2,500 used cars in temporary MAS reprieve have been sold so far

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The Singapore Vehicle Traders Association estimates that 2,500 used cars qualifying for full loans have been sold so far.

About a week ago, Singapore's Monetary Authority (MAS) lifted borrowing limits for second-hand vehicles in stock before February 25, when loan curbs were imposed.

In the following weekends, prospective buyers flocked to motor firms, hoping to snag a good deal.

Some 7,000 second-hand vehicles qualify for full loans, if they are purchased within a 60-day period.

The Singapore Vehicle Traders Association said buyers' response has been "overwhelming", evidenced by weekend crowds at used car showrooms.

Used car dealers have had to cut prices by 10 per cent or more to get people to bite in a market of reduced demand after loan curbs were imposed.

Chicago Motors had around 30 second-hand vehicles stocked before borrowing limits of up to 60 per cent were imposed. 29 of those vehicles have been sold.