Despite Certificate of Entitlement (COE) premiums softening, the profile of cars here has aged dramatically over the first nine months of the year, as the total car population shrank marginally.
Based on latest figures from the Land Transport Authority (LTA), as at Aug 31, there are a total of 619,139 cars on the road. Of these, 165,527 cars are between eight and 10 years old — making up 26.7 per cent of the total car population.
In contrast, cars in this age range made up just 18.7 per cent of the total car population of 621,480 as at Jan 31.
The car population here has been getting older over the past decade or so. For example, in 2007, four in five cars on the road were less than four years old. Currently, the proportion has fallen to less than one in five.