SINGAPORE: The certificate of entitlement (COE) price for small cars has dropped by more than half.

In the latest COE bidding exercise, the COE for cars up to 1,600 cc is now priced at S$8,118, down from S$17,001.

Some car dealers said the lacklustre demand for COEs is seasonal but the current bearish financial markets have further hampered demand.

The COE prices for the other two car categories also decreased.

For cars more than 1600cc, COE price fell by S$1,991 to S$16,010, while the Open Category COE now costs S$17,302, down by S$701.

The COE price for motorcycles also dropped to S$1,189, down by S$62.

The only rise in the COE price was in the Goods Vehicles & Buses Category, which increased by S$1,123 to S$6,890.


- CNA/so