TheRationalVoice 1st Gear February 25, 2013 Share February 25, 2013 The liberalization of auto loan and tenure in 2003 was due to extremely soft market after SARS. COE was at $1-$5000. I ... COEs were ranging between 25k to 35k from 2002 to 2004. http://www.lta.gov.sg/content/ltaweb/en/pu...d-research.html ↡ Advertisement Link to post Share on other sites More sharing options...
So_nice 6th Gear February 25, 2013 Share February 25, 2013 i thankfully still have my car thats fully paid for... but when it expires, i will still drive(no matter how).. that or i can get a class 2b no way will i want to take public tpt until its improved.. i took it for 1 week when i was waiting for my new car to arrive... quite bad i think we should just thank our lucky stars tat we can still afford a set of 4 wheels now. good luck to the next generation. not only they never see how a real chicken looks like, they haf to slp under the flyover! lol Link to post Share on other sites More sharing options...
KaKiLang 4th Gear February 25, 2013 Share February 25, 2013 Why don't you look at the number of repossessed cars in the market? Lots of people live on a shoe string budget just so they can have a car to drive. Some resort to buying second hand OPC cars just so that they can save a hundred dollars or so on their monthly installment because that hundred bucks is something they cannot let go. That's what I thought, the move made was something I've been waiting for and caught a lot of them offguard. Well driving will be just a breeze soon and those cash strapped, itchy in driving, drive taxi lor. Link to post Share on other sites More sharing options...
Mllcg 3rd Gear February 25, 2013 Share February 25, 2013 Imagine if you had to pay full cash for a house. Will we still have $800K HDBs? The government is set to reduce the price of COE -- not to the 2008 levels, but to maybe 2010-2011 levels, around S$30-60K. For once, I think this measure is positive. I'm sure they saw the high number of to-be-scrapped cars coming in 2015/2016. When COE prices drop, this will make people rethink whether to scrap and buy new or renew COE. If I had to down 50K for a new car + take a loan, or just pay 50K to renew COE, which would I choose? It is quite smart, IMHO. I give this credit to the policy maker. If people really end up renewing COE it has BOTH an environmentally positive effect (cars are driven longer and less wastage) and also a net gain on tax profits, i.e. they don't have to refund you the 50% ARF. Also boosts used car market so it makes people want to own used car more. With that I would like to see them tightening the regulation for used cars. The government will make part of that additional revenue back from the increase in ARF since the cash rich can still afford to pay a lump sum cash. Those blokes buying Ferraris pay a lot of money in ARF! Even riches like our uncle wobbles won't plonk such amounts of cold hard sweaty cash on a car. What makes you think a lot of other rich people will? Now, let's shift our attention back to the property market... quoted from BMW-sg Link to post Share on other sites More sharing options...
Fastfive1 5th Gear February 25, 2013 Share February 25, 2013 That's what I thought, the move made was something I've been waiting for and caught a lot of them offguard. Well driving will be just a breeze soon and those cash strapped, itchy in driving, drive taxi lor. This is a good way to reduce the number of cars on the road. Haha! The irony sometimes is that the people who take hundred percent loan on their car dare to ask why the roads are so crowded. Have a colleague like that. The minute i said that the roads are crowded because of how easily credit is obtained, he shut his mouth and stopped talking about crowded roads. Link to post Share on other sites More sharing options...
Ungtiong 2nd Gear February 25, 2013 Share February 25, 2013 better start looking at Ducati bikes...at least its the Ferrari of bikes. At least and beat any car on the road, even the mighty GTR....just dont hit a stone Link to post Share on other sites More sharing options...
So_nice 6th Gear February 25, 2013 Share February 25, 2013 better start looking at Ducati bikes...at least its the Ferrari of bikes. At least and beat any car on the road, even the mighty GTR....just dont hit a stone i aim lower abit. super4 vtec can liao Link to post Share on other sites More sharing options...
LoverofCar 6th Gear February 25, 2013 Share February 25, 2013 Guess drive a taxi is the best...earn money during free time and use it as private car... Link to post Share on other sites More sharing options...
So_nice 6th Gear February 25, 2013 Share February 25, 2013 see lah. after punggol slap, they punch u back! repent!! Link to post Share on other sites More sharing options...
BluBlur 1st Gear February 25, 2013 Share February 25, 2013 Guess drive a taxi is the best...earn money during free time and use it as private car... With the minimum mileage rule on taxis, this idea is not so cool anymore... Link to post Share on other sites More sharing options...
Mllcg 3rd Gear February 25, 2013 Share February 25, 2013 seems like my personal loan loophole may not work also. http://www.mas.gov.sg/~/media/MAS/Regulati...%20Feb%2013.pdf Link to post Share on other sites More sharing options...
