After the drop in prices in February's first bidding exercise, the latest tender saw prices continuing to fall - albeit in less substantial amounts.

Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output no more than 130bhp, took the largest dip of $4,803 (or 7.7 percent) in this exercise and ended at $57,199.

Cat B premiums, for larger cars with more than 130bhp or engine displacement larger than 1,600cc, fell $4,139 or 5.8 percent to end the bidding tender at $66,751.

Premiums for the Open Category, also known as Cat E, ended at $67,901 - a drop of $4,020 or 5.6 percent from two weeks ago.

The latest bidding exercise also saw Cat A COE at its lowest mark since early 2012. Likewise, premiums for Cat B fell to a six-month low of $66,751. Traders expect the latest drop to spark interest in more buyers, although the upcoming Chinese New Year holidays mean that there is less time for dealers to collect orders.