Transport Minister Lui Tuck Yew said his Ministry will not be making major changes to the Certificate of Entitlement market "in the near term".

Referring to the drastic car loan curbs that kicked in at the end of February, he told Parliament on Wednesday that "it is best that we let them take time to settle".

He assured the numerous MPs who called for the COE bidding system to be reviewed however that he will study their suggestions and respond "at the appropriate time". Among the suggestions that are under scrutiny is the way vehicles are currently categorised into engine capacity. This, said Mr Lui, may no longer be the main criteria for COE classification in the future.

To give aspiring car-owners a cheaper option, Mr Lui said will also review the feasibility of the Off-Peak Car scheme "more flexible and attractive". Also being "studied carefully", he said, is whether owners of smaller light goods vehicles should pay the same COE premiums as heavy good vehicles.