Ripple Effect of Car Loan Curbs

[Hydrocarbon]

should not have any exit to any artillery road (easy to build, no bottleneck, etc)

limited exit re-join lower level expressway with all the existing exits ...

by doing so, the upper level is free of any limitations and heavy development cost to connect to artillery road

 

Yeps! No bottle necks which will reduce jams. But the entry and exit points must be planned well, coz if they made it, but the entry / exit always jam, it also doesn't solve the problem. The upper lane should be like some express trains in US / Europe. Not so many stops, if people want to travel to somewhere in between, use a different road, or travel further then U-turn after the exit.

[Taipan49]

remove all those bloody country clubs la...who still talk about biz during golf?rubbish..only good for pappies to go there and imagine they are playing like tiger woods.

 

That is because cycling is the new golf! http://www.economist.com/blogs/prospero/20...ness-networking

 

 

[Taipan49]

All this talk of elevated expressways fails to address the issue of driving from your house to the expressway, and from the expressway to your destination. If arterial roads aren't built for larger capacity (which many in Singapore have limited capacity), then all you are doing is getting to your local area jam faster to wait longer and using a very expensive bit of infrastructure to do so which has to do be funded out of general taxation, and that in turn means cuts to other government programs need to be made.

 

[Wt_know]

you are right. so, instead of all cheong to city, we must have distributed CBD which the government is planning

central (raffles/city hall/tanjong pagar), north (woodland), south (marina), west (jurong), east (tampinese)

with distributed cbd, hopefully the load of cars can be distributed to 4 regions ... when cross regions elevated expressway is critical .... ie: from tampinese/punggol to tuas

now is north, east, west all cheong to central and south ... and all current expressway is choked due to the exit to arterial road ... such as steven road, clementi ave 6, etc

 

anyway, this is not a far fetch idea ... if 6,900,000 population ... sooner or later either go UP or go DOWN to look for more space for road ... LOL

 

the current quick fix is UPSIZE current expressway ... after this has been fully exhausted ... then what?

 

All this talk of elevated expressways fails to address the issue of driving from your house to the expressway, and from the expressway to your destination. If arterial roads aren't built for larger capacity (which many in Singapore have limited capacity), then all you are doing is getting to your local area jam faster to wait longer and using a very expensive bit of infrastructure to do so which has to do be funded out of general taxation, and that in turn means cuts to other government programs need to be made.

Edited June 7, 2013 by Wt_know

[Beanoyip]

the current quick fix is UPSIZE current expressway ... after this has been fully exhausted ... then what?

 

 

Double, triple, quadruple tier the roads..

[Willrunning]

Please be careful of this company:

 

Ultra Speed in woodlands industrial Blk 180.

 

They are dishonest and overcharge customers. They also lie about their intentions. Luckily I did nit take their quote for insurance. I did my homework and only paid 1.2k for my insurance. They wanted to charge me $2.7k!!

 

Dishonest dealers must be blacklisted. This is just a warning. I know I've been a fool and been stupid. Thus is the worst car dealer I've met. I'm ok if the dealer makes money but cheating me to scrap my car then selling it in the open market is just unscrupulous.

 

They also try all means to be dishonest.. Charge special admin fee, inflate insurance prices etc etc.

 

I was cheated almost $10k. When I called him and ask him why, he was still rude.

[Deckbuild]

I heard from radio news just now that due to rising COE after the 50% loan 5 years repayment, govt think it's not the way to kill the peasant so they will scale it to 80% 8 years? Did I or not hear wrongly? Anyone have any source to it?

[Spurman]

It's the car representives for used car dealers who make the request:

 

SINGAPORE: The Singapore Vehicle Traders Association which represents the interests of over 400 used car dealers here is renewing its call for a review on car loan curbs.

 

It said many dealers have seen sales drop by between 30 and 80 per cent since the 60-day reprieve period ended in early June.

 

Used car dealers sold most of their stock of about 7,000 cars during the 60-day reprieve period from April 6 to June 4.

 

Before the loan curbs kicked in, buyers used to be able to take up to 100 per cent loans for car purchases.

 

Now that they are unable to do so and dealers are feeling the pinch once again.

