Newinasia Neutral Newbie May 5, 2013 Share May 5, 2013 Appeal For Longer Loan Term ....AGAIN??? 1. The Govts policy has effectively brought forward car purchases for maybe the next 2 to 3 years. Meaning , were a significant number of buyers who were "forced" to make car purchases the last 30days. These buyers probably had cars that would need replacing within the next 2 to 3 years and in the past they would have waited. There are also many NEW buyers looking to buy a car in the next 18 months who had no choice but bring forward their decision. The loan curbs caused this. 2. Of course car retailers are doing a roaring trade... now. There are benefiting today from sales that should have been done in the future. So a huge black out period is just ahead. 3. Very soon there will be VERY LITTLE buyers and sellers out in the market. 4. If the Govt changes/modifies/compromises its policies, many buyers would be frustrated as their decision was made based on trusting a consistent implementation of the policy. It will be a bad signal from the Govt in policy making and implementation. 5. It is understandable the Association will make an appeal. That is their duty. Many of the office holders are also affected. I dont see the policy being changed for now. 6. Dealers should quickly assess where the opportunities will be in teh new landscape and find the right niche. 7. I obviously see alot more people leasing cars for a period of 2 to 3 years instead of buying one. Maybe used car lots could be places where you could go and lease them instead. Or be outlets for importing cars for private buyers who have bought a COE. 8. COE's in the future would be interesting who will bid for them. Probably individuals will be one group hoping for a dirt cheap COE. AD will be another and I see it during periods where they launch a New Model ( why would I put 50k cash on the table when a new model comes out in 2 months?) 9. AD will also bid for COE and then lease out the car ( prob a tie up with leasing companies) in which case the lower the COE the better for them because monthly lease rates SHOULD NOT BE TOO HIGH vs an individuals monthly salary. Would be quite silly to have monthly lease payment significantly higher than loan repayments for purchased cars. 10. Would be interesting to think about what happens to the leased car after 3 years. The condition will generally be bad as people tend to use lease cars more than a owned car. Will they try to lease it again at a much cheaper rate or they try and export it out (if condition is bad they may not get much in which case will teh monthly lease rates be EVEN Higher to compensate for this?). 11. Just some thoughts as to how this could play out. ↡ Advertisement Link to post Share on other sites More sharing options...
Zxcvb Turbocharged May 5, 2013 Share May 5, 2013 "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." [laugh] These are also the same cash rich smart alecs bidding low on COE over the past few exercise. All waiting for the kill!! After 60 days, they gonna go back the same place to bargain again. Link to post Share on other sites More sharing options...
Yrvsport 2nd Gear May 6, 2013 Share May 6, 2013 (edited) not really.... cash rich always buy new car..the middle will go back and plead for cheap price...the lower juz take Taxi,Bus,MRT..cycling... Edited May 6, 2013 by Yrvsport Link to post Share on other sites More sharing options...
Wyfitms Twincharged May 6, 2013 Share May 6, 2013 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 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?" ." His 200K loss is the same type as HDB's hundreds of millions loss each year? Link to post Share on other sites More sharing options...
Matrix0405 5th Gear May 6, 2013 Share May 6, 2013 How does the 2nd dealers finance their purchase? When they buy your car, do they take a loan from the bank and just pay the interest until they can sell the car and redeem the loan? Are they restricted to the new measures? If they are, it take some budget to stay in the business. Link to post Share on other sites More sharing options...
Meanmachine 6th Gear May 6, 2013 Share May 6, 2013 How does the 2nd dealers finance their purchase? When they buy your car, do they take a loan from the bank and just pay the interest until they can sell the car and redeem the loan? Are they restricted to the new measures? If they are, it take some budget to stay in the business. I reckon so, juz like taking a bank loan over a " bridging loan " ( temporary over 1-3 mths ) period to sell as fast as possible, only paying a small interest rate by the bank. Car loan and housing loan are almost the same, except that car ownership can change name almost immediately by going to LTA to register transfer, unlike housing, a 3 months completion. Liquidity is faster. I suppose ! Link to post Share on other sites More sharing options...
