In the second COE bidding exercise for May, Cat A COE premiums see a 12-month low while Cat B and E see a decrease as well.

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 $4,617 (9.03 percent) to end the bidding tender at $46,489.

Premiums for Cat B, larger cars with more than 130bhp or engine displacements larger than 1,600cc, went down by $2,413 (4.35 percent) and ended at $53,001.

In Cat E, the open category, prices also fell by $3,000 (5.45 percent), with premiums closing at $52,000.

The drop in COE prices across the board could be caused by the settling down of a 'car buying rush' following the Cars@Expo, which took place the week before the previous tender. This could also be attributed to the fact that the past couple of months have been relatively quiet with regards to new car launches.