Singapore dealers selling smaller models say prices have fallen to record lows on the back of COE premiums for small cars falling to an unprecedented $2 on Wednesday.

The made-in-China, 800 cc Chery QQ now costs $22,999 for the manual model, $5,000 less than originally. And if a buyer goes for this as a weekend car, he need only pay $10,999, down from $12,999. The smaller models put out by other Chinese automobile makers, like the Hafei Lobo and the Chana Benni, are also going at all-time low prices.

The 1,300cc manual Chana Benni now goes for $25,999, and its weekend version, for $13,999.Mid-sized cars are also going at discounts of up to $5,000 offered by retailers who are anticipating that the interest in cars will be fanned anew.The price tag on a 1,600cc manual Honda Civic is now $67,800.

For more The Straits Times stories, click here.