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Used car sales slow down; more cars to be scrapped with falling resale prices

Published on Apr 27, 2013 8:05 AM
 
Used cars at the Commonwealth Car Mall. Singapore Vehicle Traders Association secretary Raymond Tang said sales "will definitely slow down" after next month, when a 60-day reprieve from cooling measures will end. -- ST PHOTO: ASHLEIGH SIM

The car-cooling measures are starting to have a tangible impact on the used-car market, slowing down sales which had been growing steadily in the last decade.

In the first quarter, the number of second-hand cars sold fell to 17,407 units - a 9.5 per cent drop from the corresponding period last year.

Market players expect sales to slide further as the cooling measures continue to sink in.

Singapore Vehicle Traders Association secretary Raymond Tang said that while sales this month and next should still be relatively stable, it "will definitely slow down" after that.

 
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