SINGAPORE: COE prices for all categories were down in the latest bidding exercise which ended on Wednesday, with the biggest drop seen in the big car category.

The COE premium for cars more than 1,600cc fell S$3,845 to S$2,656. For small cars 1,600cc and below, the COE price was down S$1,521 at S$6,200.

The COE price for the Open Category, where the certificates are usually used to buy cars, dropped S$1,080 to S$6,509.

The COE premium for goods vehicles and buses went down S$1,211 to S$4,001, while the motorcycle COE dipped a slight S$43 to S$1,059.

Car dealers contacted said they were not surprised by the latest bidding results as they reflect current market sentiment.

That was why the sharp drop in COE price for big cars was expected, with the erosion of consumers' spending power.

Even with the significant fall, car dealers expect demand for such cars to remain weak in the next two to three months.

Though more consumers may go for smaller cars in these hard times, dealers believe demand will not be strong enough to push the category's COE price up drastically in the coming bidding exercises.

According to car dealers from Mitsubishi Cars and Tan Chong Motors, showrooms have turned quiet again in recent weeks. This was in stark contrast to the large crowds which showed up when the COE price for small cars dropped to a historic low of S$2 in mid-November. - CNA /ls