Give some thought to this:
Can we afford to have everyone own a car?
Will we want the kind of jams that Jarkata has?
Is there a viable alternative plan to the COE?
The key is improving mass transport so that we don't rely on cars as much. IMHO, car ownership is not for everyone. That may sound a bit snobbish, but the reality is that we will be stuck in permanent jams if we all aspire to own cars.
Take a cab for days that we need that kind of transport and use the MRT when we can. Or live near your workplace. Final resort, in a tight supply market, save up for an expensive car.
The COE price has gone up far too much, I agree, but whatever replaces it - ballot, and other schemes will either clog up the road or result in profiteering.
Just my 2c.