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5th Gear

Let dealers laugh first lor.... This 60days ended will very jialat for them.

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That's what i thought when the 60 day announcement was made. I thought buyers have the upper hand now, just dong till last few days we'd have the last laugh. But ...zzz too many ganchiong spiders. Used car dealers having the time of their lives in this period.

This is like men who go after girls in their 20s who are attractive as ganchiong spiders. Should wait till they turn 30s then see can be more demanding. Well, by then the girls left for u to choose is those people dun want de.

 

Same here, by the last few days, the cars that are eligible for 100% loan are cars that no one wants.

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Turbocharged

They need to do a transfer with LTA.. It's based on transfer date..

 

Yes but whos checking the dates? The transaction is between the kan cheong spider buyer and the dealer..if they dont want to invite scrutiny, at most do in house finance at 100%..nobody knows also right?

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1st Gear

We shall see which white elephant models will be left unsold after the grace period.

 

 

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Supersonic

Business so good for used car dealers? No wonder they said price will increase after the 60 days! [rolleyes]

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Turbocharged

Yes but whos checking the dates? The transaction is between the kan cheong spider buyer and the dealer..if they dont want to invite scrutiny, at most do in house finance at 100%..nobody knows also right?

 

depends if buyer willing to take illegal loan...

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Turbocharged

This is like men who go after girls in their 20s who are attractive as ganchiong spiders. Should wait till they turn 30s then see can be more demanding. Well, by then the girls left for u to choose is those people dun want de.

 

Same here, by the last few days, the cars that are eligible for 100% loan are cars that no one wants.

There's different "freshness" for 20s and 30s... Of course it's compensated by "experience" [;)]

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Kopitiam chat is that it was really silly and clearly contradicting that the dealers were given this 60 days window. [mad] [mad]

 

If prudence was the idea to begin with, what this window did was exactly the opposite since all the overly excited spiders who rushed to get their cars got them at a higher price and interest. Not even to mention resulting in the dealers earning even more.

 

An even bigger disappointment would be if the request by these dealers for a separate 80% loan over 7 years is permitted for used cars !! :angry:

 

The decision to allow this window was absolutely weak and it is hoped that another weak decision will not follow.

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Turbocharged
(edited)

Kopitiam chat is that it was really silly and clearly contradicting that the dealers were given this 60 days window. [mad] [mad]

 

If prudence was the idea to begin with, what this window did was exactly the opposite since all the overly excited spiders who rushed to get their cars got them at a higher price and interest. Not even to mention resulting in the dealers earning even more.

 

An even bigger disappointment would be if the request by these dealers for a separate 80% loan over 7 years is permitted for used cars !! :angry:

 

The decision to allow this window was absolutely weak and it is hoped that another weak decision will not follow.

 

It's very funny how come used car dealer association or whatever they call it is able to request to defer policy but not property housing policy.

 

 

Edited by Bismarck
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Turbocharged
(edited)

Citibank customer can claim some car parking relief from the branch there.

Edited by Chucky2007
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More lies. All these mind games they play using the media to spurt out their lies.

 

http://ride.asiaone.com/news/general/story...uture-uncertain

 

Brisk sales for some 2nd-hand car dealers, but future uncertain

Zaihan Mohamed Yusof | The New Paper | Sunday, May 5, 2013

 

SINGAPORE - When cool winds blew on the hot property market, it had a dramatic effect.

 

Sales volume for HDB resale flat transactions went down 23 per cent in the last quarter.

 

Ditto for the second-hand car scene.

 

Demand for such cars had been growing, from about 72,000 sold in 2011 to 77,700 in 2012.

 

On Feb 25, the authorities announced loan restrictions for cars at no more than 60 per cent of the purchase price and loan repayments capped at five years.

 

Land Transport Authority figures show the sale of used cars dropped to 17,407 in the first quarter of this year - a dip of 1,828 units - compared to the same period last year.

 

The figure for January was 7,474, but dropped to 5,090 in March.

 

The Government then lifted the loan curbs by giving used-car dealers a 60-day reprieve starting April 6, meaning they could sell their pre-Feb 25 stock with no down payment and loans of up to 10 years.

 

The owner of Carway Enterprise at Automobile Megamart in Ubi Avenue 2 said: "That gave us some breathing space. More people came to our showroom and bought the 'full-loan' cars. But the days of 6 to 8 per cent profit margin for each car are over."

 

Mr Sea, 42, who has been in the used-car business since 1991, is optimistic that he will break even in the weeks to come.

 

As of yesterday, he had sold 28 of his "full-loan" cars and still has about 12 such cars - a mix of Japanese and continental cars - left.

 

Added Mr Sea: "I'm taking advantage of this 60-day window to sell as many cars as possible because we don't know what will happen at the end of it."

 

When the reprieve ends, remaining cars must be sold under the new loan restrictions, which is why Mr Sea and other dealers are going all-out to get rid of their old stock.

