How low will COE go?

[Camrycamry]

lots of cash-rich people around. with only 300+ coes per cat per bidding, think at most down 10k.

[Wt_know]

the question is need how many bidding exercise to reach this level

if the "analysis" is true that car buyer do not like to fork out 50% cash then the buying will stop immediately after 2 bidding and coe will crash landed like falling off a cliff

if the current buyers are all richies ... buying continues ... coe remain as $70K-ish or best $65K-ish nia

 

If the policy maintain till end of this year, I foresee COE prices gonna be around 20k to 30k...

Edited February 25, 2013 by Wt_know

[Mockngbrd]

the question is need how many bidding exercise to reach this level

if the "analysis" is true that car buyer do not like to fork out 50% cash then the buying will stop immediately after 2 bidding and coe will crash landed like falling off a cliff

if coe drop to sub 10k i will renew coe even tho i still got 6more years to go...

[Kangadrool]

Very soon, the forums and newspapers will have many suggesting giving first time buyers waiver to this condition. Watch for more threads coming up.

[Mockngbrd]

Very soon, the forums and newspapers will have many suggesting giving first time buyers waiver to this condition. Watch for more threads coming up.

all those with elderly parents, autistic chewren, etc etc...

 

call for ballot for coe again...

[Wormvirus]

come on what is 40k, 100k also many can pay in cash , make it 100% cash better less finance blood suxker

[Deckbuild]

the question is need how many bidding exercise to reach this level

if the "analysis" is true that car buyer do not like to fork out 50% cash then the buying will stop immediately after 2 bidding and coe will crash landed like falling off a cliff

if the current buyers are all richies ... buying continues ... coe remain as $70K-ish or best $65K-ish nia

 

Towards end of the year, Cars that needs to be scrap will go up, more Coe will flow back into the system, with this measures kicking in, Coe should be back to sane level.

[Porker]

Now I wanna take 100% loan for an M6 also cannot liao. Man life sucks

[Zxcvb]

Come March we will find out if Singaporeans are cash-rich or empty-cash...

[Darthrevan]

Definitely. Same as those cars bought in 1997-1998. Deja vu.

 

what happened back in those days?

[Nlatio]

This type is LPPL system leh.... high COE.... only lich people can afford..... now change to 50% cash upfront..... and COE crash.... also lich people can afford... diff is, the lich people now laughing cause they spend lesser to get the car.... end result, still same... only this time the lich people happier..... WTF.... scrap and ban cars... all ride bicycle.... ..... confirm no financial burden......

[Duckduck]

Towards end of the year, Cars that needs to be scrap will go up, more Coe will flow back into the system, with this measures kicking in, Coe should be back to sane level.

 

1) the biggest big $ creator last few yrs was property sales. This is slowing alot due to recent prop measures.

2) Most households save up big $ for prop purchase. To ask avg home to fork 50-100K extra for a depreciating asset like car is a tall order.

[Myxilplix]

if coe drop to sub 10k i will renew coe even tho i still got 6more years to go...

 

You are thinking exactly what i am thinking!

[Lufu]

fantastic news! for the cash rich. who can now own that dream car with even lesser money now that the cash-poor are taken out of the equation.

Edited February 25, 2013 by Lufu

[Wt_know]

loans for private cars mean new and old car right

so, used car also kena not just new car which need to bid coe.

 

SINGAPORE: The Monetary Authority of Singapore is imposing restrictions on loans for private cars to safeguard against borrowers defaulting on their repayments.

 

Beginning on February 26, the central bank said consumers will be limited to borrowing 60 per cent of the purchase price of a motor vehicle when the open market value (OMV) is S$20,000 or less.

 

A tighter limit of 50 per cent will be imposed when the OMV is more than S$20,000.

 

The MAS is also capping the tenure of a motor vehicle loan at five years.

 

"The financing restrictions are necessary to encourage financial prudence among buyers," the MAS said in a statement.

 

"In this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves," it said.

 

The new restrictions do not apply to loans for either commercial vehicles or for motorcycles.

 

For re-financing facilities, only the cap on loan tenure applies.

 

The MAS previously had in place financing restrictions on car loans from February 1995 to January 2003.

 

- CNA/fa

Edited February 25, 2013 by Wt_know

[Kangadrool]

I think car dealers are the smartest people on earth. So, I am sure they can help many, especially borderline cases to fulfill their car ownership dreams. A lot of creative schemes will come up soon.

Edited February 25, 2013 by Kangadrool

[Vid]

I think max 5 year loan is a bit extreme. Paying 50% is already a good deterrence.

[Wt_know]

give more overtrade to get 50%-60% loan? lolz

 

I think car dealers are the smartest people on earth. So, I am sure they can help many, especially borderline cases to fulfill their car ownership dreams. A lot of creative schemes will come up soon.