Just last weekend, automotive loan curbs were extended to all licensed money lenders. They are to comply with the Monetary Authority of Singapore's (MAS's) loan restriction - capped at 50 or 60 percent of the car's purchase price, depending on the vehicle's cost price.
MAS has also announced that it will temporarily lift the loan curb on used cars for a period of 60 days - in a move to aid used car dealers to sell off their stocks. This has prompted a shift of preference towards pre-owned cars, resulting in a slight drop in demand for COEs.
Category A premiums, for cars up to 1,600cc, dips $3,180 to end the bidding tender at $61,029.
Premiums for Category B, for cars larger than 1,600cc, saw a drop of $6,890, or 9.3 percent, to finish at $67,010.
Similarly, premiums for the open category took a dip, from $73,301 to $66,989 - down $6,312 or an 8.6 percent decrease.