 

Unusual situation

 

This has led to an unusual situation where even as they are trying to sell off their old stock, some second-hand car dealers are trying to acquire new stock to sell after the reprieve ends.

 

But they are finding the latter difficult because car owners are unwilling to sell as they find it too costly to trade up for a new car, which they must purchase under the new loan restrictions.

 

said they are struggling to sell, and now to buy new stock. Second-hand car dealers like Mr Frankie Sea )from zai: correct spelling in name card. There is no "H".

 

said the empty lots at the Automobile Megamart are telling.

 

"Some of my neighbours have as few as five used cars parked in compounds meant for 20 cars. There is a shortage of stock as fewer people are trading up or directly selling their second-hand cars," he said.

 

Mr Sea is fortunate because of his shop's position - the lift doors on the 5th level face his shop directly, sending a healthy flow of traffic his way.

 

He has had to hire additional staff to help his 18 employees to handle the sales and paperwork during this busy period.

 

Idle

 

At other establishments several units away, some salesmen were seen sitting idly and playing games on their mobile phones on Saturday. Mr Sea said that eight smaller shops which he used to buy stock from had closed down in recent months.

 

Said Mr Sea, 42 checked: "I have no choice. I have already lost about $200,000 since Feb 25 when the Government announced the new loan restrictions. If I don't work hard (to attract new business), how are my workers going to survive?"

 

Some dealers at the Automobile Megamart have slashed prices by as much as 20 per cent to attract customers.

 

As a result, fewer people bought used cars, which would have been the obvious choice due to sky-rocketing certificate of entitlement (COE) prices.

 

Unable now to afford used cars, some owners held on to their old cars (after the Feb 25 announcement), said Mr Raymond Tang, secretary of the Singapore Vehicle Traders Association.

 

Revealing what some of the 408 association members checked had shared with him, Mr Tang, which has 408 members, said: "The dealers were concerned that they would not be able to clear their stock.

 

"The used car market is traditionally a budget one for lower-income customers. But now customers are facing difficulties putting up the 40 per cent down payment."

 

Our interview with Mr Sea was interrupted several times by enquiries on his mobile.

 

Occasionally, he had to step in, giving advice to potential customers ranging from tyre pressures and size to how the car handles on the road.

 

On Saturday, an engineer, who wanted to be known only as Mr Abdullah, and his wife were "just looking around" for a more spacious car. The family of four said they have outgrown their Mazda 3 sedan.

 

Mr Abdullah, 40, said: "Most of the 'full-loan' Japanese MPVs have been sold. What's left are the European ones, which are still too expensive to consider (buying)."

 

Mr Sea said he encountered unreasonable customers after the loan restrictions were announced.

 

For example, a man who was checking out a sedan priced at $50,000 said that he would only buy it for less than $40,000, "take it or leave it".

 

Mr Sea said: "These guys can afford the 40 per cent cash upfront. Out of 10, at least three customers made us offers that were ridiculously low. I told them no deal... We're not that desperate."

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It's very funny how come used car dealer association or whatever they call it is able to request to defer policy but not property housing policy.

 

+1, Tis is damn confusing & frustrating, may MCF makes noise on used car dealers, shady characters, crooks & cheats, yet when the chop falls on them, cry grandf / m till ah kong relented, giving 2mths window period... where do Gahmen draw the line ?

 

Come to housing policy, no U turn, izzit b'coz ppl needs home more than cars ownership ?

 

The dealer are lucky to escape for now, I wait for Gahmen regulation all used car dealers to be checked and regulated, taking exam /courses upgrading and fines for repeated offence like CEA on Hawker, insurance agent, pty agent . . . .

 

Tis should be the correct way to streamline all sales-person who are providing a service to the public, and I think it's gonna to be worse than ever, Do U seriously think after the 60dys period, car dealers will change their way of selling cars?

 

I sincerely doubt so, Leopard will never change its SPOT. [bigcry]

 

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Turbocharged

More lies. All these mind games they play using the media to spurt out their lies.

 

http://ride.asiaone.com/news/general/story...uture-uncertain

 

Brisk sales for some 2nd-hand car dealers, but future uncertain

Zaihan Mohamed Yusof | The New Paper | Sunday, May 5, 2013

 

SINGAPORE - When cool winds blew on the hot property market, it had a dramatic effect.

 

Sales volume for HDB resale flat transactions went down 23 per cent in the last quarter.

 

Ditto for the second-hand car scene.

 

Demand for such cars had been growing, from about 72,000 sold in 2011 to 77,700 in 2012.

 

On Feb 25, the authorities announced loan restrictions for cars at no more than 60 per cent of the purchase price and loan repayments capped at five years.

 

Land Transport Authority figures show the sale of used cars dropped to 17,407 in the first quarter of this year - a dip of 1,828 units - compared to the same period last year.

 

The figure for January was 7,474, but dropped to 5,090 in March.

