SINGAPORE - Some 9,604 cars were deregistered in the first three months of 2024, a 72.9 per cent jump from the 5,555 deregistrations during the same period in 2023.
Vehicle owners have a month to revalidate their COEs after expiry. That is why data on revalidations from the Land Transport Authority lags behind scrappage figures by a month. Annual registrations continued rising in the years that followed, peaking at 91,775 car registrations in 2017. He also does not believe COE premiums will return to the levels seen in January, as the COE supply is below what the market demands.
The low scrappage rate across most of 2022 and in the earlier part of 2023 meant that there were fewer COEs available for tender in 2023. This was seen as a contributor to rising COE premiums that year.
Source: Car News Wire (carnewswire.net)
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