Mllcg 3rd Gear February 25, 2013 Share February 25, 2013 I say this policy is fierce, but good, unfortunately it does not warrants a perfect rating as it will still benefit mid to high income group. I guess no-where in the world will have a policy that benefits all levels in terms of car ownership.. especially the lower income group. Maybe thailand?? Lets wait and see for the next 2 bidding on the effects. I believe this is the good work of pretty minister teo , not that of lousy uncle Liu.. there are cars that cost 500USD in japan and USA.. that price benefits the lower income. middle and upper no need say.. they can also choose that 500USD car if they want or get sth better ↡ Advertisement Link to post Share on other sites More sharing options...
Altum Neutral Newbie February 25, 2013 Share February 25, 2013 if coe crash landed $30k-ish will $90K coe owner scrap car? Only those who have reached breakeven point can afford to scrap. Unlikely for those on 10 year loan. Link to post Share on other sites More sharing options...
Mllcg 3rd Gear February 25, 2013 Share February 25, 2013 Only those who have reached breakeven point can afford to scrap. Unlikely for those on 10 year loan. a waste to see new cars getting scrapped Link to post Share on other sites More sharing options...
Joseph22 Turbocharged February 25, 2013 Share February 25, 2013 Only those who have reached breakeven point can afford to scrap. Unlikely for those on 10 year loan. 10 years loan break even on 7 years lah. Link to post Share on other sites More sharing options...
Mllcg 3rd Gear February 25, 2013 Share February 25, 2013 10 years loan break even on 7 years lah. depends on what car also.. if high COE car with low OMV and ARF, can break even in about 2 years Link to post Share on other sites More sharing options...
Antlau 1st Gear February 25, 2013 Share February 25, 2013 I just want to point out 1 thing... even if the new policy means only the RICH can buy, then so be it. The RICH can buy 100cars per person for all they want (and heck i care), at the end of the day, that particular RICH person can only drive ONE car at any particular moment. I do hope that seriously reduce the number of cars on the road at any particular moment. that is the main concern. I am not rich, and i can say i am even poorer than the poor. One thing is for sure, i will not buy a car in Singapore ever again, because the prices is just so crazy, obscene and ridiculous... Link to post Share on other sites More sharing options...
FocusWagon 1st Gear February 25, 2013 Share February 25, 2013 So where are the statistics of car owners taking how much loan and for how long for the past 5-10 years?? I'm sure MAS come to this new ruling after taking consideration of the past statistics. Anyone?? i thikn i recently read, maybe in chinese paper... that average loans have gone up from 82k to 87k this year. and most buyers are taking 80-100% loan over 10 years. the other grp pay full cash. in between, very few. Link to post Share on other sites More sharing options...
Cheridan Neutral Newbie February 25, 2013 Share February 25, 2013 time to hold the horses tillhopefully coe drop drop drop Link to post Share on other sites More sharing options...
Altivo 3rd Gear February 25, 2013 Share February 25, 2013 http://www.straitstimes.com/breaking-news/...nnouncement-201 Car showrooms stay open till midnight in the wake of Budget announcement Car showrooms along the Alexandra Road stretch stayed open till midnight on Monday, after Deputy Prime Minister Tharman Shanmugaratnam announced in his Budget speech earlier in the day that owners of luxury cars will have to pay higher tax rates. Performance Motors, which distributes the BMW brand of cars, sent out text messages to its customers informing them that it was taking orders till midnight. "Loans will be capped at 50 per cent, minimum five years, with effect from tomorrow," the text message said. Besides BMW, other European marque showrooms such as Jaguar, Volkswagen and Volvo also extended their opening hours on Monday night. Link to post Share on other sites More sharing options...
Joseph22 Turbocharged February 25, 2013 Share February 25, 2013 depends on what car also.. if high COE car with low OMV and ARF, can break even in about 2 years true also.. Link to post Share on other sites More sharing options...
Icedbs Turbocharged February 25, 2013 Share February 25, 2013 (edited) http://www.straitstimes.com/breaking-news/...nnouncement-201 Car showrooms stay open till midnight in the wake of Budget announcement Car showrooms along the Alexandra Road stretch stayed open till midnight on Monday, after Deputy Prime Minister Tharman Shanmugaratnam announced in his Budget speech earlier in the day that owners of luxury cars will have to pay higher tax rates. Performance Motors, which distributes the BMW brand of cars, sent out text messages to its customers informing them that it was taking orders till midnight. "Loans will be capped at 50 per cent, minimum five years, with effect from tomorrow," the text message said. Besides BMW, other European marque showrooms such as Jaguar, Volkswagen and Volvo also extended their opening hours on Monday night. Should be maximum 5 years. Edited February 25, 2013 by Icedbs Link to post Share on other sites More sharing options...
Altivo 3rd Gear February 25, 2013 Share February 25, 2013 Should be maximum 5 years. yup... either the sms or the article got typo Link to post Share on other sites More sharing options...
Icedbs Turbocharged February 25, 2013 Share February 25, 2013 yup... either the sms or the article got typo Suspect sms typo because the sales guy used to tell customers minimum 5 years loan....otherwise, need to add few $k more... [laugh] Link to post Share on other sites More sharing options...
Altivo 3rd Gear February 25, 2013 Share February 25, 2013 Suspect sms typo because the sales guy used to tell customers minimum 5 years loan....otherwise, need to add few $k more... [laugh] hahaha... very possible. Same for the loan amount too. Last time, always got a minimum amount one. Link to post Share on other sites More sharing options...
FocusWagon 1st Gear February 25, 2013 Share February 25, 2013 wah biang.. last time pple Q untili midnight to get house i can understand. Q until midnight to get car? if cannot afford, dun buy lah!!! kaoz. Link to post Share on other sites More sharing options...
Fuelsaver Supercharged February 25, 2013 Share February 25, 2013 I think max 5 year loan is a bit extreme. Paying 50% is already a good deterrence. When hit must hit doubly hard, or at least 2 measures in place. One fail, the other as backup. Link to post Share on other sites More sharing options...
Fuelsaver Supercharged February 25, 2013 Share February 25, 2013 Coe drops to $20k, I should have no problems to buy my latest dream car GT86. Omv $30k, arf $24k, Coe $20k = $74k. Dealers mark up $15k = $89k. D/p $50K, balance $49k / 5 years = monthly $1k. Much better then $220k / 10 years. Nowadays mark up 20 to 40k. Link to post Share on other sites More sharing options...
Vegas Turbocharged February 25, 2013 Share February 25, 2013 http://www.straitstimes.com/breaking-news/...nnouncement-201 Car showrooms stay open till midnight in the wake of Budget announcement Car showrooms along the Alexandra Road stretch stayed open till midnight on Monday, after Deputy Prime Minister Tharman Shanmugaratnam announced in his Budget speech earlier in the day that owners of luxury cars will have to pay higher tax rates. Performance Motors, which distributes the BMW brand of cars, sent out text messages to its customers informing them that it was taking orders till midnight. "Loans will be capped at 50 per cent, minimum five years, with effect from tomorrow," the text message said. Besides BMW, other European marque showrooms such as Jaguar, Volkswagen and Volvo also extended their opening hours on Monday night. sms limit to 160 character lah... tonight min 50% loan, 5 years .. tmr max 50% loan, 5 years ;p ↡ Advertisement Link to post Share on other sites More sharing options...
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