MAS imposes restrictions on private car loan!

[Shanhz]

Wonder if prices will drop?

The new Sylphy is coming soon....will it sell at 68k like in 2008?
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.

[DC33_2008]

Looking forward to that day. Just got to wait a while.

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.

[Shanhz]

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.

[ysyap]

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.

[Shanhz]

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.

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.


will this happen?

[DC33_2008]

I still have 3 years to go. Hopefully can get a good deal.

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.

[ysyap]

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...

[ysyap]

I still have 3 years to go. Hopefully can get a good deal.

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..

[Shanhz]

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...

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.

[zzz1]

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..

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..

[minority]

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.


will this happen?

nope there are many Singapore people with $$$...

[ysyap]

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..

[ysyap]

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...

[kane]

50% down. such a waste of good money that can be used to buy properties.

[RCT]

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?

[price]

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?

[samuelk]

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 ...

[minority]

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.

[RCT]

wow China is a third world country? which world do u live in?

We r living in world class country... Hahaha.. Ok la.. Wrong word.. Should be developing...

[radha08]

50% down. such a waste of good money that can be used to buy properties.

U mean pay stamp duty...

[teddybear]

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 !

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?

[kane]

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 !

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.

[DC33_2008]

Good day to go car shopping for good deal or at least to feel the sentiment.

[kane]

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?

[logic]

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

[kane]

Second hand dealers kenna jia lat jia lat overnight.

[DC33_2008]

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.

[kane]

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.

[sh]

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....

[DC33_2008]

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....