Category A COE prices for cars 1600cc & below and taxis fell by 4.87% to $16,181.

Demand for larger cars continued to remain strong, as Category B COE prices bucked the overall trend and rose a further $902, just shy of the $20K mark at $19,802.

Category C COEs for goods vehicles and buses registered the biggest price drop, falling 31.11% to $6,889

Motorcycle COE prices (Category D) also fell by $100 to $1,252.

Open category COEs, which can be used for any class of vehicle, fell by $159 or 0.81% to $19,351.

AsiaOne Motoring spoke to William Pang, Director of Operations at parallel importer Car Times, who said that dealers for newer models like the Honda CRV and the Mercedes E-Class might still be clearing their backlog of orders, resulting in the persistent demand for Cat B COEs.

He added that buyers for larger cars would also be less price sensitive to minor fluctuations in COE prices, compared to smaller cars, as topping up $2,000 to get an assured COE could mean a 5% increase for the buyer who is getting a car that costs $40,000.

With the upcoming GST hike, Mr Pang predicted that that COE prices would still remain fairly stable, possibly with an upward bias as dealers try to sweeten the deal for last minute buyers.