MAS Imposes Financing Restrictions on Motor Vehicle Loans

[jawzsg]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I can no longer afford to change car when my COE expire at the end of the year. This also mean I can no longer have this job which requires me to have a car. I have never own a new car in my life and the 2 bimmers I had were COE renewed based model 316s. To me, they are better built, hardy and safer for what I can afford. Its more about value than badge.

Such policy affects me negatively as buying a car is not a want but a requirement to stay employed. The only way out is to look for a new job without such requirements, which is a difficult step for me. I have a kid in lower secondary and also looking after my aged parent and in-laws who are no longer employed. The policy is abit too drastic. I only wished that it was tweaked to be more progressive so people in my shoes could have time to make necessary adjustments.

 

[diablo_728]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I think it's going to be tough for anyone in their late 20s to early 30s to buy a private property in full cash, unless you have the good fortune of earning extremely well or being born rich. Property prices are just too high now. 5 to 10yrs ago it could have been possible.

I feel the drastic measures are just a reaction to the fact that lots of ppl are over stretching themselves. It's amazing that 200k cars are sold so easily. As all policies certain segments of ppl will be affected. But this is timely to curb the high Coe prices.

I m sure it will be tweaked as soon as the prices start to stabilize.

 

[iltdqd]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

3 to 5yrs later, your shirt will be pulled up as high as the living standard and your boxer brief will be pushed down as low as your spending power... prc xmm say one... haiz....i hope i wont be screwed by then...

 

[wobbles]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I can no longer afford to change car when my COE expire at the end of the year. This also mean I can no longer have this job which requires me to have a car. I have never own a new car in my life and the 2 bimmers I had were COE renewed based model 316s. To me, they are better built, hardy and safer for what I can afford. Its more about value than badge.

Such policy affects me negatively as buying a car is not a want but a requirement to stay employed. The only way out is to look for a new job without such requirements, which is a difficult step for me. I have a kid in lower secondary and also looking after my aged parent and in-laws who are no longer employed. The policy is abit too drastic. I only wished that it was tweaked to be more progressive so people in my shoes could have time to make necessary adjustments.

Excellent post, excellent points. Still, you can renew COE when yours expire at the end of the year, hopefully? Maybe COE prices then will be more manageable...

 

[wt_know]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

i think govt is making a "bold" move instead of test-n-see like property CM1 to CM7

The previous 70% loan, 7 years should be acceptable but this time really kill the market. And I hope eventually the market not as bad as I think.

 

[zorro]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

The recent policy change is also aim at reducing the cost of bread & butter car by hitting the over exuberance COE by loan tenure/amount and at the same time taxing the luxury cars more. I guess it will be cheaper to buy a Toyota/Hyundai few months down the road but the only problem is the downpayment of 40% which I believe the dealers will get around it easily.

Seriously If I need the car for my job especially sales job, I rather get a Jap make and not BMWs or continental cars for its sheer reliability and cheap maintenance...

I can no longer afford to change car when my COE expire at the end of the year. This also mean I can no longer have this job which requires me to have a car. I have never own a new car in my life and the 2 bimmers I had were COE renewed based model 316s. To me, they are better built, hardy and safer for what I can afford. Its more about value than badge.

Such policy affects me negatively as buying a car is not a want but a requirement to stay employed. The only way out is to look for a new job without such requirements, which is a difficult step for me. I have a kid in lower secondary and also looking after my aged parent and in-laws who are no longer employed. The policy is abit too drastic. I only wished that it was tweaked to be more progressive so people in my shoes could have time to make necessary adjustments.

 

[MW]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I can no longer afford to change car when my COE expire at the end of the year. This also mean I can no longer have this job which requires me to have a car. I have never own a new car in my life and the 2 bimmers I had were COE renewed based model 316s. To me, they are better built, hardy and safer for what I can afford. Its more about value than badge.

Such policy affects me negatively as buying a car is not a want but a requirement to stay employed. The only way out is to look for a new job without such requirements, which is a difficult step for me. I have a kid in lower secondary and also looking after my aged parent and in-laws who are no longer employed. The policy is abit too drastic. I only wished that it was tweaked to be more progressive so people in my shoes could have time to make necessary adjustments.

jawsg's 1st serious post in years

 

[wt_know]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

in the good old days, an early 20's chap dream or first car is civic, mits or suzuki
now early 20's chap 1st car is vw golf, bmw 116/316, audi a1/a4, merc c180

The recent policy change is also aim at reducing the cost of bread & butter car by hitting the over exuberance COE by loan tenure/amount and at the same time taxing the luxury cars more. I guess it will be cheaper to buy a Toyota/Hyundai few months down the road but the only problem is the downpayment of 40% which I believe the dealers will get around it easily.

