COE prices in the first bidding exercise for August saw a significant fall in most categories, after reaching dramatic highs in recent months

Category A COEs, for cars of engine capacities of 1600cc and below, and taxis, decreased by a massive $7,201 to end the tender at $48,801. This comes after Cat A COEs reached a 14 year high in the previous tender in July.

Category B COEs, for cars of engine capacities above 1600cc, went down by $1,611, to end the bidding at $70,890.

COEs for the Category E Open segment saw a significant decrease as well, going down by $4,373 to end the day at $70,117.

The tumble in prices was due to fears over an unstable global economy, but thanks to last minute bidding from taxi companies, premiums did not fall as drastically as expected.

Adapted from sgCarMart.