Wormvirus 1st Gear April 7, 2013 Share April 7, 2013 50% DP for a conti is not a lot. Save up for 2 years only instead of splurging on needless items. Unless ur cash rich with high income, dont spend so much on car. Itjava script:bbc_pop()s a liability, not an asset....... value is almost 0 at end of the COE...... same here man, starting to accept this kind of 99.9% loss, prepared to sit thru the next 7yr my current conti, will end up lose over 100k, feel its right to put restriction on used car too since poor people need not drive ↡ Advertisement Link to post Share on other sites More sharing options...
Matrix0405 5th Gear April 7, 2013 Share April 7, 2013 actually, these two months will clear off all those people who cannot afford 50% downpayment. so after the two month, only left people with with downpayment, the used dealers will have no choice but to slash prices because of the drop in demand. Coupled with the drop in COE due to the closing of loopholes, the only conclusion is this, if you have no cash, buy within the two months, if you have cash, you can save a lot of money by buying after the 2 months. Agree w/ Aerosmith. 1 mth to push out all cars, next month to wind down business. Used cars dealers don die, they just disappear. But will return with a vengence when the time is right again. Link to post Share on other sites More sharing options...
Ihave3Ballz 2nd Gear April 7, 2013 Share April 7, 2013 Went down to turf club, the car price never reduced...still as high as before...looks like car dealers are taking opportunities to gain money within 60 days. Very tricky...I thought price will go down to ease their cars in their garage, but still the opposite effect...sigh! Obviously this gonna happen. Nobody can stop these people who cannot afford the DP% from buying their car from the used car dealers. Every dog has it's day. These dogs have another 59 days Link to post Share on other sites More sharing options...
Jano Clutched April 7, 2013 Share April 7, 2013 so those that get now is worse off with a longer loan (coz cant afford shorter ones) but at a higher interest??? banks can loan to these fellows or not? if not, long loan period + high interest really is bor hua to the max car dealers laughing nia. why let them enjoy when they also jack up price for those 07-09 cars, telling u silly things like NO one scrap cars, its a thing of the past yea buy those 2nd hand 07-09 pay high premium one is really bor hua to the max when they wana scrap the car. Link to post Share on other sites More sharing options...
Nomoney Neutral Newbie April 7, 2013 Share April 7, 2013 The practise of over-financing is nothing new; however, there is a HUGE caveat (condition) - it's called "Finance Recourse". Basically, a financial institution will be prepared to extend any amount of loan (based on the invoice); however, the catch here is that if the hirer defaults, the financial institution will claw-back any commissions paid to the dealer. Further, the hirer will be sued for the remaining monies should the sale of the repossesed vehicle not cover the interest + principal repayment. My advice to all "aspiring" buyers is to be very weary of over-borrowing unless one is prepared for the consequences....... Link to post Share on other sites More sharing options...
Duckduck Turbocharged April 7, 2013 Share April 7, 2013 (edited) The practise of over-financing is nothing new; however, there is a HUGE caveat (condition) - it's called "Finance Recourse". Basically, a financial institution will be prepared to extend any amount of loan (based on the invoice); however, the catch here is that if the hirer defaults, the financial institution will claw-back any commissions paid to the dealer. Further, the hirer will be sued for the remaining monies should the sale of the repossesed vehicle not cover the interest + principal repayment. My advice to all "aspiring" buyers is to be very weary of over-borrowing unless one is prepared for the consequences....... hahaha but everyday garmen say unemployment dam low, all is well, USA our fren, China our fren, now even Myanmar our best fren... crime rate dropping, everyday got reports of drug raids. where got problem? HAHHAHA. plus most impt of all they refuse to fix SIBOR despite the danger of cheap debt n asset inflation. R they scared of d assocation of banks or wat? whole come out duties n taxes but dun adjust the rates... Edited April 7, 2013 by Duckduck Link to post Share on other sites More sharing options...
Nomoney Neutral Newbie April 7, 2013 Share April 7, 2013 hahaha but everyday garmen say unemployment dam low, all is well, USA our fren, China our fren, now even Myanmar our best fren... crime rate dropping, everyday got reports of drug raids. where got problem? HAHHAHA. plus most impt of all they refuse to fix SIBOR despite the danger of cheap debt n asset inflation. R they scared of d assocation of banks or wat? whole come out duties n taxes but dun adjust the rates... I believe it's called a Democracy and Capitalism Link to post Share on other sites More sharing options...
Linlaopei April 7, 2013 Share April 7, 2013 knn la forget bout buying cars for now. after 2017 im getting a harley davidson Link to post Share on other sites More sharing options...
Keavze 1st Gear April 7, 2013 Share April 7, 2013 (edited) knn la forget bout buying cars for now. after 2017 im getting a harley davidson thinking along this line too! unless the COE is <20k then i may extend my COE, else use my scrape value for a Harley. will get the loudest one... Edited April 7, 2013 by Keavze Link to post Share on other sites More sharing options...
