In the first COE bidding exercise for September, COE premiums see a decrease for Cat A, B and E.

Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output of no more than 130bhp, decreased by $6,899 (16.1 percent) and ended at $36,001.

Premiums for Cat B, larger cars with more than 130bhp or engine displacements larger than 1,600cc, went down by $2,000 (3.9 percent) and ended at $49,000.

In Cat E, the open category, prices also fell by $1,995 (4.0 percent), with premiums closing at $48,005.

Cat A prices have hit a new low since they last dropped to $34,001 in November 2010. This significant drop could have been caused by several factors such as popular car models not being able to meet the Euro 6 emissions standard. These include the Honda Accord, Toyota Camry and the Toyota Vios.

Additionally, private-hire giants Uber and Grab have slowed down their mass buying of new cars, which could have also contributed to the decrease in COE prices.