Cars above 1600cc, such as the Mazda 6 and Audi A4, saw the biggest fall of 8.2 per cent, ending at $14,235.

COEs in the open category - which can be used for any vehicle but mainly used for cars - finished 5.1 per cent lower at $14,858.

Cars below 1600cc, forming the largest quota for COEs, closed at $14,101 - down by 4 per cent drop from the previous bidding.

Meanwhile, COEs for motorcycles which hit an eight-year high in the last results, eased slightly to $1,489.

Traders predict that prices will hover around this region in the next few months.

While Singaporeans are feeling the pinch with rising every day costs, those holding on to cars are unlikely to give them up altogether," said Mr Vincent Ng, product manager at Honda agent Kah Motor..

'Consumers may opt for smaller cars or cheaper versions of the same car, but ultimately they will stay in the market."

The Land Transport Authority received 6,046 bids , slight less than the 6,346 earlier this month.