Driving is mostly for Prestige

Purchasing a car is the opposite of investment. New cars start depreciating the moment it is bought. Not to mention paying for parking lots and tolls. Thus, I rather use the money to invest in equities instead.

Singapore roads have traffic lights at every junction. There is no joy in driving, having to constantly stop at traffic lights and pedestrian crossings. Hence, I prefer to take public transport.

Other than for business needs, and for appearance (sales personnel), I think many just wish to buy a car for the Prestige of owning a car. In this case, the higher the coe, the more attractive as the higher cost will enhance the Prestige.