View Full Version : MAS imposes restrictions on private car loan!
Loan up to 60% for omv less than 20k, 50% for omv more than 20k!
And can only loan for 5 years! No need to change car, COE dropping soon!
Can't buy property, can't buy car.....
Ya....buy stocks!! If not put in the bank and earn "interest"
good lah. keep my old car better.
but i do wish garmen can exempt safety features from OMV. i really shake head when i look at substandard cars being brought in. 5 star NCAP when overseas, come here become 2 airbag. :banghead: :banghead: :banghead:
Can't buy property, can't buy car.....
This will drive COE down. The luxury market will benefit.
thomastansb
25-02-13, 20:04
But luxury taxes go up. So should be about the same price even if COE drop 50%. But it is time for such measure. 100% loan, 10 years. Anyone also can buy. It is long overdue.
This will drive COE down. The luxury market will benefit.
buttercarp
25-02-13, 20:12
But luxury taxes go up. So should be about the same price even if COE drop 50%. But it is time for such measure. 100% loan, 10 years. Anyone also can buy. It is long overdue.
So the message is don't overstretch.
Buy only if you can afford.
I still remember the days when cars were on display at pasar malams and wet market.
Loan up to 60% for omv less than 20k, 50% for omv more than 20k!
And can only loan for 5 years! No need to change car, COE dropping soon!
My favourite decision. The ability to loan much resulted in the price ballooning, and COE mainly goes to LTA I suppose.
With this, force people who really need car to save up and reserve for it.
Siong though, but see how much COE drops to compensate. Those who just bought car heng and sueh also. Borrowed more and longer, but also pay more and longer...
But luxury taxes go up. So should be about the same price even if COE drop 50%. But it is time for such measure. 100% loan, 10 years. Anyone also can buy. It is long overdue.
For omv above 50k rite. Unless I read wrongly.
Since last month.. Many Pty agents eat grass..
After today.. Car dealers eat glass..
Since last month.. Many Pty agents eat grass..
After today.. Car dealers eat glass..
All the used car dealer siao liao... All their stock will drop in price :doh: :doh: :scared-4: :scared-5:
This 1 no joke.
New car dealers will be confined to the coe quota. This will benefit the lux brand.
But luxury taxes go up. So should be about the same price even if COE drop 50%. But it is time for such measure. 100% loan, 10 years. Anyone also can buy. It is long overdue.
Yah...
COE may drop but ARF goes up... net price of car may not drop much for medium to big cars.
buttercarp
25-02-13, 21:31
Since last month.. Many Pty agents eat grass..
After today.. Car dealers eat glass..
Eat glass is fatal :o .
[QUOTE=buttercarp]So the message is don't overstretch.
Buy only if you can afford.
Agreed, but this measure a bit over!! If revert back to 70% loan and max 7 years I still can accept...
Only loan 50% + 5 years max... Too much
And worse still no dealer want to take your existing car!
Eat glass is fatal :o .
Good One :cheers1: :cheers1:
Since last month.. Many Pty agents eat grass..
After today.. Car dealers eat glass..
Car dealers will survive lah...
The car buyers have been absorbing the costs all along anyway.
The financiers are going to see a dip in the targets though
Wild Falcon
25-02-13, 21:55
I like! But whatever it is, one can be sure that every month 100% of the COE quota will still be taken up :p I think this will impact the new car market more than used car.
is there a loan tenure restriction for resale car if say it is a 2 year old car?
is there a loan tenure restriction for resale car if say it is a 2 year old car?
Max 5 years loan irregardless
Max 5 years loan irregardless
and if the car is 7 years old with 3 years left to run?
and if the car is 7 years old with 3 years left to run?
3 years is less than 5 years... max is 5 years... what is your question again?
edwinleeap
25-02-13, 22:30
and if the car is 7 years old with 3 years left to run?
Case study 1 (Typical jap car):
7 yr old car with 3 yrs left (OMV less than 20k)
Car price: 30k
Downpayment: 12k
Loan 18k
Instalment at 2.88% for 3 yr: $543
Case study 2 (Typical executive/lux car):
7 yr old car with 3 yrs left (OMV more than 20k)
Car price: 65k
Downpayment: 32.5k
Loan: 32.5k
Instalment at 2.88% for 3 yr: $981
So if I buy a 6 year old car, is my loan tenure 4 years? And is my ltv 50-60% of the purchase price?
