In the first COE bidding exercise for August, COE premiums see an increase for Cat A, B and E.

Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output of no more than 130bhp, increased by $2,776 (6.3 percent) and ended at $46,778.

Premiums for Cat B, larger cars with more than 130bhp or engine displacements larger than 1,600cc, went up by $3,710 (7.4 percent) and ended at $53,711.

In Cat E, the open category, prices also rose by $2,650 (5.3 percent), with premiums closing at $52,751.

The rise in premiums could be attributed to a number of factors, including a rush in purchases due to a number of new cars launched recently, such as the Toyota Harrier, the Mazda CX-5 and the Subaru XV.

A decrease in COE quotas across all categories except for motorbikes could also have contributed to the increase in prices, and premiums could be expected to rise even further in the months ahead.