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Showrooms not opening in Phase 1. What about COE?


Lotr
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(edited)

I was telling my friend.  The longer they hold off the next  bidding for COE, the more likely people will start thinking they dont need a car.

And sales will plunge

Not necessarily a good thing cos this plunge will be because of WFH where people realise they dont need cars and economic factors where they either cannot afford a car or want to play safe plus even if they wanted to buy a car, being forced to wait for three months or more might just change their minds.

A lot of people will change their life outlook after this, if they haven't already

 

Edited by Philipkee
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2 minutes ago, Philipkee said:

I was telling my friend.  The longer they hold off the next  bidding for COE, the more likely people will start thinking they dont need a car.

And sales will plunge

Not necessarily a good thing cos this plunge will be because of WFH where people realise they dont need cars and economic factors where they either cannot afford a car or want to play safe plus even if they wanted to buy a car, being forced to wait for three months or more might just change their minds.

A lot of people will change their life outlook after this, if they haven't already 

 

Actually quite true. My current company realised that WFH is a viable long term proposition and recently my boss announce that the office will be gone and everyone WFH.

Moving forward, we will only maintain a shared office space from the likes of Wework.

I'm now thinking if I should even keep my car.

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1 hour ago, Lotr said:

with the right pricing (read: discounts),  just need 1 AD to start the ball rolling and others may follow, who knows?

haha, just wishful thinking.

I thot this is already happening, referring to Volvo thread. The promo is attractive.

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6 minutes ago, Roh96 said:

I thot this is already happening, referring to Volvo thread. The promo is attractive.

I mean more discounts with no test drive and no viewing

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24 minutes ago, Rickster said:

Actually quite true. My current company realised that WFH is a viable long term proposition and recently my boss announce that the office will be gone and everyone WFH.

Moving forward, we will only maintain a shared office space from the likes of Wework.

I'm now thinking if I should even keep my car.

Good that you can continue to wfh

For me, my wfh/split team arrangement during CB will likely to change to staggered hours from Phase 1

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33 minutes ago, Philipkee said:

I was telling my friend.  The longer they hold off the next  bidding for COE, the more likely people will start thinking they dont need a car.

And sales will plunge

Not necessarily a good thing cos this plunge will be because of WFH where people realise they dont need cars and economic factors where they either cannot afford a car or want to play safe plus even if they wanted to buy a car, being forced to wait for three months or more might just change their minds.

A lot of people will change their life outlook after this, if they haven't already

 

Many ways to keep prevent coe from plunging. The cards or in this case the certificates are in their hands

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(edited)

So how? Still no COE!?!??!!!

https://www.straitstimes.com/singapore/transport/motor-trade-bracing-itself-for-extended-sales-suspension

Matilda-Worst-Used-Car-Salesmen-Harry-Wo

 

SINGAPORE - Vehicle showrooms will remain shuttered, and motor firms will still not be allowed to conduct customer test-drives next month - news which is sending the motor trade into a tailspin.

In response to queries from The Straits Times, the Ministry of Trade and Industry said car showrooms and test-drives will not be allowed to resume operations from June 2.

But companies can continue to sell vehicles online and deliver vehicles to customers.

Workshop services will also be allowed to resume.

Motor traders said the move will mean sales coming to almost a full stop for three months, posing a huge financial burden to the industry.

They hope certificate of entitlement (COE) bidding - suspended since April - can resume so some sales can be made.

The Land Transport Authority has not yet announced whether COE bidding will resume next month. Neither has it released the quota for the May-July period.

Nissan agent Tan Chong Motor head of sales and marketing Ron Lim said of COE bidding: "If we can at least get some stock out to pare down inventory. Or else shipments keep coming in. Vehicles are not exactly the easiest things to store; and duties still have to be paid."

Singapore Vehicle Traders Association president Eddie Loo said the association has written to the Government to appeal for business to be allowed to resume.

"We can't be worse than McDonald's, right?" he asked. "We can put in measures to make it safe to visit showrooms. As for test-drives, we have sold cars without test-drives before. It can be done."