So if I buy a 6 year old car, is my loan tenure 4 years? And is my ltv 50-60% of the purchase price?
Depend on omv la
edwinleeap
25-02-13, 22:40
Depend on omv la
Case study 3 (New car):
Due to new measures, if COE really drop causing car price to drop drastically to 80k. (BIG IF)
New Car price: 80k
Downpayment: 32k
Loan: 48k
Instalment at 1.88% for max 5yr: $875
See? Even if car price drops a lot, still need cash in hand of 32k, still pay high monthly instalment!!!
I like! But whatever it is, one can be sure that every month 100% of the COE quota will still be taken up :p I think this will impact the new car market more than used car.
Think resale cars with less than 5-yrs will benefit.. Buyers no need to fork out too much even loan cap at 50% or 60%
cars will still be affordable lah, as long as you can moderate your expectations. altis 7 yr old cost only abt 30k+. you guys all ppty investors, what is freaking 30k????
cars will still be affordable lah, as long as you can moderate your expectations. altis 7 yr old cost only abt 30k+. you guys all ppty investors, what is freaking 30k????
Hahah. Correct!
Regulators
25-02-13, 23:28
no dif to me, I never believe in taking car loans, really waste of money unless one is in the business of renting cars.
no dif to me, I never believe in taking car loans, really waste of money unless one is in the business of renting cars.
I agree on this point. The interest rates and the method of calculation for car loans are insane. I prefer to bid for my own COE then proceed to buy a new ready stock car.
cars will still be affordable lah, as long as you can moderate your expectations. altis 7 yr old cost only abt 30k+. you guys all ppty investors, what is freaking 30k????
When I bought car, I wanted to pay whole sum in cash or shorten loan.
But cannot, must loan 7 year minimum. Maximum can pay up to 70% only.
I like this new ruling.
buttercarp
26-02-13, 08:20
When I bought car, I wanted to pay whole sum in cash or shorten loan.
But cannot, must loan 7 year minimum. Maximum can pay up to 70% only.
I like this new ruling.
Huh?
Really arh?
I thought can pay up 100% but the price may be slightly higher than if you take loan?
Without full financing, expats will be hit badly by this ruling. They won't be able to buy a car now unless the company is willing to buy on their behalf.
Car rental business is going to boom.
cars will still be affordable lah, as long as you can moderate your expectations. altis 7 yr old cost only abt 30k+. you guys all ppty investors, what is freaking 30k????
LIKES!!!! I guess we were too used to having very new cars... anything older than 3 yr old was considered v old and time to change ....
Ya 30K shld be peanuts to many bros and sis here la.... Those cash rich ones are going to benefit cos likely to see a downward pressure on the prices
Huh?
Really arh?
I thought can pay up 100% but the price may be slightly higher than if you take loan?
Sis ... ya, can pay 100% but will not enjoy the discount lor .....
looks like someone from LTA spied on my posts
dunno whether now is correct time to change car? my Camry already 5year++, I wait for coe drop possible?, if coe drop my old car value also drop right?
dunno whether now is correct time to change car? my Camry already 5year++, I wait for coe drop possible?, if coe drop my old car value also drop right?
of course, and to make thing worse, second hand dealer may not even want to take in your cars, especially those not so popular model...
Huh?
Really arh?
I thought can pay up 100% but the price may be slightly higher than if you take loan?
if you don take any loan, agent will not be happy as ther will b no cut on the loan commission.
if you still asked for freebies, good luck..:D
of course, and to make thing worse, second hand dealer may not even want to take in your cars, especially those not so popular model...
second hand car dealer got thousand and one excuse to talk down your car price.
i kana so many defects for pre-own cars, till it force me to buy a new car...
got warranty and can demand some more...not that i loaded.
second hand car dealer got thousand and one excuse to talk down your car price.
i kana so many defects for pre-own cars, till it force me to buy a new car...
got warranty and can demand some more...not that i loaded.Yup... they will talk down your car price when taking in your car but will talk up that same car when selling to others... that is their job. Ours as car buyers is to ensure that we get what we bargain for. We must not be taken in their their talks (some are really ironic...)... ;)
of course, and to make thing worse, second hand dealer may not even want to take in your cars, especially those not so popular model...
less than 20k coe, drive till finish, shuak.
