COE for cars up to 1,600cc closed at $5,001in the latest tender on Wednesday - 19.3 per cent lower than the previous premium.

COE for cars above 1,600cc was 16.3 per cent higher at $3,089, but the price is still one of the lowest since the vehicle quota system started in 1990.

The Open COE, used predominantly for cars, closed 12.4 per cent lower at $5,701 - an 18-year low.

The premium for commercial vehicles finished at $3,502, 12.5 per cent lower than previously, while motorcycle COE settled at $1,000 flat - down 5.6 per cent.

Car dealers expect premiums to post modest increases in the next exercise two weeks from now. But many reckon premiums to crash after Chinese New Year.