COE (certificate of entitlement) prices across all five categories fell at the close of the latest bidding exercise on Wednesday (Sept 5).
For smaller cars up to 1600cc and 130bhp, COE prices finished at $30,209, down about 5.6 percent from $31,997.
Mr Nicholas Wong, general manager of Honda agent Kah Motor, said the drop in this category was due to the ongoing Hungry Ghost Festival.
He said: “This month is traditionally a low buying period. Furthermore, the backlog of these vehicles has been clearing.
“Together with weaker demand this round, this has caused the overall number of bids to come down. This will thus cause the premium prices to drop.”
For larger cars above 1600cc or 130bhp, COE prices fell to $32,001 from the previous bidding exercise’s premium of $32,429.
In the open category, which is for any vehicle type except motorcycles, but is mostly used for bigger cars, COE prices fell about 1.6 percent, from $32,311 to $31,801.
The premium for the motorcycle category fell too.
Compared to the previous bidding exercise’s price of $4889, COE prices for this category this time closed at $4390 – down by around 10.2 percent.
Goods vehicles and buses also saw COE prices go down by 9.7 percent from $29,902 to $27,001.