FamilyGuy72
26-02-13, 12:26
Makes you wonder if garmen think-tank scholars read up forums like these for their policies :cool:
http://forums.condosingapore.com/showthread.php?t=16406&page=7
Yup... they will talk down your car price when taking in your car but will talk up that same car when selling to others... that is their job. Ours as car buyers is to ensure that we get what we bargain for. We must not be taken in their their talks (some are really ironic...)... ;)
i think the other option is to buy from direct seller..except that loan and transfer got yo DIY and that is pretty easy..the difficuit part is to find a direct seller whom wanted to sell as the dealer price too..
i think the other option is to buy from direct seller..except that loan and transfer got yo DIY and that is pretty easy..the difficuit part is to find a direct seller whom wanted to sell as the dealer price too..
and by this, you shall kill the entire second-hand dealers' business and lots of people will be out of job
cars will still be affordable lah, as long as you can moderate your expectations. altis 7 yr old cost only abt 30k+. you guys all ppty investors, what is freaking 30k????
ture! except for the MTB.
buttercarp
26-02-13, 14:08
Wonder if car rental companies will see an increase in business?
Loan up to 60% for omv less than 20k, 50% for omv more than 20k!
And can only loan for 5 years! No need to change car, COE dropping soon!
I'm not sure is there any loophole whereby..
eg.
Car price after all the discount 200k..
On paper, dealer priced it high high at 300k..
Car buyer just pay 50k.. & balance loan 150k..
Aiyo.. just an example lah!! :D
I'm not sure is there any loophole whereby..
eg.
Car price after all the discount 200k..
On paper, dealer priced it high high at 300k..
Car buyer just pay 50k.. & balance loan 150k..
Aiyo.. just an example lah!! :D
and dealer goes to jail for fraud
Not true, it can be done.
We pay small amount when buy a new car and take loan with rest of free items, then a month later, cancel load and pay 100%, no problem, as other then property loan, rest are all bad loan :tsk-tsk:
When I bought car, I wanted to pay whole sum in cash or shorten loan.
But cannot, must loan 7 year minimum. Maximum can pay up to 70% only.
I like this new ruling.
Case study 3 (New car):
Due to new measures, if COE really drop causing car price to drop drastically to 80k. (BIG IF)
New Car price: 80k
Downpayment: 32k
Loan: 48k
Instalment at 1.88% for max 5yr: $875
See? Even if car price drops a lot, still need cash in hand of 32k, still pay high monthly instalment!!!
But you clear your loan in 5 years. You can use the other 5 years' saving for better things.
Thanks,
Richard
Wonder if prices will drop?
The new Sylphy is coming soon....will it sell at 68k like in 2008? :rolleyes:
http://youtu.be/P1VdJW9MJ6g
and by this, you shall kill the entire second-hand dealers' business and lots of people will be out of job
Nah....that good if true... The dealer better offer some cutting edge service / product to stay afloat...it take a no brainer to just sell a car and totally no after sale service responsibility.
Nah....that good if true... The dealer better offer some cutting edge service / product to stay afloat...it take a no brainer to just sell a car and totally no after sale service responsibility.
if i remember right, sime darby is one of the rare companies that offers guarantees (& whatsoever) for 2nd hand vehicles (BMWs)
it's a no brainer that buying directly from seller will be cheaper than a dealer, who has to cover rent, expenses, etc etc
Not true, it can be done.
We pay small amount when buy a new car and take loan with rest of free items, then a month later, cancel load and pay 100%, no problem, as other then property loan, rest are all bad loan :tsk-tsk:
at least now it cut out the mckey mouse game from the sales loan of the car
edwinleeap
27-02-13, 09:41
But you clear your loan in 5 years. You can use the other 5 years' saving for better things.
