COE prices for small cars drop by nearly S$9,000

COE prices fall for most categories (Getty Images)

Certificate of entitlement (COE) prices for small cars plunged nearly S$9,000 in the latest bidding exercise.

COE for cars up to 1,600cc ended at $78,301, down from $87,109 a fortnight ago.

The sharp drop could be due to speculation that COEs may be tweaked following the Parliament debate earlier this month, when Transport Minister of State Josephine Teo debated the issue of rising COEs.

At the time, while she dismissed the idea of a special COE for first-time buyers, she said the government is open to reviewing the COE categorisation system so that it's not based on engine capacity.

COE for cars above 1,600cc however remained steady and finished at $92,667, a few hundred dollars lower than the previous mark of $92,901.

Commercial vehicle COEs also closed lower, dropping from $54,989 to close at an 11-month low of $53,489.

Motorcycle COEs fell from $1,782 to $1,512.