 

Raymond Tang, honorary secretary of Singapore Vehicle Traders Association, said: "In July, the situation is very bad. We have made a survey and majority of the dealers are not selling (well)."

 

Under current rules, buyers of both new and used cars can only get a loan of up to 60 per cent.

 

The loan period is capped at five years, down from 10 years.

 

Dealers said sales have also been affected by a smaller supply of used cars in the market as more people hold on to their cars.

 

Vincent Wong, director of First Automobile Premium, said: "We have actually experienced as much as a 30 to 40 per cent of depletion of sales and generally to us, it is quite an extensive impact. For the dealers to recover their stocks and replenish their stocks, it is quite difficult at this point of time.

 

Mr Wong added: "For many of these people, they are not able to change and so they are holding on to their cars. The dealers are also very careful in the valuation of cars. They cannot be buying too high and if they do, it will put themselves in a big financial difficulty."

 

The loan curbs were introduced to encourage financial prudence.

 

The Singapore Vehicle Traders Association said Certificate of Entitlement (COE) prices are still high in recent bidding rounds.

 

Prices for both small and big cars were over S$70,000 in the latest bidding round.

 

The association has proposed that used car buyers be able to borrow up to 80 per cent of loan which can be serviced over eight years. It said the move will help ease COE premiums.

 

Mr Tang said: "In this way, I feel that it might help to stabilise the COE premiums because they might pull a small group of people from buying a new car to the used car. If there is a small group of people coming over, that might also slow down the demand on the new car.

 

"Eighty per cent is quite a fair bit because in terms of used car, it is more towards the mass market and middle and lower income people. I think that telling them to fork out at one go of 40 to 50 per cent of down-payment is might be a very heavy amount for them."

 

The COE quota for the next six month period starting from August this year to January next year will be about eight per cent higher.

 

However, dealers said it will unlikely to have much of an impact and bring down COE prices significantly."

 

The association intends to submit its proposal to the Monetary Authority of Singapore this month.

[Deckbuild]

Oh, I heard wrongly, thanks for clarification

[Spurman]

I also heard the news this morning, also thought the policies change again. So fast like changing clothes. Then realized that its a "thought", "proposal" only. But for the govt to step in and change again. Hmm.....

 

But to be frank. The used car market is in bad shape, no doubt. Authorized dealers. Some good some Jia lat depends on models. But frankly with a small pool of new cars to be sold each month, it's not going to be easy to survive in this trade.

 

So used cars also same. Less ppl change cars, less cars for sales. Poor business. And the number one killer. Rental and more rental......

 

Secondly is also "greed"..., however do note that in all business, who in the right frame of mind wants to make losses..... So b4 we start bashing the greedy dealers. Put yourselves in their shoes, what can they do?

[Sugar]

I also heard the news this morning, also thought the policies change again. So fast like changing clothes. Then realized that its a "thought", "proposal" only. But for the govt to step in and change again. Hmm.....

 

But to be frank. The used car market is in bad shape, no doubt. Authorized dealers. Some good some Jia lat depends on models. But frankly with a small pool of new cars to be sold each month, it's not going to be easy to survive in this trade.

 

So used cars also same. Less ppl change cars, less cars for sales. Poor business. And the number one killer. Rental and more rental......

 

Secondly is also "greed"..., however do note that in all business, who in the right frame of mind wants to make losses..... So b4 we start bashing the greedy dealers. Put yourselves in their shoes, what can they do?

 

i have nothing against dealers going for max profit.

 

but there are many dealers out there who cheat! thats the main problem

[macrosszero]

Then if 8/80 still don't bring back the car dealers' old profits they will once again "propose" 9/90. After a while back to 10/100. Back to square one?

[Passion]

Then if 8/80 still don't bring back the car dealers' old profits they will once again "propose" 9/90. After a while back to 10/100. Back to square one?

I think 8/80 is just abt right. 5/50 or 5/60 is a little extreme. Gradual increment is ok, but sudden jump will kill alot of business. Singaporean are asset rich, not necessary cash rich. And to pump out 50 to 80k upfront, it is not impossible, but nobody will do it if their income is 5k to 7k a month with family commitment. Naturally will kill businesses.