Thanks,
Richard
I just bought a resale car and paid up in cash. Just saying that the measures make owning a car quite tough now for marginal buyers. :)
Just take public transport. Forget about car.
if i remember right, sime darby is one of the rare companies that offers guarantees (& whatsoever) for 2nd hand vehicles (BMWs)
it's a no brainer that buying directly from seller will be cheaper than a dealer, who has to cover rent, expenses, etc etc
which business don have to cover rental, expenses ? but don conveniently disproportionate the margin of their profit.
which business don have to cover rental, expenses ? but don conveniently disproportionate the margin of their profit.
perhaps you might want to study the reasons why online shopping is growing
Wonder if prices will drop?
The new Sylphy is coming soon....will it sell at 68k like in 2008? :rolleyes:
http://youtu.be/P1VdJW9MJ6g
i reckon will reach <50k within 3 mths.
work backwards, most normal families only can fork up about 10-30k of downpayment. this means 60k car price give or take. possibly we will be seeing 70k corollas again.
Looking forward to that day. Just got to wait a while.
i reckon will reach <50k within 3 mths. :D
work backwards, most normal families only can fork up about 10-30k of downpayment. this means 60k car price give or take. possibly we will be seeing 70k corollas again.
Looking forward to that day. Just got to wait a while.
i am waiting for those 2011-2012 cars to reach the resale mkt. by then they shld be selling at scrap value. i love buying cars at scrap value - ah gong give you full money back guarantee. and no dealers making high margins from the sale.
i reckon will reach <50k within 3 mths.
work backwards, most normal families only can fork up about 10-30k of downpayment. this means 60k car price give or take. possibly we will be seeing 70k corollas again.If this is true and prices are coming down, I am really glad i didn't upgrade my v old family car late last year and lose out big time. Now I can wait patiently for prices to reach the next stable price and then upgrade. :cheers4:
If this is true and prices are coming down, I am really glad i didn't upgrade my v old family car late last year and lose out big time. Now I can wait patiently for prices to reach the next stable price and then upgrade. :cheers4:
If this is true and prices are coming down, I am really glad i didn't upgrade my v old family HOME late last year and lose out big time. Now I can wait patiently for prices to reach the next stable price and then upgrade. :cheers4:
will this happen? :)
I still have 3 years to go. Hopefully can get a good deal. :D
If this is true and prices are coming down, I am really glad i didn't upgrade my v old family car late last year and lose out big time. Now I can wait patiently for prices to reach the next stable price and then upgrade. :cheers4:
i am waiting for those 2011-2012 cars to reach the resale mkt. by then they shld be selling at scrap value. i love buying cars at scrap value - ah gong give you full money back guarantee. and no dealers making high margins from the sale.You are quite right to point out that these car owners who bought new cars these last 1 or 2 years will have to sell their cars (if they choose to) near scrap values if car prices really plummet. The other option is to just de-register. If so, then COE quantum will drop again... Lol... :cheers3:
I still have 3 years to go. Hopefully can get a good deal. :DActually yours is an ideal situation if you can wait through the 3 years. Not only will the latest CM for car bring down car prices, 2015 will see a huge number of de-registration of vehicles on the road. That will also bring down car prices. Double effects at work and bring joy to car buyers in 2015. Mine car will hand in I/C that same year. Not sure if can secure good deal yet... maybe I won't even wait.. :D
You are quite right to point out that these car owners who bought new cars these last 1 or 2 years will have to sell their cars (if they choose to) near scrap values if car prices really plummet. The other option is to just de-register. If so, then COE quantum will drop again... Lol... :cheers3:
well, i always buy my cars by offering 1k above scrap to sellers who intend to de-reg their cars. the recent coe rally destroyed my hopes and i have driven my current car 3 yrs now (last time always chng car every 2.5 yr).
hope the good old days return.
Actually yours is an ideal situation if you can wait through the 3 years. Not only will the latest CM for car bring down car prices, 2015 will see a huge number of de-registration of vehicles on the road. That will also bring down car prices. Double effects at work and bring joy to car buyers in 2015. Mine car will hand in I/C that same year. Not sure if can secure good deal yet... maybe I won't even wait.. :D
Look forward to this day, at least hope that the Coe price is at reasonable level..
