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Singapore's car population has shrunk


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For the first time in more than 10 years, we are seeing fewer vehicles on the roads, which is attributed to government's intent to cut annual growth rate from 3 per cent down to nought-point-five.

 

Singapore's rental car population in contrast grew by 6.5 per cent, effectively doubling the rental fleet over a nine-year period. A rental co spokesman puts the demand down to large number of foreigners coming here to live and work.

 

Given a smaller annual vehicle population growth rate vis-a-vis an expending car rental population, we could safely infer a small percentage of Singaporean motorists have given up on car ownership.

 

Should the trend continues we might see an easing of COE premiums gradually over the coming years when the bulk of vehicles reached their 10th year mark.

 

Let's pray...

 

:D

 

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