Karnaugh Neutral Newbie February 25, 2013 Share February 25, 2013 (edited) U don't drive? Or u also like throttle, pay full cash...with the current, cash is king liao....who got money who can buy car....really feel good that this will pull out those 0% dp liao. In Singapore, car is always a depreciation tool. It's how much u can lose...at 0%dp, buying a mid size jap/ Korea car is sucidal....how much are u losing a yr? Looking at past 1 year record, it will be average of 12k pa....I prefer full cash, so I know how much I lose n gain at the end..... Well I do drive and I will only pay 30% down payment for my car. Debt is always a good thing with low interest rates. The only bad thing with debt is the risk of default and bankruptcy. The sum of money you put into your car can be placed elsewhere where you can yield enough returns to cover interest with surplus back into your pockets. On the flip side, what is going to happen now is this. Banks are definitely going to raise their interest rates while at the same time having more capital retained on their books due to lower amount of loans. Do you think they will just let those money idle after losing income from car loans? Obviously not, their in-house traders will be more than happy to have a new pool of liquidity for prop trading aka SPECULATION. Cash is indeed king but only when it is used constructively. If everyone has the same mentality as you then there will be no economic growth. Banks have to resort to high-risk business models, what has 2008 taught us? Prudence is a virtue but in your case i would hardly label you as prudent because you are already losing 12k pa with no intention to curb that loss at all. My colleagues are millionaires but they do not own any cars in Singapore. Their money are better used elsewhere. That is what I called prudence. Edited February 25, 2013 by Karnaugh Link to post Share on other sites More sharing options...
Felipe 3rd Gear February 25, 2013 Share February 25, 2013 I expect top car sales from now will be Porsche n Maserati. Its not that they increase, but the rest decrease. Link to post Share on other sites More sharing options...
Myxilplix Turbocharged February 25, 2013 Share February 25, 2013 better start looking at Ducati bikes...at least its the Ferrari of bikes. At least and beat any car on the road, even the mighty GTR....just dont hit a stone Sorry, MV Agusta is considered the Ferrari of bikes. Link to post Share on other sites More sharing options...
Felipe 3rd Gear February 25, 2013 Share February 25, 2013 seems like my personal loan loophole may not work also. http://www.mas.gov.sg/~/media/MAS/Regulati...%20Feb%2013.pdf Personal loans are usually 3 times mthly salary. N of cos u dun tell the bank u will use the personal loan to buy car. Other ways are mortgage home, sell home etc. all is not lost. I just tot its way too harsh. Car loan interest also not that low. All Mas need to do is go back to the 30% dp n 7 year max, things will cfm cool down. My guess is Mas is expecting interest rate to spike soon, hence the tough cm. Link to post Share on other sites More sharing options...
Mllcg 3rd Gear February 25, 2013 Share February 25, 2013 Personal loans are usually 3 times mthly salary. N of cos u dun tell the bank u will use the personal loan to buy car. Other ways are mortgage home, sell home etc. all is not lost. I just tot its way too harsh. Car loan interest also not that low. All Mas need to do is go back to the 30% dp n 7 year max, things will cfm cool down. My guess is Mas is expecting interest rate to spike soon, hence the tough cm. assuming u can find a 2nd hand car for 80k(drive 6 years) need to downpay 40k. that person may have 20k saved up but needs 20k more.. thats where the personal loan comes in. Link to post Share on other sites More sharing options...
Felipe 3rd Gear February 25, 2013 Share February 25, 2013 assuming u can find a 2nd hand car for 80k(drive 6 years) need to downpay 40k. that person may have 20k saved up but needs 20k more.. thats where the personal loan comes in. Most bnb cars after 5 years cost abt 50k. So i expect a boom in 5 yr n older car sales. This is actually a boom for used car dealers. For a 50k car, 25k dp is reasonable. Its time sporeans realise they dun have to diedie drive a new car n 100k mileage cars are actually still new enuf. Ppl overseas drive to nearly 500k. Link to post Share on other sites More sharing options...
Jerms Clutched February 25, 2013 Share February 25, 2013 If I had signed for a new car today. I hope that the bank will not approve my loan in time so that I need.not get penalised for not buying the car. Wil be happy as the COE is pressured to drop. Can save a lot of money in time to come. Should COE really drop significantly, those who just got their loan approved will curse and swear liao. Honestly, what makes you think that COE will drop by alot? There is still alot of singaporeans and PR that can pay the downpayment. I think you shld pray that your loan get approved instead unless you can pay the 50% downpayment as well. ↡ Advertisement Link to post Share on other sites More sharing options...
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