Second-hand car dealers sell off most of their stock; dip in supply expected
The glut in used cars is over and a shortage looms.
Second-hand car dealers have managed to sell most of the cars in their inventory after a two-month reprieve from the authorities.
At the same time, they are not buying used cars as drivers hold on to their wheels in the wake of drastic loan curbs.
A Land Transport Authority spokesman said about 4,600 of the 7,000 used cars that dealers had acquired before the car loan restrictions kicked in had been sold as of Monday.