Benarsenal Turbocharged February 25, 2013 Share February 25, 2013 i hope what you say is accurate, but that assumes a rational citizenry. but i also think it is possible that singaporeans are so forgetful, we will start buying cars like there's no tomorrow soon. I hope so too. But at the very least this forces people to actually have to have money first before buying a car. ↡ Advertisement Link to post Share on other sites More sharing options...
Subtlesilver Neutral Newbie February 25, 2013 Share February 25, 2013 Thank god! my prayers had been answered! The first car i owned was a renault in 2001 brought for 78K paid 30% down laon 70% The second was a nissan latio in 2006 brought for 68K paid 50% down loan 50% The 3rd ride and current ride is a honda brought in 2007 paid 105k down 60% loan 40% Last nov me and my wife enrol in our class 2A course with bbdc because we had discuss and decided that the COE was crazy for us to renew. almost 90k cash to renew our coe. So we decide to take our 2A even after holding 2B for almost 13yrs so that we can buy a three wheeler bike. we are prudent folks and would never paid 100k for COE even if we can afford to do so. Next monday is our TP dates for our class 2A, just now she said even she fail on monday also never mind cause there is a chance COE will fall within her budget of 30-40k in the next 4.5 yrs. is it possible? Entirely possible - i think the within the next 3-4 COE rounds, u will see things unwinding and prices drop significantly (maybe 10k/round).. it should find a resistance around 50K, before settling at 40K .. this will make the bread and butter cars priced around 100K, with a 40K downpayment and stabilize things for a while before any major policy change happens again.. Then again, what do i know? i have been wrong at predicting coe for the past few years! Link to post Share on other sites More sharing options...
Celicar Turbocharged February 25, 2013 Share February 25, 2013 Put simply, means only those have means to buy will enter market, so that wipes out a large chunk of people. People with existing cars and long loans because no $ will think twice about selling/scrapping, because next car will be subject to new rules. With these people out, COE prices will drop for sure. The cut in COE quota is not fresh news so it is already priced in, with the decreased demand, COE will come down. As for second hand car market, I think it will not be hit as hard, because although prices must come down to look attractive compared to new cars (which prices will come down), I think there should be more people looking to buy 2nd hand because cannot afford new car. As for those who say govt in the end still 'earn back' from higher ARF, I don't really care, because if the newest move means smoother traffic, at least I pay govt and see improvement. Net net, I SUPPORT!! Link to post Share on other sites More sharing options...
Mllcg 3rd Gear February 25, 2013 Share February 25, 2013 Put simply, means only those have means to buy will enter market, so that wipes out a large chunk of people. People with existing cars and long loans because no $ will think twice about selling/scrapping, because next car will be subject to new rules. With these people out, COE prices will drop for sure. The cut in COE quota is not fresh news so it is already priced in, with the decreased demand, COE will come down. As for second hand car market, I think it will not be hit as hard, because although prices must come down to look attractive compared to new cars (which prices will come down), I think there should be more people looking to buy 2nd hand because cannot afford new car. As for those who say govt in the end still 'earn back' from higher ARF, I don't really care, because if the newest move means smoother traffic, at least I pay govt and see improvement. Net net, I SUPPORT!! 2nd hand cars drop and rise along with new cars... my friend is shopping for a 2nd hand car now.. after calculations, the 2nd hand car may sell cheaper. but YOY depreciation, its the same as new cars Link to post Share on other sites More sharing options...
Jiex 2nd Gear February 25, 2013 Share February 25, 2013 i think many ppl will give up the idea of buying a car with the higher tax = lower demand which should drive COE price down. So no more complain abt high COE prices. Good move! Link to post Share on other sites More sharing options...
Eforce Neutral Newbie February 25, 2013 Share February 25, 2013 Most cars are above $20K omv.... Like Toyota Wish, WV Touran, VW Golf... So any recommendation on car that is Jap / Conti cars below 20K? Link to post Share on other sites More sharing options...