My car due by 2008... So still got time to wait and see..
If this is true and prices are coming down, I am really glad i didn't upgrade my v old family HOME late last year and lose out big time. Now I can wait patiently for prices to reach the next stable price and then upgrade. :cheers4:
will this happen? :)
nope there are many Singapore people with $$$...
well, i always buy my cars by offering 1k above scrap to sellers who intend to de-reg their cars. the recent coe rally destroyed my hopes and i have driven my current car 3 yrs now (last time always chng car every 2.5 yr).
hope the good old days return.The good days will and must return... Lol... watch next bidding exercise to get an idea.. :)
Look forward to this day, at least hope that the Coe price is at reasonable level..
My car due by 2008... So still got time to wait and see..Good for you... me can't wait so long... :scared-3:
50% down. such a waste of good money that can be used to buy properties.
i reckon will reach <50k within 3 mths.
work backwards, most normal families only can fork up about 10-30k of downpayment. this means 60k car price give or take. possibly we will be seeing 70k corollas again.
This is what I think also.... But this is a good policy that should be out early... Imagine those who have bought last year with such a high COE... A good chance they will also scrap their car... to go for cheaper COE... So the available COE will increase even more... The initial few month is critical...
COE is to control the number of cars by increasing the price of cars.. but if we allow people to take loan for COE, it really make not sense anymore.. But I feel now is a good time to open financial company to give personal loan. Singaporean is all cash poor... Now with the new limits on property and car loans.. I believe personal loan will flourish...
But I don't know why the loan limit will affect the price? I remember a few years ago, major cities in China also try this method to prevent people from buying cars. But the car buyer just mock the government policy on the news saying what is the big deal, we pay cash for our car... China is a third world country and Singapore is a first world country... Why China can pay 100% cash but Singapore we have to take loan?
This is what I think also.... But this is a good policy that should be out early... Imagine those who have bought last year with such a high COE... A good chance they will also scrap their car... to go for cheaper COE... So the available COE will increase even more... The initial few month is critical...
COE is to control the number of cars by increasing the price of cars.. but if we allow people to take loan for COE, it really make not sense anymore.. But I feel now is a good time to open financial company to give personal loan. Singaporean is all cash poor... Now with the new limits on property and car loans.. I believe personal loan will flourish...
But I don't know why the loan limit will affect the price? I remember a few years ago, major cities in China also try this method to prevent people from buying cars. But the car buyer just mock the government policy on the news saying what is the big deal, we pay cash for our car... China is a third world country and Singapore is a first world country... Why China can pay 100% cash but Singapore we have to take loan?
wow China is a third world country? which world do u live in?:tongue3:
For omv above 50k rite. Unless I read wrongly.
those 50K OMV normally use PO to pay. So no worries on affordability. Just take out the option on the Sunroof lor ...:scared-2:
This is what I think also.... But this is a good policy that should be out early... Imagine those who have bought last year with such a high COE... A good chance they will also scrap their car... to go for cheaper COE... So the available COE will increase even more... The initial few month is critical...
COE is to control the number of cars by increasing the price of cars.. but if we allow people to take loan for COE, it really make not sense anymore.. But I feel now is a good time to open financial company to give personal loan. Singaporean is all cash poor... Now with the new limits on property and car loans.. I believe personal loan will flourish...
But I don't know why the loan limit will affect the price? I remember a few years ago, major cities in China also try this method to prevent people from buying cars. But the car buyer just mock the government policy on the news saying what is the big deal, we pay cash for our car... China is a third world country and Singapore is a first world country... Why China can pay 100% cash but Singapore we have to take loan?
Agree with the first part. in developed countries its all leverage. For example in US. even u go to the car show room with cash and without a credit history ( i.e. never borrow $ b4) they wont sell u the car. Unless u loan.
This round should work to take some of the demand out of the market. i know of people that took beyone 100% loan just to buy audi and frankly they cannot afford it.
wow China is a third world country? which world do u live in?:tongue3:
We r living in world class country... Hahaha.. Ok la.. Wrong word.. Should be developing...
