We should not look at the COE alone.
We have to look at the overall car price as well.
Let's say 1st car, price is $60K. COE is $14K.
The 2nd car, same price, same make, $60K, COE is $9K.
The dealer earned more from you for the second example as he
pocketed the difference, roughly $5K more than the first
example.