 

The Government then lifted the loan curbs by giving used-car dealers a 60-day reprieve starting April 6, meaning they could sell their pre-Feb 25 stock with no down payment and loans of up to 10 years.

 

The owner of Carway Enterprise at Automobile Megamart in Ubi Avenue 2 said: "That gave us some breathing space. More people came to our showroom and bought the 'full-loan' cars. But the days of 6 to 8 per cent profit margin for each car are over."

 

Mr Sea, 42, who has been in the used-car business since 1991, is optimistic that he will break even in the weeks to come.

 

As of yesterday, he had sold 28 of his "full-loan" cars and still has about 12 such cars - a mix of Japanese and continental cars - left.

 

Added Mr Sea: "I'm taking advantage of this 60-day window to sell as many cars as possible because we don't know what will happen at the end of it."

 

When the reprieve ends, remaining cars must be sold under the new loan restrictions, which is why Mr Sea and other dealers are going all-out to get rid of their old stock.

 

Unusual situation

 

This has led to an unusual situation where even as they are trying to sell off their old stock, some second-hand car dealers are trying to acquire new stock to sell after the reprieve ends.

 

But they are finding the latter difficult because car owners are unwilling to sell as they find it too costly to trade up for a new car, which they must purchase under the new loan restrictions.

 

said they are struggling to sell, and now to buy new stock. Second-hand car dealers like Mr Frankie Sea )from zai: correct spelling in name card. There is no "H".

 

said the empty lots at the Automobile Megamart are telling.

 

"Some of my neighbours have as few as five used cars parked in compounds meant for 20 cars. There is a shortage of stock as fewer people are trading up or directly selling their second-hand cars," he said.

 

Mr Sea is fortunate because of his shop's position - the lift doors on the 5th level face his shop directly, sending a healthy flow of traffic his way.

 

He has had to hire additional staff to help his 18 employees to handle the sales and paperwork during this busy period.

 

Idle

 

At other establishments several units away, some salesmen were seen sitting idly and playing games on their mobile phones on Saturday. Mr Sea said that eight smaller shops which he used to buy stock from had closed down in recent months.

 

Said Mr Sea, 42 checked: "I have no choice. I have already lost about $200,000 since Feb 25 when the Government announced the new loan restrictions. If I don't work hard (to attract new business), how are my workers going to survive?"

 

Some dealers at the Automobile Megamart have slashed prices by as much as 20 per cent to attract customers.

 

As a result, fewer people bought used cars, which would have been the obvious choice due to sky-rocketing certificate of entitlement (COE) prices.

 

Unable now to afford used cars, some owners held on to their old cars (after the Feb 25 announcement), said Mr Raymond Tang, secretary of the Singapore Vehicle Traders Association.

 

Revealing what some of the 408 association members checked had shared with him, Mr Tang, which has 408 members, said: "The dealers were concerned that they would not be able to clear their stock.

 

"The used car market is traditionally a budget one for lower-income customers. But now customers are facing difficulties putting up the 40 per cent down payment."

 

Our interview with Mr Sea was interrupted several times by enquiries on his mobile.

 

Occasionally, he had to step in, giving advice to potential customers ranging from tyre pressures and size to how the car handles on the road.

 

On Saturday, an engineer, who wanted to be known only as Mr Abdullah, and his wife were "just looking around" for a more spacious car. The family of four said they have outgrown their Mazda 3 sedan.

 

Mr Abdullah, 40, said: "Most of the 'full-loan' Japanese MPVs have been sold. What's left are the European ones, which are still too expensive to consider (buying)."

 

Mr Sea said he encountered unreasonable customers after the loan restrictions were announced.

 

For example, a man who was checking out a sedan priced at $50,000 said that he would only buy it for less than $40,000, "take it or leave it".

 

Mr Sea said: "These guys can afford the 40 per cent cash upfront. Out of 10, at least three customers made us offers that were ridiculously low. I told them no deal... We're not that desperate."

 

Interesting.. seems like may have situation of used car dealers no stocks to sell bec car owners keeping their old cars.. Simi perspective those used car dealers all can think and say

 

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Business so good for used car dealers? No wonder they said price will increase after the 60 days! [rolleyes]

 

haha..they think biz also so good after 60days?

they must be dreaming.

 

 

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haha..they think biz also so good after 60days?

they must be dreaming.

 

 

It is akin to home owner saying today dun buy , tml prices will go up north . . .

 

 

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(edited)
"There is a shortage of stock as fewer people are trading up or directly selling their second-hand cars," he said.

 

Unable now to afford used cars, some owners held on to their old cars (after the Feb 25 announcement), said Mr Raymond Tang, secretary of the Singapore Vehicle Traders Association."

 

Never mentioned another main reason why people don't sell their cars to you.

You only offer scrap value, who wanna sell?

 

Lets see the games to watch after 60 days over.

 

Nobody will sell their cars, I suggest all just scrap.

Nobody wanna buy your cars since they can afford a new one.

Edited by Ihave3Ballz
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