Cheaper cars now make up a bigger portion of cars sold after tweaks to the COE system were introduced. The Land Transport Authority (LTA) said that cars sold with an Open Market Value (OMV) of less than $15,000 has risen from eight percent to 25 percent of all Category A registrations.

Cars with OMV at or below $20,000 now makes up 58 percent - a rise from 26 percent.

The LTA also pointed out that the median OMV of cars registered in February was $18,745 - 28 percent lower than $26,147 of the previous six months.

The COE tweak introduced in February was meant to move premium brands, which generally produces more than 130bhp, out of Category A.

Speaking to The Straits Times, motorist Alvin Chong, however, thinks that the tweak did not make any difference. Chong thinks that the move raised prices, referring to Category A premiums climbing to $77,000 from $72,000 in January.

Industry players are also expecting prices to stay at current levels, despite the change in regulations.