In the second COE bidding exercise for September, COE premiums for Cat A, B, and E fell.

Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output of no more than 130bhp, went down by $1,506 (2.9 percent) to end the bidding tender at $50,000.

Premiums for Cat B, larger cars with more than 130bhp or engine displacements larger than 1,600cc, went down by $1,501 (2.6 percent) and ended at $55,501.

In Cat E, the open category, prices also fell by $1,688 (3.0 percent), with premiums closing at $55,201.

The decrease in premiums across the board is likely due to the lacklustre economy, and an impending recessionary period for Singapore.