The Car Repo Man Is Busier Than Ever

[DonDon]

In an article on Straits Time today, more than 10,000 cars are repossessed per annual. More are going into the REPO business and banks are paying quite good money for each car to be towed away between $200-$250.

 

They had go to the extend of having bigger yards to store these cars, instead of finding the root cause to this car ownership behaviour in the country.

 

Car owners had expressed our unhappiness and concerns towards

• High car prices
• COE esculation
• Additional ERP gentry points
• Increase fuel pricing
• Continuosly increasing car insurance
• Questioning the true value of annual road taxes
• Naturally how safe are we driving on the Singapore road, from the Nicholle incident
• And now, new laser camera to gun you down on the road. (which often cause some driver to discover about it last minute -->jammed brakes -->pile up)

It had come to a time I wonder if are we criminals on the road, to be blame for every right doings, cursed for every wrong doing and suck in any economic downturn.

 

http://straitstimes.asia1.com.sg/singapore...,247820,00.html?

 

http://straitstimes.asia1.com.sg/singapore...,247823,00.html?

[Hitman]

Welcome to the REAL DEAL - Cost of Car Ownership in Singapore.

 

People should realise that owning a car in Singapore requires a premium.

 

1) To some , Cars is just another C in that 5 C status symbol ladder.

2) Some jump into it without doing proper finances.

3) Others come face to face with the cost reality of owning a car and how much one is being suckered by the govt in ERPs and COEs.

4) Parking charges and fuel charges are just part of required costs that needs to be paid out every month, not only the instalment payments.

 

The true reality sinks in when they also realise the high depreciation value of the car they just bought because their cars have only a 10 yr lifespan on Singapore roads.

 

Thus even when they do realise they cannot afford it , they cant sell the car without incurring huge losses or required top-ups to the financing banks sometimes amounting to S$20K even in only the 1st year of ownership ... and because Singaporeans in general do not have lots of savings , they are stuck with it.

 

Cant afford to keep , cant afford to get rid of it

[Sofarsogood]

Welcome to the REAL DEAL - Cost of Car Ownership in Singapore.

 

People should realise that owning a car in Singapore requires a premium.

 

1) To some , Cars is just another C in that 5 C status symbol ladder.

2) Some jump into it without doing proper finances.

3) Others come face to face with the cost reality of owning a car and how much one is being suckered by the govt in ERPs and COEs.

4) Parking charges and fuel charges are just part of required costs that needs to be paid out every month, not only the instalment payments.

 

The true reality sinks in when they also realise the high depreciation value of the car they just bought because their cars have only a 10 yr lifespan on Singapore roads.

 

Thus even when they do realise they cannot afford it , they cant sell the car without incurring huge losses or required top-ups to the financing banks sometimes amounting to S$20K even in only the 1st year of ownership ... and because Singaporeans in general do not have lots of savings , they are stuck with it.

 

Cant afford to keep , cant afford to get rid of it

 

there r a few category of ppl in Sg:

 

1) Cash rich, Asset rich

2) Cash rich, Asset poor

3) Cash poor, Asset rich

4) Cash poor, Asset poor

[Hitman]

there r a few category of ppl in Sg:

 

1) Cash rich, Asset rich

2) Cash rich, Asset poor

3) Cash poor, Asset rich

4) Cash poor, Asset poor

 

 

I wouldnt disagree with you on the above but the 10% of the population is 1) Cash rich, Asset rich (money Makes Money) .... another 10% is in the 4) Cash poor, Asset poor (Menacing Cycle) ... whilst the majority 80% is in the 3) Cash poor, Asset rich cat

[Sofarsogood]

there r a few category of ppl in Sg:

 

1) Cash rich, Asset rich

2) Cash rich, Asset poor

3) Cash poor, Asset rich

4) Cash poor, Asset poor

 

 

I wouldnt disagree with you on the above but the 10% of the population is 1) Cash rich, Asset rich (money Makes Money) .... another 10% is in the 4) Cash poor, Asset poor (Menacing Cycle) ... whilst the majority 80% is in the 3) Cash poor, Asset rich cat

 

I tink there are a few (abt 10%) in the Category 2. They are single, no family commitment, may not earn a lot but very thrifty in their spending, saves a large portion of their earnings.

[DonDon]

Gentlemen,

[/size]

Very refine and analytical in your thoughts.

With so many young cars being repossessed, just don

[Hitman]

Even the private financial can take these cars and so what

[DonDon]

Forgive if I am ignorant, but I was under the impression that COE was meant to control the amount of vehicle to be registered on the Singapore road. I find it conflicting when young cars heading for scrap yard or exported out of the country, and they continue to provide incremental number of COE paper annually.

All in all just sounded diplomatically right in view of LTA and their story to the simple citizens, but fact being more source of revenue that gone buried under the tunnel that caved in.

What

[Hitman]

Forgive if I am ignorant, but I was under the impression that COE was meant to control the amount of vehicle to be registered on the Singapore road. I find it conflicting when young cars heading for scrap yard or exported out of the country, and they continue to provide incremental number of COE paper annually.

[/size]

All in all just sounded diplomatically right in view of LTA and their story to the simple citizens, but fact being more source of revenue that gone buried under the tunnel that caved in.

What

[DonDon]

So very true, Wise one.

 

Fortunately we have MCF in allowing us to let out our heat. Credits to the boys...

 

Of course, I gather we are both very much in that category of Singaporean based on your Bo-Chap message statement. "It's not that I'm lazy, it's that I just don't care."

 

Relac One Corner and look forward in meeting with you on a MCF meet.

[Hitman]

So very true, Wise one.

 

Fortunately we have MCF in allowing us to let out our heat. Credits to the boys...

 

Of course, I gather we are both very much in that category of Singaporean based on your Bo-Chap message statement. "It's not that I'm lazy, it's that I just don't care."

 

Relac One Corner and look forward in meeting with you on a MCF meet.

 

 

Yeah .. hope to meetup soon.

 

ps : Too sianz to bother anymore .... its like a never ending one way battle , like the Palestinians and the Israelis

[DarkLord]

Aiyohz, now I am scared for my "time" to come to own a car liaoz!

[DonDon]

Bro, you are the DarkLord. Go into their dream and make a change.

 

Time for Revamp.

 

No worries, one thing for sure ; Singapore had gone through multiple economic downturns and for some reason they still standing strong...every night...

Edited April 26, 2004 by DonDon

[Hitman]

Aiyohz, now I am scared for my "time" to come to own a car liaoz!

Dun you have a cap or T-Shirt or Sticker with the N O F E A R brand logo

[DarkLord]

No lehz, I only got a pocket that says " NO MONEY" brand logo! Must be like the 10% asset and cash rich people, got $$ also say don't have!!

[DarkLord]

It's the system we are living in... Machiam like in the Matrix!

[Hitman]

No lehz, I only got a pocket that says " NO MONEY" brand logo! Must be like the 10% asset and cash rich people, got $$ also say don't have!!

[Cheekg99]

5 years down the road and you will realise that COE system will be revamped again ...

 

who knows they will use satelite to track your car usage and charge by usage ...

Edited April 26, 2004 by Cheekg99