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  1. Hi All.. May i have some advise on the possible course of action i can take in regards to this! My dad brought a suzuki car about 3-4 months ago from this 2nd hand dealer "friend" at turf city. Here how it goes... my Dad paid for the car in FULL, and after the agreed replacement, maintenance of items are done, car were set to be collected... Lets leave out some hiccups here and there as they were rectify by them. The shocking thing happened today, as i attempted to renew the expiring Road Tax on his behalf, the online renewal just wont get thru. After calling and asking, was shocked that the car was STILL NOT under my dad's name after all these months. Called the dealer, and they say they will "check"... what rubbish? Can any knowledgeable bro or sis advise me what can we do now? thanks!
  2. SINGAPORE: Several MPs have raised their concerns in Parliament over the latest changes to car ownership policies. Under the Monetary Authority of Singapore (MAS) car loan curbs, buyers have a maximum of five years to their service car loans. They also have to foot a downpayment of 40 per cent or more for a new vehicle. The changes, they say, not only have an effect on second-hand car dealers but also large families. Mr Pritam Singh, MP for Aljunied GRC, said: "It would be imperative for the government to look at possible tweaks to the system if indeed larger families and families that include disabled singaporeans or elderly parents are genuinely affected, as the effects of the new policy kicks in over next few months. "One specific way could be to raise the LTV ratio for cars back to 70 per cent as it was previously, but only for families with two or more children so as to buttress and incentivise the government's efforts to raise TFR (Total Fertility Rate). Dr Lee Bee Wah, MP for Nee Soon GRC, said: "With regards to the restriction on private car loans, there has been plenty of unhappiness from the grounds, from existing car owners to second-hand car dealers. "Recently, I received a very long email from a resident of mine. He told me that he has been a second-hand car dealer for 17 years. He started off as a salesman after ROD, and he worked his way up and he is currently the CEO. He has 235 cars in hand and 50 staff, and he is crying out for help. He told me he is going to sell his house but he worries he cannot save his business." "As I read his email, my heart beats with his. Again, the change is so drastic and immediate that some second-hand car dealers like my resident will have to fold up their businesses. Is this cut so critical and so market sensitive that the Government cannot give any advance notice?" - CNA
  3. - Existing owner still cont the bank loan, as too disruptive to do a reloan. This is a transfer to family member thus want to minimise the admin procedures.
  4. Hi If I transfer a car ownership to another person. Does that person need a driving license? If he is not driving at all.
  5. Been wondering the actual cost of car ownership in Singapore Example Car1 buy $70k sell $36k Car2 buy $70k sell $53k ($36k from Car1 used as down payment) Car3 buy $66k sell $72k ($33k from Car2 used as down payment) Is it right to assume at end of day my actual cost of ownership is $45k for all 3 cars. Not taking interest, opex into the picture. Correct?
  6. Much has been discussed recently about rising COE premiums and the skewed distribution of car ownership per family. It is thought that upper class families, with higher disposable incomes, tend to drive up COE premiums (especially in this period of diminishing COE supply) with their purcases of multiple luxury marques in one household. What is your take on the idea mooted to limit car ownership per family and distributing the ownership capability to lower-income families who may need a car even more?
  7. I will be buying a secondhand car from direct owner soon, hence I am looking for someone to help do car ownership transfer and co-share loan commission (>60k loan). Understand that car direct sellers sometimes receive SMSes from third parties providing free ownership transfer service in return for a cut of the loan commission. Anyone has their contacts, can PM me? Many thanks!!
