Based on the latest official data, the number of deregistered cars last month was the highest in recent years. As such, industry watchers are expecting the next COE quota, for the period between November and January, to be almost twice as much as the same period last year.

COE quota is largely determined by the number of vehicles scrapped in the preceding three-month period. Last month, 2,724 cars were scrapped - the highest in more than three years. 

Speaking to The Straits Times, SIM University Urban Transport Management Expert Park Byung Joon expects the figure "to continue rising until 2018". This is because cars bought in the period between 2004 and 2008, when most COEs were available, are reaching the end of their 10-year lifespan.

Park also expects COE premiums to dip under $60,000 next year. Currently, COE prices are hovering around mid-to-high $60,000s.