Cooling measures drive up car loan interest rates

[Chucky2007]

  On 5/24/2013 at 10:53 AM, Wt_know said:

sure or not ... didn't reflect in car price leh

KNN u go google what's the price of a Odessey in beginning feb 2013 and now.. See got difference or not. Then a B&B car like Altis was already going for nearly $140-150k.. U blind cannot see difference??

 

Which car brand did not drop price since jan/feb 2013??

 

which one you say the price never drop?

Edited May 25, 2013 by Chucky2007

[Kar_lover]

  On 5/24/2013 at 12:55 PM, Meanmachine said:

Do away with COE, it has nothng to stop ppl frm owning car, the amount of coe collected month-in month out goes to their coffer, can they explain it?

 

Part 2: Can tell us in future, will monitor car travelling distance by satellite, DO they really know how much it gonna to cost us ( An arm and a leg )

sure, every car on the rd, will be squeezed like sardine, THe " upsize PIE to Woodland take 2 years to complete, Have LTA done their home-work ?

I reckon they wait for problem to exist then trouble-shoot, after all why do we pay yearly road-tax for

 

What do you mean COE has done nothing to stop ppl from owning car. COE is a quota system to LIMIT the number of new cars/vehicles on the road. Every month XXXX number of COEs means XXXX number of new cars on the road. The XXXX is based largely on the number of cars scrapped. If no such thing as COE, there will be many many many more cars on the road!

 

PIE got go to woodland?? I thought only SLE and BKE.

 

What homework are you referring to? That PIE widening take 2 years to complete (construction takes time especially in our crazy weather) or distance charging by satellite? How do you know it will cost us an arm and a leg? System pricing not out yet. The idea is that those who use more will pay more which is fair and will make ppl think twice on how to optimize their travels. A flat rate system makes the lower users subsidise the higher users.

 

To tell you the truth sometimes you do need a problem to surface to do something otherwise it can be a waste of resources. While having foresight is good, you don't want to "jump the gun" too soon either.

 

It is very easy to look back and criticize with hindsight.

[Enye]

  On 5/24/2013 at 2:09 PM, Ictruall said:

Actually not stupid la, just no money to pay full ....so must loan lor

 

Dun care urgent or not,...just.enjoy the ride man, like me [drivingcar]

 

they could have taken the 40 - 50% dp

 

and buy a used car with no loan to avoid being milked by banks

 

Still have a car to drive, right?

 

 

 

[Ictruall]

  On 5/25/2013 at 2:08 AM, Enye said:

they could have taken the 40 - 50% dp

 

and buy a used car with no loan to avoid being milked by banks

 

Still have a car to drive, right?

 

assume you meant bought a used car instead of 40/50 dp.....for which then you are abso correct.

 

I was more on new cars, so a small miscom here, hee hee

 

[Meanmachine]

  On 5/25/2013 at 12:40 AM, Kar_lover said:

What do you mean COE has done nothing to stop ppl from owning car. COE is a quota system to LIMIT the number of new cars/vehicles on the road. Every month XXXX number of COEs means XXXX number of new cars on the road. The XXXX is based largely on the number of cars scrapped. If no such thing as COE, there will be many many many more cars on the road!

 

PIE got go to woodland?? I thought only SLE and BKE.

 

What homework are you referring to? That PIE widening take 2 years to complete (construction takes time especially in our crazy weather) or distance charging by satellite? How do you know it will cost us an arm and a leg? System pricing not out yet. The idea is that those who use more will pay more which is fair and will make ppl think twice on how to optimize their travels. A flat rate system makes the lower users subsidise the higher users.

 

To tell you the truth sometimes you do need a problem to surface to do something otherwise it can be a waste of resources. While having foresight is good, you don't want to "jump the gun" too soon either.

 

It is very easy to look back and criticize with hindsight.

 

 

True, they need a problem to exist before thy can trouble shoot issues,or thy can relax and pretend thy are doing great, then we do not need them at all. They are engineers, land transport expert and consultation of every kind, if the amount of road taxes paid by every single motorist cannot solve their, then do we really need us to donate day-in day out. ERP/ bus services, MRT/ LRT and parking guide adds additional cost on us, therefore the stress level, every ECP, CTE, AYE, PIE, Slip road KPE southbound, east /west bound expressways all kenna, where on earth can we have freedom of driving pleasure, I can kpku here, at least I get heard from fellow MCF bros / sisters and reply / inputs/ feedback, mine is constructive criticisms and I wanted them to know we are fed-up.

 

2nd, it's a daily upsetting issues & concerns regards to own'g car here, I do not deny the fact that most of us wants the best option of free driving, thy instal cameras on lamp-post and every corners of building, can't they identify car traffic jam and congestion, they do have if ERP gantry do not solve problem where can they plug all those holes, seems that every road is jammed during peak, making motorist/s pay thru our asses is not solving problem, they are creating more headacne and mind-boggling, now want to talk about satellite ERP charging. . .