  8. bros, need advice. i'm doing my divorce settlement, the only 1 thing left is the car. my car is bought under ex-wife name, thus all insurance ownership is under her name. now we have to sell the car and i will buy over the car. i have 26K of loan balance and the car can be sold 26K to a car dealer. therfore net/net no returns or top-up needed. As i want to buy over the car, what steps should i take. i will need to take a loan of 26K to cover the outstanding. please advice. thanks
  9. Yoz bros , currently my car incl. Bank loan , insurance is under my dad name. I intending to do a transfer of everything to my name , need advice on the procedures & recommendation of workshop willing to do. Thanks
  10. Have you know of anyone who DID not get a car after they sign the contract? If they did not get after six bids, did they top up and eventually got their car? If they cancel the contract, did they go to another dealer to get another car?" Has any of the above case FAILED and the potantial car buyer till today is still carless (using public transport) My innocent thought on this COE issue....... if over the past 20 years 100% of car buyers DID get to own their cars eventually. THEN WHERE THE FARK IS THE OVER DEMAND(or UNDER SUPPLY). I have not known of anyone who PERMANENTLY gave up car/motorbike ownership because of failure to get COE! Once a person sign and make up their mind to own a car....I think 100% of them eventually get it....be it six bids later or second hand car!!! SO WHERE THE FARK IS THE OVER DEMAND(or UNDER SUPPLY) THAT CAUSE THE COE TO SPIKE UP SO HIGH. I mean had the car buyers cooperate....we could all be driving $1 COE. The system itself is creating FEAR and KIASU....making us pay thru our nose for an item that 100% of car buyers eventually get it!!! That is my conclusion that COE is purely a money making system, feeding on kiasu and fear!!! P.S. those that did not get the COE after six rounds......they may try again with another car brand....but in the end still get their car after 12th bids(6months) max!!
  11. previous years, he made cars more affordable to the masses, wanting to give most families an opportunity to own a car. this was what he said in previous rallies, with graphs showing how affordable cars have become (citing the price of Toyota Corolla as eg) To make this happen, ARF is lowered etc. consequently, with more cheap cars on the road, ERPs are raised to tax on usage and regulate congestion.... consistent with his ideology. this policy wasn't concurred by his dad, LKY, who still prefers to make car purchases more expensive through COE + ARF combo. and NOW!?!?!??! having raised ERP numerous times in a failed attempt to control traffic congestion, COE shot back to previous highs. This is a really LPPL situation for everyone. a WIN-WIN for the govt. CB.
  12. some people are just too bo liao... Spanish woman claims ownership of the Sun (AFP) MADRID
  13. Hi, would like to ask if my father can use his name to buy a car as well as the insurance without driving license? Cas my friend said can and he has got his car with the above and his son with driving license is driving it. The main purpose is to reduce the price of insurance.
  14. is it possible to change the ownership of the car and just taking over the loan without the need to re-apply for new loan? my father's car still has a few years of outstanding loan. is it possible to just transfer the outstanding loan and car ownership to me without the need to redeem the loan and re-apply the loan under my name which will incur additional interest?
  15. anyone care to share? thinking of getting a used 2002 model.
  16. 1. i want to buy a second hand 3yr old car that depreciates 40k a year. with road tax, servicing, insurance, petrol etc all in, about 50k per annum. 2. i decide to pay cash for the car and expect to take the 100k lost when i sell the car after 2years. 3. i sell away the car after 2 years and collect cash less 100k back. questions 1. did i miss out anything on car ownership in singapore now? 2. do all of you car owners do this method of calculating ownership of cars in singapore? 3. does number of ownerships of a second hand car further depreciates when i sell? 4. should i buy a second hand car only when the coe drops? 5. are direct buyers on sgcarmart trustable? i read somewhere that they are actually dealers in disguise. 6. i also heard there is football money when i buy through dealers!? what the hack is that? one of them goes by 1% of the done price. 7. what happens when the car reaches 5th year. i understand that the parf or something will drop or so? thanks. please help me understand this.
