In the scheme announced in April 2018, owners are granted a $3,500 rebate for each of the affected bikes they deregister by 5 April 2023.
Current car export processes are being reviewed following its seizure in June of 120 deregistered cars that had not been dealt with as stated.
A total of 120 vehicles were seized by the LTA during sting operations on deregistered vehicles earlier this month.
Kheng Keng Auto scrapyard in Sungei Kadut salvages usable parts before disposing of deregistered cars, with up to 1,000 cars passing through each month.
The number of people prosecuted for keeping deregistered vehicles - which are supposed to be scrapped or exported - has soared.
The cut in vehicle growth rate will be cushioned by the bumper crop of cars being deregistered over the next few years.
With the number of deregistered cars climbing to an all-time high last month, industry watchers are expecting more supply of COEs for the next quarter.