Used-car dealers urge MAS to review loan curb

[Fuelsaver]

This Raymond Tang very cunning guy...

 

Had a bad experience with him back in 2008...

 

Anyway, if biz is sooo bad for dealers, NO SYMPATHY for them!!!

 

Why can't they juz bring down the resale car value? I will support

Them with action immediately!!! Insane prices now...

yup, have the "wicked face" look.

 

anyway, many ppl in such & similar industries don't look honest.

 

it's a tough world out there so ppl "forced" to resort to not-so-honest means.

 

i mentioned "forced" cos i felt we always have a choice to decide to do it anot.

[Fuelsaver]

Please keep the loan curbs in place.

 

Time for used car prices to be realistic.

 

Dealers complain drop in sales? Lower your prices to paper value + body value and a realistic margin and I assure you that your sales WILL increase!

 

New car price unrealistic NVM... people are willing to pay $100k COE, so be it. Loan curb is there exactly for those who cannot spend exorbitantly to stay out.

 

Dealers should stop taking in used car price based on current car prices. Take in at scrap + body value (whcih I think they already are...). You don't sell so high, car owners also won't dare to ask so high!

 

Over time, car owners will realise how much of a premium they are paying for new cars when used car prices are realistic and the resale prices of their car are also at realistic level. Hopefully COE will drop then...

 

Someone has to be the first to stop this bubble game so used car dealers! Here is your chance to be hero and redeem your already tarnished name!

+1!!!

[Fuelsaver]

to used car dealers who r reading this thread - we want LOWER used car prices.

[Jq1988]

Keep this measure in place, too many cars on the road. Good for everyone. And I am happy for 2nd hand car dealers! Bravo!!!

[Mcf777]

car dealers especially those at Tuft city so BENG.

They deserve it...all prices so high.

 

Even those conti car left 18-20 months, still mark-up 15K depreciation per year. WTF.

I offered them 10K per year....ask me go and buy Altis.

CCB. Si gi na. See me no up.

[Solar]

car dealers especially those at Tuft city so BENG.

They deserve it...all prices so high.

 

Even those conti car left 18-20 months, still mark-up 15K depreciation per year. WTF.

I offered them 10K per year....ask me go and buy Altis.

CCB. Si gi na. See me no up.

 

should not ketok carrot even if the customer is super rich.

unfortunately they are not desperate and hungry enough. let them starve..that'll bring down the mark-up.

[13177]

should not ketok carrot even if the customer is super rich.

unfortunately they are not desperate and hungry enough. let them starve..that'll bring down the mark-up.

I guess they are going to be desperate and hungry soon, that's why now they urge MAS to review the loan ruling.

[Ooosh]

I think it's just karma...Just to share a story how cunning car dealers are, there was once i sold my previous korean ride at a reputable car dealer at automegamart. We agreed on the price and after cash was transacted and closed, the boss of the dealership call me and keep bugging me say can I return $1k to him because he didnt know i was the 2nd owner so it will be hard to sell.

 

I was like WTF, all the vehicle information is there for you to check before we agree on the price and ignored him...but he managed to sell it within a week of listing.

 

This is how it worked when you let someone without rules run his own business...

Edited August 15, 2013 by Ooosh

[Newkidontheblock]

i viewed a car just 1 week ago ... the dealer told me in september almost cfm plus chop the loan amt can be up to 70%.

not sure how true.

 

whatever it is, yeah... 2nd hand car prices are still so high even with these curbs ... wonder what it takes to being it down man.

[SexGuru]

hope this will end...

[Roh96]

I just called one dealer 2 days ago. He offered $12K below what market is selling for my car, provided I do a trade in for his car. So this is roughly the margin they aiming.

[Sg571958]

When can you trust a used car dealer? My friend sold his toyota camry hydrid to the used car dealer and I happen to come across while looking for Lexus Hybrid, ask for the price and he quoted 20K above the the price he paid for.............the fact is all used car dealer factor in a minimum profit. There is no such thing as no profit.

 

The bigger issue is

 

(1) there is too many used car dealer - a reduction of used car dealer is healthy and let's hope the more "decent dealer", stay around. In fact - do we even need used car dealer? I remember the days studying overseas, you just buy direct from owners 2nd hand cars - my Honda cost own $7K only!!!!

(2) there is too many Singaporean taking loan beyond their means - take this real example: my company handy man(store man) drives a Toyota Wish. He's probably counting his monthly salary every month when he clear his installment.

(3) 50% loan limitation and 5 years period too short? I would think 50% loan and 3 years period make better sense! Since used car is suppose to be cheaper already! This will discourage over leverage of Singaporean on long loans! This will also curb buy and sell cars within months to 1 or 2 years....effectively reducing COE prices and also car population

(4) There should be a bolt on system whereby 2nd car owner pays double the road tax, COE and all sort of levies! If you are rich enough to own a few to several cars, what is even 10K road tax per year sound to him/her......well....I knows enough of friends who can easy pay 100K COE, 20K road tax and own 10 cars. ERP and a common pool of COE for the mass is just going to benefit the rich and well to do.

Edited August 15, 2013 by Sg571958

[Knoobie]

hmm.. actually with the new MAS ruling, wouldn't it encourage new car owners to change ride after 5 years?

Since after 5 years no need service loans etc.?

[RadX]

looks like more chicken rice sellers to come

[Pms]

Number 3 is a great idea to bring prices down hard but if drop too much, the downpayment will be reachable to most.

75% downpayment, 25% loan. Can remove the loan duration. Deter alot people already. While dropping the car prices.

 

Number 4 has sooooo many loopholes.

[Jman888]

hahaha.... happen to me before.

 

i want to sell my car and we agree on the price which pay me deposit, before the handover and full payment, they claim that they didn't know i was the 3rd owner (which they already saw the paper). I told them if they still interested, they say no..... ok lor i kept the deposit [laugh]

 

I think it's just karma...Just to share a story how cunning car dealers are, there was once i sold my previous korean ride at a reputable car dealer at automegamart. We agreed on the price and after cash was transacted and closed, the boss of the dealership call me and keep bugging me say can I return $1k to him because he didnt know i was the 2nd owner so it will be hard to sell.

 

I was like WTF, all the vehicle information is there for you to check before we agree on the price and ignored him...but he managed to sell it within a week of listing.

 

This is how it worked when you let someone without rules run his own business...

 

[RadX]

hahaha.... happen to me before.

 

i want to sell my car and we agree on the price which pay me deposit, before the handover and full payment, they claim that they didn't know i was the 3rd owner (which they already saw the paper). I told them if they still interested, they say no..... ok lor i kept the deposit [laugh]

 

 

hmmm..u shd be a car dealer...u are crooked enuf [laugh]

[Jman888]

hmmm..u shd be a car dealer...u are crooked enuf [laugh]

 

 

if a car dealer cannot tell how many owner from the paper, then they have to pay school fee to learn [laugh]