  17. Taken from hardware zone Once in a while, a forumer will appear with details about his salary and expenditure and seek the advice of fellow HWZers about whether he can afford a car. The answers will predictably fall into four categories. (1) "Wah, you earn so much, can afford any car you like" (for any salary above $2.5k) This type of answer is usually posted by non-working forumers like students or those serving NS, who think that anything above $1k is a lot of money. (2) "I like honda civic type r because chio. u shld buy" This type of answer is useless for budgeting, but simply for +1 purposes. Again, this type of posting is usually by students or those serving NS. (3) "I earn $5k/6k/7k per month but still take bus and eat rice + tau you" This type of posting is usually by a forumer who earns a fair amount, but thinks he earns a lot and wants to show off how financially savvy he is. (4) "Singapore cars so expensive if I go live in USA/Australia/Europe/Africa/North Pole the cars are so much cheaper, women more beautiful, jobs plentiful and food is tastier" These are postings by 'politically aware' (i.e. PAP bashing) Singaporeans who seem to think that their job skills will allow them to migrate easily to other countries to work, when they don't realise that their skills can be done by a Chinese/Indian at twice the speed and half the price. However, today, I will answer this question for you once and for all in 5 easy steps. Step 1 Take your average monthly salary over the last 6 months and minus your average monthly expenses over the last 6 months. Note: If you don't know how much you earned or saved over the last 6 months, car ownership is likely to leave you in financial ruin. Step 2 Add car allowance (if any). Step 3 Minus public transport costs. Step 4 Do you have enough money left to maintain the car you are thinking of (car loan, insurance, road tax, petrol, parking, ERP, maintenance, upgrade budget)? Note: If you never owned a car before and you do your calculations and you think 'oh my god, this cannot be right as it is so expensive'. Congratulations, add 10% to your figure and you now have the cost of car ownership in Singapore. Step 5 If YES, you can afford a car FOR THE TIME BEING (assuming you are happy to reduce your savings by the same amount). Note: If circumstances change (change job, lose job, lose car allowance, get married, got baby, loved one falls ill and needs medical expenses), then depending on whether you can sell the car without having to come out with money, you may be financially screwed. If NO, you cannot afford a car. Sorry. Work harder or spend less, then maybe in the future can. Extra Observations 1. For young people with less life experience, please note that owning a car and being able to afford a car are two different things. There are many people who cannot afford a car, but still own a car. Most of the confusion young people face is wondering why their colleague/friend who earns $1500 can afford a car - the answer is they cannot afford a car. Either they have background support from family, or they are financially bleeding to maintain the car. 2. For guys who think that girls like guys with cars - you are unfortunately right. However, most girls do not know or care what sort of car it is, as long as it can get from point A to point B in relative comfort. If you are planning on buying a car for the main purpose of increasing your attractiveness to the opposite sex, a cheap and comfortable one will do - no need for a 'sports car' like a Civic Type R or STi. A guy who has an Altis or Sunny but can afford the occasional nice restaurant treat vs a guy with a STi but can only afford hawker centre or Mcdonalds - who do you think will be more successful in the game of love? 3. BONUS Observation Some people will read this posting and think that I am discouraging car ownership. I am not. I am trying to make sure that ideally, if you choose to own a car, you go in with your eyes open, and not get 'surprised' by your financial situation as time passes and reality sets in. MANY MANY Singaporeans (including car owners who post on this forum) do not 'pass' the test I have put in this posting, myself included when I first started work. Although I was making $5.5k when I bought my first car, due to poor financial discipline, I had almost nothing left every month. It is very unpleasant for a young person to realise that his financial situation is his own responsbility, but the earlier you realise this, the better it is for you. The stress you get from checking your rolled over credit card debt, overdraft and bills every month is even more unpleasant than trying to gain a basic understanding of personal finance. It is unfortunate that for most young men in Singapore, a personal finance lesson is paid for in the shape of a $60k depreciating lump of mental on wheels. If you still decide to buy a car even though you can't afford it, all the best.
  18. Like to confirm if the persons registering for a car can be different from that applying for a bank loan? That is, the car/COE is registered to person A but bank loan is by person B. Also like to know in detail what happens to the car/loan if the car is repossessed? Thank you.
  19. Hi, Will be selling off my ride soon and need a one stop shop to take care of my paper work. Pls advise if any of u know any car dealer friend who can do this. Thanks.
