COE premiums for Category E dropped by $2,200 or 2.82 percent in the first COE tender for June to end at $75,801. Other categories saw a similar trend too with Category A falling by 0.89 percent to close at $66,000. This is a difference of $590 compared to the previous bidding exercise held in May.      

Price for Category B premiums, for larger cars with more than 130bhp or engine displacement larger than 1,600cc, went down by a minuscule $2 to end the bidding tender at $75,000 - from $75,002 in the last tender. 

The quota for COEs has remained largely the same but the number of bids has decreased for both categories A and B. In fact, Category A saw a relatively substantial drop of 17.4 percent compared to the previous bidding exercise.

Potential car buyers might be waiting for car prices to drop even further with an expected increase in supply of COEs after July.