50% down. such a waste of good money that can be used to buy properties.
U mean pay stamp duty...
Think 50% loan only and 5 years max is the lousiest policy ever. The policy has no concern about what is good for the car buyers and the people (which is super low interest rate benefits car buyers taking max loan). There is even no good rationale why it needs to be done! I believe they are thinking to keep COE from rising? However, to keep COE from rising, they have better weapons:
1) Change COE scheme to "Pay what you bid"
2) Ban car dealers from bidding on your behalf.
However, they choose not to implement the 2 supposedly most effective policies and come out with some :doh:!
This is what I think also.... But this is a good policy that should be out early... Imagine those who have bought last year with such a high COE... A good chance they will also scrap their car... to go for cheaper COE... So the available COE will increase even more... The initial few month is critical...
COE is to control the number of cars by increasing the price of cars.. but if we allow people to take loan for COE, it really make not sense anymore.. But I feel now is a good time to open financial company to give personal loan. Singaporean is all cash poor... Now with the new limits on property and car loans.. I believe personal loan will flourish...
But I don't know why the loan limit will affect the price? I remember a few years ago, major cities in China also try this method to prevent people from buying cars. But the car buyer just mock the government policy on the news saying what is the big deal, we pay cash for our car... China is a third world country and Singapore is a first world country... Why China can pay 100% cash but Singapore we have to take loan?
Think 50% loan only and 5 years max is the lousiest policy ever. The policy has no concern about what is good for the car buyers and the people (which is super low interest rate benefits car buyers taking max loan). There is even no good rationale why it needs to be done! I believe they are thinking to keep COE from rising? However, to keep COE from rising, they have better weapons:
1) Change COE scheme to "Pay what you bid"
2) Ban car dealers from bidding on your behalf.
However, they choose not to implement the 2 supposedly most effective policies and come out with some :doh:!
I agree with the first point especially. Those luxury car dealers dare to bid $150,000 COE then let them pay $150,000 if the clearing bid is at $90,000. Afterall, they were prepared to pay that much mah.
Good day to go car shopping for good deal or at least to feel the sentiment.
Good day to go car shopping for good deal or at least to feel the sentiment.
i heard bmw and audi up their price to reflect the higher ARF charge. But I guess their COE rebate will also be pretty high?
i heard bmw and audi up their price to reflect the higher ARF charge. But I guess their COE rebate will also be pretty high?
Yep....
In addition, over trades on your vehicle are reduced.
Also..... valuations for resale vehicles plunged overnight
Second hand dealers kenna jia lat jia lat overnight.
Just sent my car for servicing. We were discussing on COE and second hand car. He mentioned that it is not a bad idea to renew the COE for five or ten years if the prevailing COE comes down to 50k. It may be beneficial for those currently in the 50s. Another 10 years with will 60s and may not be buying another one. He mentioned continental car servicing cost a boom. Some of the newer continental cars are not that reliable like the older model. Some may give problem after 5 years.
Just sent my car for servicing. We were discussing on COE and second hand car. He mentioned that it is not a bad idea to renew the COE for five or ten years if the prevailing COE comes down to 50k. It may be beneficial for those currently in the 50s. Another 10 years with will 60s and may not be buying another one. He mentioned continental car servicing cost a boom. Some of the newer continental cars are not that reliable like the older model. Some may give problem after 5 years.
I had one conti car that was it. The japs don't have as good a road holding feeling but its reliablility more than makes up for it.
Just sent my car for servicing. We were discussing on COE and second hand car. He mentioned that it is not a bad idea to renew the COE for five or ten years if the prevailing COE comes down to 50k. It may be beneficial for those currently in the 50s. Another 10 years with will 60s and may not be buying another one. He mentioned continental car servicing cost a boom. Some of the newer continental cars are not that reliable like the older model. Some may give problem after 5 years.
Not true, my dad is still driving. He's 80.... :)
Sure. I have a friend who ask the dad to drive an old merc so that people will give way to them but he drives at only 60km/h. Another one got a yellow triangle for his mum.
Not true, my dad is still driving. He's 80.... :)
Sure. I have a friend who ask the dad to drive an old merc so that people will give way to them but he drives at only 60km/h. Another one got a yellow triangle for his mum.
