>* Licensing for a car is time-limited. I think this is about 10 years or so.
In US it is 4 years. I was surprised to see that low time frame as in India it is at least 20 years. And, in US, you are also required to renew your registration plates every year
What I mean is "you're not allowed to register a car again after that point". Most people sell it across the Strait in Malaysia. This distinguishes them from the US and India, where you can drive a car until it doesn't work anymore.
No, Singapore does allow you to register the car again -- problem is, this requires paying for a new "Certificate of Entitlement", which are sold at auction for >US$70k each. So most people switch to a new car instead.