Certificate of Entitlement (COE) prices continue to take a beating as the Singapore economy enters a technical recession.
The COE price for the small car category (Cat A) finished off at $10,455 from $10,989 last month, a 4.9 per cent drop.
However, the COE premium for the big cars (Cat B) bucked the downward trend. It rose slightly to $8,301 from $7,589 last month, an increase of 9.4 per cent. But the price is still at its weakest since February last year.
The price of Category C (commercial vehicles) continue to spiral downwards, hitting $8,889 from $11,503.
The premium for motorcycles experienced a slight decrease - it dropped to $1,509, a decrease of $100 from last month's price of $1,609.
Similarly, the open category premium also suffered a $1,511 decrease. It finished at $10,490 from $12,001 last month - its lowest level since February 2006.
The number of tenders dropped by 4.4 per cent yesterday to 5,277 bids, a sign of dwindling orders.
"We're in for a very rough time next year. A lot of reality will hit home," Mr Cheah Kim Teck, chief executive of Mercedes-Benz, Kia and Mitsubishi agent Cycle & Carriage, told The Straits Times.
Cycle & Carriage will also continue with its free COE promotion, which brings the price of a Mercedes E200NGT to as low as $136,888, The Straits Times reported. The bi-fuel E-class vehicle was once priced at $168,000.