True... Give give way to them....:D I hope I would be able to drive at 80:D
i tend to think this is one of the best policy and it should have come early. Those not enough cash should either go for older cars (left 3/4 yrs cars) and Jap cars instead of conti cars...
you can see on paper some 26yrs old looking at BMW and now have to shelf their plan...see?? these are likely those who always complain cannot afford to buy cars, but if u look into it, it is those branded lux cars that they cannot afford.
the mentality of the younger gen is damn bad as you can see, they dare to complain why the policy never cater for those first timer who needs the car. They need the car because they need to drive their family to zoo, they need the car because they have a lot of things to carry...too good life already. last time where got like that.
cannot afford now then save more, cannot afford big car then drive small ones...get the older cars...
and similar to buying hdb, cannot afford 5 rm at red hill then get a 4rm in CCK or things like that la. sure can do it one...:o :2cents:
so now,
tax the rich more for those higher omv type, and if you are not rich and want big car, haha, so be it.
50% or 60% loan with max 5 yrs, not enough cash, dont over stretched, save enough money then say.
in a way, good for our society as a whole :D
But if you look at a a pickup cost about $95000 now. Pity the SME and consumer will have to bear with the higher cost of living.
i tend to think this is one of the best policy and it should have come early. Those not enough cash should either go for older cars (left 3/4 yrs cars) and Jap cars instead of conti cars...
you can see on paper some 26yrs old looking at BMW and now have to shelf their plan...see?? these are likely those who always complain cannot afford to buy cars, but if u look into it, it is those branded lux cars that they cannot afford.
the mentality of the younger gen is damn bad as you can see, they dare to complain why the policy never cater for those first timer who needs the car. They need the car because they need to drive their family to zoo, they need the car because they have a lot of things to carry...too good life already. last time where got like that.
cannot afford now then save more, cannot afford big car then drive small ones...get the older cars...
and similar to buying hdb, cannot afford 5 rm at red hill then get a 4rm in CCK or things like that la. sure can do it one...:o :2cents:
so now,
tax the rich more for those higher omv type, and if you are not rich and want big car, haha, so be it.
50% or 60% loan with max 5 yrs, not enough cash, dont over stretched, save enough money then say.
in a way, good for our society as a whole :D
get a 2nd hand one...:)
Izusu NPR71L, COE till 2017, 37K still got change....big enough or not :D
But if you look at a a pickup cost about $95000 now. Pity the SME and consumer will have to bear with the higher cost of living.
Not true, my dad is still driving. He's 80.... :)
respect! they look good in vintages.
Just sent my car for servicing. We were discussing on COE and second hand car. He mentioned that it is not a bad idea to renew the COE for five or ten years if the prevailing COE comes down to 50k. It may be beneficial for those currently in the 50s. Another 10 years with will 60s and may not be buying another one. He mentioned continental car servicing cost a boom. Some of the newer continental cars are not that reliable like the older model. Some may give problem after 5 years.
you lose your PARF rebate when you renew your COE. if u driving a decently large car, that is easily 20-30k or more. with that money, you already can part of the deposit for a mid size conti.
if i were going into retirement, i would rather get a small new car than keep my big old car.
not forgetting road tax goes up to 150%, which is more exx for your big old car too.
If Govt. wants to be PRO-family and kids, they should offer some concessions for owning a car for those families with kids, just like they give a discount on the maid levy for having a maid.
Any suggestions?
Forum members with kids, please lobby your MPs.
I will lose about $7000 based on the LTA parf calculator. It is really the opportunity cost of putting Cash $100k plus payment of higher interest of a car loan at actual 3-4%/pa into a depreciating item rather than in an appreciating item. It only make sense to renew if COE drop to 30k. Furthermore, car dealers are buying used car a lower price now due to uncertainty. Why sell when one get penalised both ways.
you lose your PARF rebate when you renew your COE. if u driving a decently large car, that is easily 20-30k or more. with that money, you already can part of the deposit for a mid size conti.
if i were going into retirement, i would rather get a small new car than keep my big old car.
not forgetting road tax goes up to 150%, which is more exx for your big old car too.