Meanmachine 6th Gear May 6, 2013 Share May 6, 2013 Used car dealer/s will never changed their act, they have 408 members, one representative head can caused havoc to the industry, you tell me how strong they are- atas right ? I hope the Gahmen will come out new measures to enforce no more reprieve period for them and close all loopholes till thy see daylight. we can see rich used car towkay drives Roll Royce and Bentley & Ferraris, isn't it show-off, thy are making mickey out of us. . . I'm very sure our Gahmen will give them new measure/s gaogao & jialat jialat triple then kaya toast over butter. Sent all used car dealer for courses/ take exam and salesmanship, fail exam cannot operate biz. Pay yearly salesmanship fee / yearly upgrading fee & accumulation of points to stay in the biz Heavy penalty and fines for repeated complaints for cheating customers/ charge them in court for occurence offences. Paste their photo-graph and coy name/s of the used car biz they are representating with licence registered no. Regulation of all used car dealer like real estate agents over Singapore. It can be done, matter of time. P/S: Real estate RES has more than 30,000+ practising here, I dun see why 400-600 used car dealer been regulated, I think there are more than the figure quoted. Link to post Share on other sites More sharing options...
Throttle2 Supersonic May 6, 2013 Share May 6, 2013 Used car dealer/s will never changed their act, they have 408 members, one representative head can caused havoc to the industry, you tell me how strong they are- atas right ? I hope the Gahmen will come out new measures to enforce no more reprieve period for them and close all loopholes till thy see daylight. we can see rich used car towkay drives Roll Royce and Bentley & Ferraris, isn't it show-off, thy are making mickey out of us. . . I'm very sure our Gahmen will give them new measure/s gaogao & jialat jialat triple then kaya toast over butter. Sent all used car dealer for courses/ take exam and salesmanship, fail exam cannot operate biz. Pay yearly salesmanship fee / yearly upgrading fee & accumulation of points to stay in the biz Heavy penalty and fines for repeated complaints for cheating customers/ charge them in court for occurence offences. Paste their photo-graph and coy name/s of the used car biz they are representating with licence registered no. Regulation of all used car dealer like real estate agents over Singapore. It can be done, matter of time. P/S: Real estate RES has more than 30,000+ practising here, I dun see why 400-600 used car dealer been regulated, I think there are more than the figure quoted. Yup, MUST be regulated. No other way. Link to post Share on other sites More sharing options...
Ooosh 1st Gear May 6, 2013 Share May 6, 2013 dont be red eye...no one ask you to buy from those unethical car dealers....There are also better ones around with prompt payment and prompt admin paperwork settlement.... Doing business is like that to survive...imagine there are mouths to feed and salary to pay every month...pressure is on you... Property agent/Insurance agent also commission gao gao...alot doing very well drive big cars but why no one bad mouth them? Black sheep are everywhere la... If government were to implement a regulatory governance over the car dealers then people will complaint why no freedom....aiyah...cant please everyone... Link to post Share on other sites More sharing options...
Throttle2 Supersonic May 6, 2013 Share May 6, 2013 dont be red eye...no one ask you to buy from those unethical car dealers....There are also better ones around with prompt payment and prompt admin paperwork settlement.... Doing business is like that to survive...imagine there are mouths to feed and salary to pay every month...pressure is on you... Property agent/Insurance agent also commission gao gao...alot doing very well drive big cars but why no one bad mouth them? Black sheep are everywhere la... If government were to implement a regulatory governance over the car dealers then people will complaint why no freedom....aiyah...cant please everyone... Hahahah, dont worry there is a thread badmouthing insurance agents and property agents. Maybe you should do a search and go take a look. will make you feel better.... Link to post Share on other sites More sharing options...