 

Cant even resolve saturday evening charges till 8pm, they have yet to settle the congestion then another bright idea coming up . . .

 

Do you honestly think they are listening ?

 

[Blackyv]

They will listen on year 2016... What year are we in today?...

[Chucky2007]

  On 5/24/2013 at 12:10 PM, Fuelsaver said:

Rubbish, new crv still holding at 170k. Km carroting whoever ready to get chopped.

Bro... The crv was priced close to 200k in jan feb...

[Lotr]

if they don't raise interest rates to earn the same amount of interest, then how to pay their ceos millions in salary !!??

[Fastfive1]

There's a simple way out of this.

Pay for the car in full DAMN IT!

 

For the people who like hearing politically correct things.

Problems are inevitable. But there are solutions.

Some solutions may not cater to all but it's better than having no solutions at all.

In this case, the way to avoid the higher interest rates is to pay for the car in cash.

If you feel that the increase in interest rates is putting a strain on your finances, it's a good idea to give up the idea of owning a car until you can live with the cost of it.

 

Isn't the increase in interest rates a way to discourage marginal buyers from owning a car?

Can't this also be considered as a "cooling measure" though it's not one that was implemented by the government?

Isn't this similar to indirectly imposing more financing restrictions?

Sure the reason for why banks are doing so is silly but people who can afford to pay for their car in cash shouldn't be affected.

[Earthboy]

  On 5/25/2013 at 6:45 AM, Fastfive1 said:

There's a simple way out of this.

Pay for the car in full DAMN IT!

 

For the people who like hearing politically correct things.

Problems are inevitable. But there are solutions.

Some solutions may not cater to all but it's better than having no solutions at all.

In this case, the way to avoid the higher interest rates is to pay for the car in cash.

If you feel that the increase in interest rates is putting a strain on your finances, it's a good idea to give up the idea of owning a car until you can live with the cost of it.

 

Isn't the increase in interest rates a way to discourage marginal buyers from owning a car?

Can't this also be considered as a "cooling measure" though it's not one that was implemented by the government?

Isn't this similar to indirectly imposing more financing restrictions?

Sure the reason for why banks are doing so is silly but people who can afford to pay for their car in cash shouldn't be affected.

 

that hurts man!

 

i actually support the loan curb. i am not saying that i am rich, but like you say, this will filter out marginal buyer who don't even want to pay for carpark (knn have this cheap ass tail me so close in my office carpark so that he can sneak out for free).

 

[Mosaic1979]

  On 5/25/2013 at 6:54 AM, Earthboy said:

that hurts man!

 

i actually support the loan curb. i am not saying that i am rich, but like you say, this will filter out marginal buyer who don't even want to pay for carpark (knn have this cheap ass tail me so close in my office carpark so that he can sneak out for free).

 

Me too 100% support the loan restrictions. In fact I think it was too late coming. I just found it ridiculous that you can take a 100% loan for a car that can cost as much as a HDB or even condo.

[Throttle2]

Wah hahaha, suddenly my camp all speaking up.....

 

Yeah!

[Chucky2007]

  On 5/25/2013 at 8:28 AM, Throttle2 said:

Wah hahaha, suddenly my camp all speaking up.....

 

Yeah!

Too much whining on car Liao so most people Bo tahan already

[Fastfive1]

  On 5/25/2013 at 6:54 AM, Earthboy said:

that hurts man!

 

i actually support the loan curb. i am not saying that i am rich, but like you say, this will filter out marginal buyer who don't even want to pay for carpark (knn have this cheap ass tail me so close in my office carpark so that he can sneak out for free).

 

That's life.

There are lots of cheapskates in SG who want to own a car.

Some are even better, mod their car half way and run out of money.

Then later they get their car repossessed.

I'm not sure if you guys have noticed but the minute the 100% loan was made available for used cars, the number of auction cars have increased. This proves that people who can't afford one shouldn't buy one to begin with and get screwed later. Unfortunately the thirst for instant gratification leads to this.

[Gildor8]

  On 5/24/2013 at 8:54 AM, Chucky2007 said:

Cooling measures have influenced Coe to drop 30k hence car price drop 30k.. And also loan interest to go up from 1.88% to 2.68%... However the increase of that 0.88% is no way near the savings of that 30k reduction in car price.

 

Can you tell us what car actually dropped 30K after the cooling measure?

[Dark_flan]

I dun think there is any that dropped 30k or is there? But COE sure play a big part of today's pricing.

[Duckduck]

  On 6/14/2013 at 5:48 AM, Gildor8 said:

Can you tell us what car actually dropped 30K after the cooling measure?

 

Toyota rav4 was 195K before measures. Go see wat is price now....

[Glyuen]

  On 6/14/2013 at 6:49 AM, Duckduck said:

Toyota rav4 was 195K before measures. Go see wat is price now....

 

$182,988 now...