Certificates of Entitlement (COEs) for vehicles fell across the board in the latest bidding exercise on Wednesday, led by the small cars category which dipped 10 per cent.
The premium for small cars (Category A - 1,600cc and below) showed the sharpest decline, down S$8,808 from the previous close to S$78,301.
The steep drop caught some car dealers by surprise. However overall, a decrease in prices was expected.
Raymond Tang, Honorary Secretary of the Singapore Vehicle Traders Association, said: "At this time in February, the season -- Chinese New Year ... so there is a lull period of the holidays."
He said everyone may be holding back during this period, adding that he expects premiums to peak around the middle of the year.
The COE for big cars (Category B - 1,601cc and above) fell S$234 to end at S$92,667.
In the Open category, the premium dropped S$2,980 to S$91,910.
Motorcycles COE stood at S$1,512, down S$270.
The premium for goods vehicles and buses cost S$53,489, down S$1,500.
There is a very high chance that the car buyers will be back in full force starting March. That will push the COEs up after the lull CNY period.
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