Forrestcat 2nd Gear April 7, 2013 Share April 7, 2013 (edited) Dont say that lah... You hao lian ah? Today's ST reported a 34 year old Engineer is hoping to get a 5 year old Mazda or Honda without stumping up more than 10k cash upfront. He is likely to get a 70% loan for his car and if you read his comments "i thought i had to stick with public transport for a few more years and save up more, but it looks like i can fulfil my dream to own a car soon". Let's take for example, this 5 year old Mazda @ 38k http://www.sgcarmart.com/used_cars/info.ph...131&DL=2586 Personally i think forking out a down-payment of 20 - 25k seems reasonable, but without stumping up more than 10k upfront? Imo i would lower my expectations and get this 5 year old Kia Cerato instead @ 34k: http://www.sgcarmart.com/used_cars/info.ph...734&DL=1066 No flames please, it is just that i am one guy who likes minimal debt if possible Edited April 7, 2013 by Forrestcat Link to post Share on other sites More sharing options...
Ticklish8 3rd Gear April 7, 2013 Author Share April 7, 2013 Getting that 5 yr old car doesnt carry that much financial risk. Difference 4-5k Link to post Share on other sites More sharing options...
Ticklish8 3rd Gear April 7, 2013 Author Share April 7, 2013 A lotsa people thinking like that. That the reason I dont think Cat A COE will correct below $30,000 Link to post Share on other sites More sharing options...
Throttle2 Supersonic April 7, 2013 Share April 7, 2013 Today's ST reported a 34 year old Engineer is hoping to get a 5 year old Mazda or Honda without stumping up more than 10k cash upfront. He is likely to get a 70% loan for his car and if you read his comments "i thought i had to stick with public transport for a few more years and save up more, but it looks like i can fulfil my dream to own a car soon". Let's take for example, this 5 year old Mazda @ 38k http://www.sgcarmart.com/used_cars/info.ph...131&DL=2586 Personally i think forking out a down-payment of 20 - 25k seems reasonable, but without stumping up more than 10k upfront? Imo i would lower my expectations and get this 5 year old Kia Cerato instead @ 34k: http://www.sgcarmart.com/used_cars/info.ph...734&DL=1066 No flames please, it is just that i am one guy who likes minimal debt if possible Oh no lah, i surely 100% stamp and chop , will not flame you one lah. Link to post Share on other sites More sharing options...
Wt_know Supersonic April 7, 2013 Share April 7, 2013 even lelong must look hard on the car ... must buy cheap you never know the shop will close on the 61st days ... you buy on 55 days ... 1 week later car got problem ... the dealer close shop liao hence, better tekan the price gao gao and budget yourself a few thousands to fix problem (hweng swee) Link to post Share on other sites More sharing options...
Wt_know Supersonic April 7, 2013 Share April 7, 2013 that's the problem ... many youngster now want $0 driveaway and 10 years loan ... as long as every month can fork out $1.2k-$1.5K for the car ... sure whack liao then must cheat for parking, go jb pump petrol, etc Today's ST reported a 34 year old Engineer is hoping to get a 5 year old Mazda or Honda without stumping up more than 10k cash upfront. He is likely to get a 70% loan for his car and if you read his comments "i thought i had to stick with public transport for a few more years and save up more, but it looks like i can fulfil my dream to own a car soon". Let's take for example, this 5 year old Mazda @ 38k http://www.sgcarmart.com/used_cars/info.ph...131&DL=2586 Personally i think forking out a down-payment of 20 - 25k seems reasonable, but without stumping up more than 10k upfront? Imo i would lower my expectations and get this 5 year old Kia Cerato instead @ 34k: http://www.sgcarmart.com/used_cars/info.ph...734&DL=1066 No flames please, it is just that i am one guy who likes minimal debt if possible Link to post Share on other sites More sharing options...
Passat57 3rd Gear April 7, 2013 Share April 7, 2013 even lelong must look hard on the car ... must buy cheap you never know the shop will close on the 61st days ... you buy on 55 days ... 1 week later car got problem ... the dealer close shop liao hence, better tekan the price gao gao and budget yourself a few thousands to fix problem (hweng swee) We should not hope that the 2nd hand car dealers close shop, otherwise, if car got problem, whatever lemon law also useless. Link to post Share on other sites More sharing options...
Forrestcat 2nd Gear April 7, 2013 Share April 7, 2013 that's the problem ... many youngster now want $0 driveaway and 10 years loan ... as long as every month can fork out $1.2k-$1.5K for the car ... sure whack liao then must cheat for parking, go jb pump petrol, etc That's why i support the new ruling bro, but they must plug the loan loopholes Link to post Share on other sites More sharing options...
Throttle2 Supersonic April 7, 2013 Share April 7, 2013 that's the problem ... many youngster now want $0 driveaway and 10 years loan ... as long as every month can fork out $1.2k-$1.5K for the car ... sure whack liao then must cheat for parking, go jb pump petrol, etc Not only that, i tell you something else. Do you realise that slow traffic and choked up traffic is caused by drivers who "dare not" step on the pedal to move off quickly? All trying to save petrol by being light footed. Time to move also dont move faster. Especially off the lights , like snail like that. Already car so weak still dont step and move off faster. Pwui! Damn sickening. ↡ Advertisement Link to post Share on other sites More sharing options...
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