Only time will tell right?

If you need to de-register your car, will you buy another? If yes, then likely the rest would also.

Each year there are many people owning car for the first time. So the 0.25% increase in car population will be absorbed by these new car owners.

The older folks suppose to retire at 55 and give up their cars. But they are neither retiring nor giving up their cars. Now they are even buying new cars at 55.

Families having 2 cars are becoming common because children start working and can afford their own, while family car still needed.

Unless got economic slowdown or crisis, I cant hope for COE to drop.