Mr Loo said the industry understands the need for the circuit breaker and has been patient during the two months. But for business cessation to go for another month is "causing a lot of chaos, and costing us a lot in inventory, parking charges and depreciation".

"It is killing us," he said.

He added that dealers are facing additional financial burden in the form of financing charges. "The banks are still asking for their loan repayments," he said, referring to loans dealerships take on their stock.

Mr Loo said the suspension of car sales is also affecting consumers. "If you lose your job, the first thing you want to get rid of is your car. But now, you can't even do that."

Edited by Mockngbrd
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Turbocharged
16 minutes ago, Mockngbrd said:

Mr Loo said the suspension of car sales is also affecting consumers. "If you lose your job, the first thing you want to get rid of is your car. But now, you can't even do that."

If you lost your job, it's wiser to keep you car and sell a few months down the road when S'pore enters phase 3 in easing the rules.

You can fetch a higher price than now. Used car prices are bottoming out now.

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(edited)
4 minutes ago, Vinceng said:

If you lost your job, it's wiser to keep you car and sell a few months down the road when S'pore enters phase 3 in easing the rules.

You can fetch a higher price than now. Used car prices are bottoming out now.

Didn't lose job but I sold cos got a pretty good offer close to what I wanted. Otherwise I wouldn't have let go. Now just sit on hands see what's out there everyday. Everyday refresh those 2010/2011 cars. Lowball them buy at paper value. 

 

IMO, better to let go now if one has to. Things will not get better for sellers. Esp if coe drops to 20k+. Used cars will jialat if that happens. 

😛

Edited by Mockngbrd
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Supersonic
6 hours ago, badlammy said:

Give discount for buying without test drive.

I heard many times about rich men buying car no need test drive. 

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Supersonic
18 minutes ago, Mockngbrd said:

Didn't lose job but I sold cos got a pretty good offer close to what I wanted. Otherwise I wouldn't have let go. Now just sit on hands see what's out there everyday. Everyday refresh those 2010/2011 cars. Lowball them buy at paper value. 

 

IMO, better to let go now if one has to. Things will not get better for sellers. Esp if coe drops to 20k+. Used cars will jialat if that happens. 

😛

You are looking for car to drive for 1 , 2 years before renewing COE or just drive and scrap ? 

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1 hour ago, Rickster said:

Actually quite true. My current company realised that WFH is a viable long term proposition and recently my boss announce that the office will be gone and everyone WFH.

Moving forward, we will only maintain a shared office space from the likes of Wework.

I'm now thinking if I should even keep my car.

Just a personal comment/opinion, apology if my post offend some individual. But actually a lot of people working in the office (excluding those in sales) actually really do not need a car, while - those who are working in SME sales would need a car to travel to their client location. Of course, there would be some who would justify having children and elderly in the family. But if you were to realise in Singapore - we have a situation whereby those who need a car, cannot afford a car - while those who do not need a car, can jolly well afford to have a car.

 

Like what Rickster has commented, if you are working from home - and if you need to have a meeting with your colleagues, suppliers, vendor or whoever - you can just use co-working space. Other than that, why would you need a car? Other than ruling out children and elderly requirement.

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18 minutes ago, Vinceng said:

If you lost your job, it's wiser to keep you car and sell a few months down the road when S'pore enters phase 3 in easing the rules.

You can fetch a higher price than now. Used car prices are bottoming out now.

You do know that many car owners are living on pay check to paycheck. Becos of the car they own, they have little to no savings. Once the paycheck stops, they have nothing on hand to pay for the car. They will need to sell or even scrap the car just to recoup any $$. 

And no I don't think I would use the word bottoming out. Yes cars are being traded in at scrap these days, and it will remain so in the foreseeable future, not just 2020. I would say it will remain so until the economy recovers to a point that everyone can feel it, not just some on paper narrative  only. 

And that.... may not even happen after this wuhan virus. Rem this virus is expected to be on earth forever unless a vaccine is found. Else SG and other countries may be forced to lockdown again every now and then to contain this..

And if the frequency is like on a yearly basis... it means we have to do this all over again sometime in 2021.. What recovery are we talking about here?

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