SINGAPORE: It is a figure not seen in Singapore COE charts in a long, long time.

COE prices went down to S$1 in the Goods Vehicles and Buses category, down S$508.

All the COE prices in other categories went down as well.

The COE for small cars went down almost S$3000 to S$9,605 while COE prices for big cars went down S$1500 to S$12,889.

The last time COE prices went so low was in February 2003 when it plunged to S$1 in the motorcycle category.

And many will also remember the time when the COE price for big cars went down to just S$50 in 1998.

But there is a reason for this S$1 figure.

Many observers believe this plunge has a lot to do with a new, stricter emissions standard for this category that kicked off in October.

In fact, just before October, there was a spike in COE prices in the Goods Vehicles and Buses category, which went up by more than 40 percent as people dashed out to buy buses and trucks.

But now there is a supply squeeze and so they say this is reflected in the COE prices.

As for the general fall in COE prices, observers say the festive season has a lot to do with this.

Automobile Association President Bernard Tay says the market remains quiet as many Singaporeans are still travelling during this holiday period.

Other car companies say that those who had wanted cars for Christmas had already bought them whilst the Lunar New Year crush has not yet started. - CNA/so