Margaux Clutched February 25, 2013 Share February 25, 2013 I believe insurance premium will go up when more ppl will claim or markup against personal injury or whatever reasons should their car were to be crashed beyond repair to compensate for the 40% downpayment as required if they were to get a new car. Link to post Share on other sites More sharing options...
Iiiusion 2nd Gear February 25, 2013 Share February 25, 2013 Those left with 5 years +- car will be the hottest on the 2nd hand market. 8-9 years one jialat, hard to sell. Link to post Share on other sites More sharing options...
FocusWagon 1st Gear February 25, 2013 Share February 25, 2013 Ah yes Think I heard about this trend last time- people scrapping early cos COE dropped Cheaper to buy new car... My angle is that at least those who need and bOught early managed to buy in... Otherwise now no way tO afford Liao when Coe drops to a certain pt, it is cheaper to change car than to maintain your current one, so you will lose the extra 20-30k you paid for the new car (over and above all taxes), and bite the bullet buy a brand new one with much lower COE. in those days, u see 2-3 yr old cars being exported becoz no one in sgp would buy it. Link to post Share on other sites More sharing options...
Bobztoise 1st Gear February 25, 2013 Share February 25, 2013 This will be interesting to watch, especially if car dealers have already "bidded' for non Transferable COEs, but final loan agreement has not been signed/processed. Will a) dealers force consumers to buy? (but can't as they won't be able to afford financing and havent collected cars?) b) dealers make a case with banks (which means they are not really listening to government) c) dealers take the hit of coe (which is also unlikely as that means the dealers will be hit bad) How will this play out? Actually it will be like housing cooling measures New rules apply only to sales and agreement dated 26 Feb onwards All those signed prior will still be processed on old rules Link to post Share on other sites More sharing options...
FocusWagon 1st Gear February 25, 2013 Share February 25, 2013 As for those who say govt in the end still 'earn back' from higher ARF, I don't really care, because if the newest move means smoother traffic, at least I pay govt and see improvement. Net net, I SUPPORT!! prices come down, coe supply remain the same. trafic will not change. Link to post Share on other sites More sharing options...
Mllcg 3rd Gear February 25, 2013 Share February 25, 2013 Most cars are above $20K omv.... Like Toyota Wish, WV Touran, VW Golf... So any recommendation on car that is Jap / Conti cars below 20K? conti none. jap got vios, sunny, altis, lancer ex 1.5. back of my head thats all i remember.. kimchi got more Link to post Share on other sites More sharing options...
Iiiusion 2nd Gear February 25, 2013 Share February 25, 2013 conti none. jap got vios, sunny, altis, lancer ex 1.5. back of my head thats all i remember.. kimchi got more vw polo 17k leh Link to post Share on other sites More sharing options...
Karnaugh Neutral Newbie February 25, 2013 Share February 25, 2013 SIANZ...i know who to vote for in 2016 If you were part of the 60.1% back in 2011 then you do not deserve any right to whine because you ASKED for this. Huat ah! Link to post Share on other sites More sharing options...
TheRationalVoice 1st Gear February 25, 2013 Share February 25, 2013 (edited) just wondering if change in governmental policy will be considered frustration under contract law No, because all contracts for the sale of cars that were entered into prior to the effective date of this new policy are still operable. http://en.wikipedia.org/wiki/Frustration_in_English_law Edited February 25, 2013 by TheRationalVoice Link to post Share on other sites More sharing options...
Celicar Turbocharged February 25, 2013 Share February 25, 2013 prices come down, coe supply remain the same. trafic will not change. You are only considering new cars. 2nd hand car market not subject to COE. Link to post Share on other sites More sharing options...
BluBlur 1st Gear February 25, 2013 Share February 25, 2013 In the MAS announcement, it was said there were similar measures in 1995-2003. Can any old birds remember the measures then? Link to post Share on other sites More sharing options...
Nighthawkcity 1st Gear February 25, 2013 Share February 25, 2013 70% 7 years ↡ Advertisement Link to post Share on other sites More sharing options...
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