What was thought to be impossible, the COE (open bidding system for car buyer) had crashed. At the close of the tender, COE premium for cars was at an unprecedented $2. Motor traders were shocked. All said the market was soft, but no one expected the price to crash. The number of bids submitted exceeded the COE supply of 1,851 by only one. The last time it crashed was in 1997 when the bid was stopped at 50 bucks .