MORE motorists are expected to hold on to their old cars due to recent economic woes and a reduction in fees for extending a vehicle's statutory lifespan.

With certificate of entitlement (COE) premiums plunging in recent months, the cost of paying to keep an old car on the road is now close to its lowest levels ever.

Owners have to pay what is known as the prevailing quota premium (PQP) - the average COE premium over three months.

Read Christopher Tan's full story in Monday's edition of The Straits Times.