MAS Imposes Financing Restrictions on Motor Vehicle Loans
- Thread starter C3P0
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Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Unlike many of you paper traders :nehnehhh: I'm actually in the market these past couple of weeks helping a friend shop for a car. Last Saturday we went to the AD in Leng Kee and then a used-car mart in Clementi... real life example:
New car: list price $215k, negotiated offer $195k with some goodies
Used car (9 months old): list price $175k, verbal offer $172k with high trade in
With the new rules, her ARF went from $30k to (20 + 1.4*10) = $34k, so up by $4k. BUT the AD salesman has gone into hiding since and on sgcarmart the used-car price has been cut by about 7% to $160k.
I think a 7% drop is probably conservative since everyone is still feeling their way around. The second COE auction... March 31... will be telling.
Unlike many of you paper traders :nehnehhh: I'm actually in the market these past couple of weeks helping a friend shop for a car. Last Saturday we went to the AD in Leng Kee and then a used-car mart in Clementi... real life example:
New car: list price $215k, negotiated offer $195k with some goodies
Used car (9 months old): list price $175k, verbal offer $172k with high trade in
With the new rules, her ARF went from $30k to (20 + 1.4*10) = $34k, so up by $4k. BUT the AD salesman has gone into hiding since and on sgcarmart the used-car price has been cut by about 7% to $160k.
I think a 7% drop is probably conservative since everyone is still feeling their way around. The second COE auction... March 31... will be telling.
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Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
eh i know one uncle sell 'tao-huey' until can buy 1 condo with cash every year hor...
tat time newspaper got show a wantanmee seller living in bungalow or something rite? mwahahahaha....
eh i know one uncle sell 'tao-huey' until can buy 1 condo with cash every year hor...
tat time newspaper got show a wantanmee seller living in bungalow or something rite? mwahahahaha....
MW;961060 said:
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Pls lah, toa payoh one ah pek selling curry puffs is a millionaire ok.
So I ask u all...BMW cheap or expensive is better?
Think properly then answer.
U all dun have an answer I will bet cos u want it cheap YET u wan it expensive to retain exclusivity, or else people will say "BMW only wat, whole street have.."
Pls lah, toa payoh one ah pek selling curry puffs is a millionaire ok.
So I ask u all...BMW cheap or expensive is better?
Think properly then answer.
U all dun have an answer I will bet cos u want it cheap YET u wan it expensive to retain exclusivity, or else people will say "BMW only wat, whole street have.."
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
for the same income, i'd rather be a tao huey seller wearing a singlet to work at the hawker centre than an office job in CBD. less effort, less responsibilities, no nonsense from bosses and colleagues, no expensive season parking, probably less taxes to pay. haha
tofumonkey;961095 said:
for the same income, i'd rather be a tao huey seller wearing a singlet to work at the hawker centre than an office job in CBD. less effort, less responsibilities, no nonsense from bosses and colleagues, no expensive season parking, probably less taxes to pay. haha
yellowhandman
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
I don't think anyone would view these measures as being aimed at controlling car population. They are clearly meant to control the price.
powersteer;961056 said:
I don't think anyone would view these measures as being aimed at controlling car population. They are clearly meant to control the price.
MAS Imposes Financing Restrictions on Motor Vehicle Loans
Just wondering... Assuming rule party keeps these new policies in place for the next 5-8 years...
5 years later there will be a lot of folks with fully paid cars.. Then when they change cars.. Their trade in will be high... Buy better faster more ex car? Back to square one right for the car prices?
Just wondering... Assuming rule party keeps these new policies in place for the next 5-8 years...
5 years later there will be a lot of folks with fully paid cars.. Then when they change cars.. Their trade in will be high... Buy better faster more ex car? Back to square one right for the car prices?
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Car demand will be lower, but those who are owning cars now should be able to extract some cash values for the next car. If you have the cash, the new system might work better for you as long as the ARF increase does not offset the lower car/COE prices - i.e. you are not going after the high OMV cars.
porky88 said:
Car demand will be lower, but those who are owning cars now should be able to extract some cash values for the next car. If you have the cash, the new system might work better for you as long as the ARF increase does not offset the lower car/COE prices - i.e. you are not going after the high OMV cars.
wobbles
Well-Known Member
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
OK. My dreams of ever driving a Porsche & getting hit by stones thrown by totoseow have vanished with the new rules. My dreams of having a dozen GCBs all collecting fat fat rental also gone because property tax so high now.
But, I don't blame the zheng hu.
I only blame myself - not rich, clever, lucky enough to beat the system, or to rise above it.
Suck thumb. Humble post. I da man.
OK. My dreams of ever driving a Porsche & getting hit by stones thrown by totoseow have vanished with the new rules. My dreams of having a dozen GCBs all collecting fat fat rental also gone because property tax so high now.
But, I don't blame the zheng hu.
I only blame myself - not rich, clever, lucky enough to beat the system, or to rise above it.
Suck thumb. Humble post. I da man.
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans
Auto Loan, Car Loans, Low Interest Loan | DBS Bank Singapore
To make up for lower volume, less loan uptake and shorter loan term?
Mockngbrd;961131 said:
Auto Loan, Car Loans, Low Interest Loan | DBS Bank Singapore
To make up for lower volume, less loan uptake and shorter loan term?
