Paper cert to buy car hit new high,good or bad ?

 The cost of living has yet again take off in Singapore, in the fast of gloomy global forecast and financial troubles bought on by excessive dept level by successive governments .

Can Singapore goes it own, claiming sky high paper to own car ? Does it make proper economic sense or it is right .This is what Singaporean have to decide for itself.

The local new details as follows:

Certificate of Entitlement (COE) prices for most vehicles have increased, even setting a new record in two categories.

In the recent bidding exercise which concluded on Wednesday, the COE for Category A (cars up to 1600cc) closed at S$77,291, breaking the previous record of S$77,201 set two weeks ago.
For Category B (cars above 1600cc), the COE price increased by more than S$600 to reach S$93,004.
For Category C (goods vehicles and buses), the COE is now at S$60,235 — a  S$1,124 increase from S$59,111 two weeks ago which sets a new record for the category.
In the Open Category, the COE increased by close to S$2,000 to reach S$93,990.
Note that Category D below is the only sensible fall. This suggest that Singapore need to go back to 2 wheels for those who cannot.
Category D (motorcycles) is the only category that saw a fall in price. The COE fell close to S$300 from S$1,959 to S$1,689.
Where the price of a car is more than the basic house over your head, something is not right.
Am I right or wrong ?