There is this person whom I knew from work, and I meet him almost weekly.

I remember during the first few weeks of the market downtrend (that was when DBS was still hovering at more than $20+), he told me that he traded in his car for a newer car. He told me that when there is a crisis, one should spend, not save. That should be around Feb 2020.

His previous car (Korean brand) was not very old and suits his needs just fine, but the new car is more powerful and is considered a continental car. The car salesman told him, he was selling at the base cost to meet his marketing quota. And I reckon he got a steal for it. However, I also figured that the car salesman sensed that bad times are on the horizon and he really needs to unload the cars on hand.