Cat A COE at $70k and Cat B COE at $80k. In this way, we don't have the big fluctuations in COE prices. This will be fair to all. Currently, those who got a high priced COE will not be happy to see COE price plunge after he has bought his car. So the purchase of COE will be on first come first served basis. Any unsold COE for a particular month will be brought forward to the next month.

We should avoid situation where COE prices fluctuate from $10k (eg Cat A COE in 2008/2009) to $80k (eg Cat A COE in 2013).