Seriously If I need the car for my job especially sales job, I rather get a Jap make and not BMWs or continental cars for its sheer reliability and cheap maintenance...

 

[zorro]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

My first car was a beat up Mazda 323 and i am proud of it but when a BMW zoom pass I will always say to myself Show Off Bastard but deep inside I will say I will get one of these someday...

yalor ... in the good old days, an early 20's chap dream or first car is civic, mits or suzuki
now early 20's chap car is vw golf, bmw 116/316, audi a1/a4, merc c180

 

[yellowhandman]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

When I bought my first car (admittedly, with a bit of help from parents), I looked at a BMW but knew I couldn't afford it. So I ended up buying a Seat Toledo that at least looked like a BMW, at the time. Subsequently, got married and bought a family friendly Peugeot station wagon. I finally got my BMW last year, after fifteen years of working.

Patience is a virtue that isn't strong in today's young adults who are just starting out working.

 

[zorro]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

My 2cts opinion...Dun Flame me ya.

One has to differentiate between Wants and Needs.....and Wear the hat that fits your head and simplicity brings happiness......

Btw...I am also quilty when come to XMM...Damm I am such a failure....

 

[wobbles]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I haolian. My first car is an individual optioned, sun-roofless, Carbon Black F13 with M sport kit and 20" wheels, tinted by Triple Chin and groomed by Revol. Paid for by myself, and just cleared the loan with the bank.

That's the truth - because all the other car's prior to this fcuking old uncle (aka moi) owning his first, were registered under wifey's name, so I owned jack all for the longest time until last year.

Her first car, 30% downpayment, 7 year loan (those were the rules back then) was a Honda City that did 80,000km in a year because we loved it so much, we kept driving it up to her hometown to haolian - Sin Jia Por Chiar leh, dun pray pray - all of $79,000. ah, the good old days

 

[zorro]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

As usual you farking Howlian but guess you wear the hats that fit your head size...

I haolian. My first car is an individual optioned, sun-roofless, Carbon Black F13 with M sport kit and 20" wheels, tinted by Triple Chin and groomed by Revol. Paid for by myself, and just cleared the loan with the bank.

That's the truth - because all the other car's prior to this fcuking old uncle (aka moi) owning his first, were registered under wifey's name, so I owned jack all for the longest time until last year.

Her first car, 30% downpayment, 7 year loan (those were the rules back then) was a Honda City that did 80,000km in a year because we loved I so much, we kept driving it up to her hometown to haolian - Sin Jia Por Chiar leh, dun pray pray - all of $79,000. ah, the good old days

 

[Baby1M]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

in the good old days, an early 20's chap dream or first car is civic, mits or suzuki
now early 20's chap 1st car is vw golf, bmw 116/316, audi a1/a4, merc c180

Times HAS changed indeed.

 

[wobbles]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

As usual you farking Howlian but guess you wear the hats that fit your head size...

Heheh. Yesh. I also wear the condom that fits my ¢0£k. That's why those have to be custom made for XXXL size and security shipped via my private jet to my 500,000 sqf run lion GCB.

I think I forgot to take my morning medications......

 

[ac323]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

in the good old days, an early 20's chap dream or first car is civic, mits or suzuki
now early 20's chap 1st car is vw golf, bmw 116/316, audi a1/a4, merc c180

more likely to be: Roc, TT, 335i and more powerful cars.........










cheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeers

 

[detach8]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

jawsg, no policies are forever. When the banks start complaining MAS will tweak it again. Be abit more optimistic. If need be you can still buy COE cars relatively cheap.

 

[detach8]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

You all talk about first car... my first car is a Nissan March 1.0A. Dirt cheap, depreciation was $2,000+.

I drove the crap out of it until the engine blew up within a year. Subsequently I sold it and got my second car, Nissan Latio.

That car is still around today, but with a different owner of course.

 

[porky88]

MAS Imposes Financing Restrictions on Motor Vehicle Loans

First car was new audi.. never owned jap/kor... Me super show off

BUT.. I am very sure I used the public transport much much longer...

 

[MW]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

solid u all, from car prices to wants vs needs to talking about your 1st cars...

Govt did right for once to ignite such issues for discussions... and confirm one thing... Singaporeans are damn rich...all just want cars.. whatever happened to rising prices of rice and vegetables??? HAHAHA