Originally Posted by Unregistered

Out of 100,000 car owners with expiring COEs, only two-thirds will go and get new COEs.
The remaining 1/3 will drop out as they cant afford to pay 50% downpayment due to high mortgage debt with impending Sibor spike.....
Singapore economy is slowing down too
Population growth are mostly the 40,000 new born babies (cant drive) and work permit holders ( take MRTs), not forgetting the 60s-70s who are giving up driving due to failing eyesight....
With downtown line coming, more people will not drive to work
Government is also reducing car park lots in city area to reduce congestions

The prosperity of singaporeans are mostly linked with property boom
With property bubble bursting now, many singaporeans will feel the pinch on their net worth, buying new cars are not the first thing in their mind