Proton_neutron 1st Gear May 6, 2013 Share May 6, 2013 At the end of the day, it's the reputation and good service that sustains a business. Try messing around with a customer's rights, and you'll be ousted. My predictions: After the 60 days are up, government will introduce new policies for used cars (afterall, the loan restrictions are a temporary measure to bring down COE prices to their current $60k levels VS before of above $90k); Something like 80% loan, up to 7yrs restrictions, up from 50% and max 5yrs. For new cars, they may introduce back the 7yrs loan as well, instead of 5yrs. Essentially, the rich will continue to buy whatever cars they desire (thus maintaining the current COE prices), the middle class will turn to used cars, and the borderline class who are driving will continue driving till the 10th year, and those on public transport, thanks to the ridiculous crap service from the transport operators, or those just looking for a cheap purchase, will turn to used cars left with 2yrs or less on their COE. Link to post Share on other sites More sharing options...
Kelvingoh45 Clutched May 6, 2013 Share May 6, 2013 No one is stopping you. Anyone can register a company and start selling cars.And if it is really so easy and profiable,I dont see what is stopping you??? No guts??? No capital??? Than talk less! Go. Do it. Be a rich used car dealer boss and drive Bently. Dont alwasy bad mouth ppl and call them cheats. Respect other,s occupation. Link to post Share on other sites More sharing options...
Plkw Neutral Newbie May 6, 2013 Share May 6, 2013 No one is stopping you. Anyone can register a company and start selling cars.And if it is really so easy and profiable,I dont see what is stopping you??? No guts??? No capital??? Than talk less! Go. Do it. Be a rich used car dealer boss and drive Bently. Dont alwasy bad mouth ppl and call them cheats. Respect other,s occupation. [thumbsup] Link to post Share on other sites More sharing options...
Fcw75 Hypersonic May 6, 2013 Share May 6, 2013 (edited) No one is stopping you. Anyone can register a company and start selling cars.And if it is really so easy and profiable,I dont see what is stopping you??? No guts??? No capital??? Than talk less! Go. Do it. Be a rich used car dealer boss and drive Bently. Dont alwasy bad mouth ppl and call them cheats. Respect other,s occupation. Respect car salesman occupation? How to?? Pray tell. [laugh] They only ranked above Amobea in the life chain. Edited May 6, 2013 by Fcw75 Link to post Share on other sites More sharing options...
Little_prince Supersonic May 6, 2013 Share May 6, 2013 Respect car salesman occupation? How to?? Pray tell. They only ranked above Amobea in the life chain. not to mention below durian sellers Link to post Share on other sites More sharing options...
Newinasia Neutral Newbie May 6, 2013 Share May 6, 2013 Hmmm 1. I doubt the Govt will introduce new loan policies for used or new cars after the 60day period. Does not make sense and is poor policy making. 2. Many people would have acted on the 60day grace period and made a purchase with the Govt clearly making the policy post the 60day period clear (higher deposit and shorter loan period) 3. If they suddenly announce a different policy, I am sure there will be hundreds of buyers who will be unhappy as they could have delayed their purchase. 4. This reflects badly on the thought process of the policy makers and in future policy announcements will be greeted with uncertainty ( ie will they or wont they change it). 5. They govt will have to stick to the policy for at least a year 6. Car dealers of course will hope otherwise. They have eaten their breakfast, lunch and dinner for the next 2 years already. So they will complain when there is no food tomorrow. 7. Also the tweaking was done to bring the CPI down. A high inflation "number" is not good. Link to post Share on other sites More sharing options...
Ihave3Ballz 2nd Gear May 6, 2013 Share May 6, 2013 Was on sgcarmart. Some rubbish cars I was monitoring for last 6months and like no biters, got sold today. Looks like 100% stock drying up. And another unsold just increased by almost $13k Link to post Share on other sites More sharing options...
20G 1st Gear May 6, 2013 Share May 6, 2013 Respect car salesman occupation? How to?? Pray tell. [laugh] They only ranked above Amobea in the life chain. Psss... It's Amoeba. ↡ Advertisement Link to post Share on other sites More sharing options...
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