69% of used cars eligible for full loans sold

[Darthrevan]

 

About 69 per cent of used cars eligible for full loans have been sold as of 27 May since authorities lifted borrowing limits for buying those cars for 60 days.

 

This concession will last till Tuesday.

 

Motor firms are bracing for uncertainty thereafter.

 

Dealers whom Channel NewsAsia spoke with expect the market to be even quieter, with car loan curbs in full force.

 

To help used car dealers clear old stock acquired before new borrowing restrictions were introduced, a two-month concession was given. This meant that buyers could continue taking up to 100 per cent loan for vehicle purchases.

 

The concession applied to some 7,000 used cars. Over 4,800 have been sold so far.

 

Classic Credit had around 180 vehicles from old stock. About 170 have been sold, but customers remain cautious.

 

Andy Ong, sales consultant at Classic Credit, said: "It all depends, you see, on the customer preference - what they want. Because mostly for used cars, they are going for those budget cars. Talking about high-end, they should rather go for the new cars right? Because those people are those well-to-do families."

 

Prospective car buyer Clarence Pang said: "Actually, I'm just checking out the cars, just looking at the value

[VellfireS]

I think.. those who really want a good deal.. should wait till after tomorrow..

[Wt_know]

69% and 6.9M .... 69 is the favorite numbers .... huat ah !!!