If Govt. wants to be PRO-family and kids, they should offer some concessions for owning a car for those families with kids, just like they give a discount on the maid levy for having a maid.
Any suggestions?
Forum members with kids, please lobby your MPs.
i already wrote to chan chun sing few months ago.
not working leh.
i told him 3 kids or more - priority for car/housing/pri school/childcare/subsidies.
the only thing that worked is the housing - and more for new citizen than us.
I will lose about $7000 based on the LTA parf calculator. It is really the opportunity cost of putting Cash $100k plus payment of higher interest of a car loan at actual 3-4%/pa into a depreciating item rather than in an appreciating item. It only make sense to renew if COE drop to 30k. Furthermore, car dealers are buying used car a lower price now due to uncertainty. Why sell when one get penalised both ways.
if your PARF rebate is $7k, you must be driving a 1.6L car. it is ok to keep it becoz the "loss" on the PARF is not high plus the road tax at 150% will not kill you.
anyway now is the transition period where used car dealer take in low but COE haven't dropped yet (ie: sell low/buy high). best thing to do for the next 6 mths is status quo. once COE stabilise, the mkt will be back to normal (ie sell high/buy high, or sell low/buy low).
i already wrote to chan chun sing few months ago.
not working leh.
i told him 3 kids or more - priority for car/housing/pri school/childcare/subsidies.
the only thing that worked is the housing - and more for new citizen than us.
Write again to propose 80% LTV for first car for those families with children (under the same definition as for the maid levy).
This will bring it in line with property 80% LTV for first property.
Keep on writing. SPAM ministers' facebooks walls with appeals for this.
IMO IT IS NOT AN UNREASONABLE SUGGESTION and is in line with Govt's mantra to increase fertility rate. And it costs Govt nothing. We are still the ones paying for our cars.
Current "incentives" are not enough.
the key point is - they wan to increase import, becoz new citizens will vote them.
making us produce more anti-PAP kids is not going to help them.
get it? :simmering: :simmering: :simmering: :banghead: :banghead: :banghead: :banghead:
the key point is - they wan to increase import, becoz new citizens will vote them.
making us produce more anti-PAP kids is not going to help them.
get it? :simmering: :simmering: :simmering: :banghead: :banghead: :banghead: :banghead:
It is quite true. If the parents are anti PAP, there is a good chance their children will vote the same. However, still a long way before newborn is eligible to vote. So, u think too far.
I am sure they are more concern about the next coming GE.
bargain hunter
04-03-13, 14:57
PRO family? whole family with kids squeeze and take mrt and bus. go through thick and thin, encourage family cohesiveness.
If Govt. wants to be PRO-family and kids, they should offer some concessions for owning a car for those families with kids, just like they give a discount on the maid levy for having a maid.
Any suggestions?
Forum members with kids, please lobby your MPs.
PRO family? whole family with kids squeeze and take mrt and bus. go through thick and thin, encourage family cohesiveness.
and lengthy train breakdowns are a cause for celebration since it promotes family bonding........:eek: :eek:
and lengthy train breakdowns are a cause for celebration since it promotes family bonding........:eek: :eek:
A good opportunity to teach our children not to take smooth train ride for granted. :tongue3:
Allthepies
04-03-13, 20:56
The best way to encourage practical Singaporeans to pro-create is to use disincentives.
Those who have lesser than 3 kids, cap their maximum pay at $5K per month. Those career minded will put pro-creation at top priority; we will start to have more children :D :D
How about anybody needs to have at least a dozen kids before they can be a Minister? :p:cheers4:
The best way to encourage practical Singaporeans to pro-create is to use disincentives.
Those who have lesser than 3 kids, cap their maximum pay at $5K per month. Those career minded will put pro-creation at top priority; we will start to have more children :D :D
Wats the problem go green buy older cars. Why all so fixated on new cars. If family's with kids get to buy with 80% loan then wat abt those with old parents? What abt those with need to do sales job? What abt those who want to have children? Wat abt those who live far from work?
So many lee u need a new car.
Why not consider buy a 2nd older car or take taxi. There are choices why must be new car?
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