Both of you are right. Overall car population is controlled by COE. However, privately owned cars has decreased. Remove those bids by lion city rental, coe should be $1. However, coe constitute about 8% of govt revenue. It also affects the consumer index. So brand new cars are bought by you know who to rent out as uber to maintain the Coe at above 45k. All car salesmen know it.
It is also reported here. http://www.straitstimes.com/singapore/transport/car-numbers-sink-to-five-year-low
