Poor IQ misconception lah bro.
COE often got misconception misrepresented by especially car salesmen.
Wrong OK!
Strength in Demand for New cars not equal to Strength to keep or sustain old cars.
When there are more Scrapped, Exported, Repossessed [owe installments], Impounded [E.g. owe road tax, never renew insurance, etc], registered dormand [寄牌] - non-ussage. Then the number of new COE biddings, then the reduction numbers exceeded the new demands, and the total number is a reduction.
Cars just like human population level, lots of new born babies can not be misrepresented as total population Increase, because there could be e.g. very high death toll, immigration out to elsewhere, Refugees fled away etc, total population Decreased despite high birth rates.
Different sectors of economics, to afford new cars vs, give up old cars. If there is 10K new millionaires, can not offset 200K new bankrupts. OK?
Cars AFFORDED also not equal to total number of cars in record.
At one stage of financial crisis IN Dubai, there were suddenly tens of thousands of abandon luxury cars especially near airport area. Owners fled owing rentals or installments, cars still registered to owners, the TOTAL numbers of cars maintained at around the same figures. But they were no longer AFFORDED by the economy.
Online you can find pics of these abandoned luxury cars in thick dust and rusty. Ghost car yards like.
https://www.google.com.sg/search?hl...fe_rd=cr&ei=hRkiWNz_PNSBoAPO26jYAQ&gws_rd=ssl
imited edition Ferrari Enzo, multiple Lamborghinis, Porsches, Bentleys, Nissan Skylines and even a Honda NSX. Just some of the several thousand luxury supercars left to rot in airports and car parks across the United Arab Emirates every year.Aug 16, 2016
The story behind Dubai's abandoned supercars - Car Keys
https://www.carkeys.co.uk › news › the-s...
Markets are bad, HDB Carpark usage level will be reduced. Cars gone to used car resale yards, stuck inside, gone to finance company Repossessed wearhouses, gone to export wearhouses, gone to scrap yards, gone to LTA impound Depot, etc, may be total number of cars maintained still close to old figure. But not in the same condition.
Even Taxi firms Comfort City cab Trans cab SMRT all got full wearhouses of unrented taxis, some they de-register and scrapped before final max age. Some registered non-ussage dormancy, to save paying road tax.
These are not inside their regular depots, but wearhouses elsewhere.