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Despite the current bullish pricing trend, experts suggest that demand for both new and used vehicles remains resilient, primarily because Singaporeans perceive cars as essential, especially for families. Many are willing to purchase older, less equipped vehicles or defer upgrades until prices stabilize.
Market analysts project that the current elevated levels may persist into the medium term, contingent upon external factors such as post-COVID economic recovery, influx of affluent populations, and evolving regulatory policies. The shift toward EVs and the gradual phasing out of diesel and petrol taxis will continue to influence overall demand dynamics.