According to the Land Transport Authority, 77,920 vehicles were deregistered in 2008 - the fewest since 1999. Those vehicles, mainly passenger cars, were either exported or sent to the scrapyard.

Experts say the decline is likely to continue this year as the economic downturn makes drivers think twice about shelling out tens of thousands of dollars for a new vehicle.

'It's an indirect reflection of the weak demand for cars,' said Citigroup economist Kit Wei Zheng. 'Right now, you'd rather hold on to your existing car than get a new one.'

Mr Looi Im Heok agrees. The semi-retired businessman will hang on to his Toyota Royal Crown sedan, which is around three years old. That is close the age when he normally swtiches rides.

'The economic situation is not very good, so I thought I should not keep on changing like before,' the 80-year-old quipped.

Read the full report in Wednesday's edition of The Straits Times.