  20. I have been eyeing on the Volvo V50T5 for awhile. Just wondering if Volvo forumers here care to share about their experience in the cost of owning a Volvo. I am referring to servicing/parts cost after the warranty period cuz of 'stories' of how expensive parts can be. Thanks in advance for your comments.
  21. i'm in the process of selling off my car..for transfer of vehicle ownership, can it only be done at LTA?
  22. COST OF CAR OWNERSHIP IN SINGAPORE Many people embark on the quest for car ownership without realising the actual financial drain that they are placing upon themselves. Here are some of the factors that are part and parcel of car ownership. FACTORS Monthly Installment Conservative median average at $500/mth depending on loan duration. The monthly installment for a car loan is calculated via the following formula. {(Principal * Interest Rate * Loan Duration) + Principal} / Total No. of Months Insurance Conservative median average at $1,500/year or $125/mth. Road Tax/Radio License Approximately $700/year for 1500cc or $58/mth. Petrol Approximately $200/mth. Maintenance Approximately $60/mth on average over the lifespan of a car. Parking Season parking, parking at workplace/carparks. Approximately $200/mth. ERP Approximately $50/mth Incidents Conservative estimate of $100/mth over the lifespan of the car. Factoring for "accidents", upgrades, increased loading in insurance premium, etc. Total $500 + $125 + $58 + $200 + $60 + $200 + $50 + $100 = $1,293/mth for a 1,500cc car with a monthly installment of $500. **Incidentally, a $70,000 amount compounded at a conservative rate of 4% per annum over 30 years is $227,000. At 8 % per annum, amount grows to $704,000. CAR LOANS Rule of 78. Car loan redemptions in Singapore are calculated using the Rule of 78. It is a method of allocating a loan's interest & principal. The rule applies most of the installment payments in the early years of the loan to payment of interest rather than principal. At any point which you wish to redeem your loan, the remaining principal is the balance (outstanding settlement amount). This is only applicable for cars whose total cost is <$55,000 excluding COE. For cars over $55,000, it is subjected to another devious scheme known as Common Law. There is an additional surcharge of 20% of the interest that the bank did not manage to earn. There is an online calculator which can be used to calculate your full settlement at any point in time. http://www.hughchou.org/calc/rule78.cgi History. Rule of 78 was popular as a short-hand method for calculating the remaining interest on a loan in the days before financial calculators. In those early days, the rule of 78 was applied to all loans. Today it remains only for car loans. In other countries, like the US, the rule of 78 has been dropped. It is not permitted for car loans of more than 5 years and it is rarely used for loans less than 5 years. Cash rebates. Cash rebates are a promotional tool used by banks to overcome the 70%/80%/90% maximum loan cap. It offers you cash upfront at the expense of higher interest rate. GE money was at one time offering 12 months installment rebate at 6.XX% for 10 years. That's almost double your principal! Cash rebate also comes with a lock in period where you cannot sell your car or you are subject to a hefty penalty on top of usual charges. This poses a problem when you need to sell your car or in event of a total car loss. Should I pay more $ upfront or take a shorter loan? This is entirely dependent on your profile. I'll show a few illustrations. Case 1. A) $70,000 loan for 5 years ($1,328 monthly) B) 20% down & $56,000 loan for 7 years ($798 monthly) If you intend to sell after 4 years. A) Full settlement amount - $15,523 Total installments paid - $63,744 Total cost - $79,267 ($15,523 + $63,744) B) Full settlement amount - $26,669 Total installments paid including $14,000 downpayment - $52,304 Total cost - $78,973 ($26,669 + $52,304) If you intend to sell after 5 years. A) Full settlement amount - $0 Total installments paid - $79,625 Total cost - $79,625 B) Full settlement amount - $18,224 Total installments paid including $14,000 downpayment - $61,880 Total cost - $80,104 ($18,224+ $61,880) Case 2. A) $70,000 loan for 7 years ($997 monthly) B) 20% down & $56,000 loan for 10 years ($598 monthly) If you intend to sell after 4 years. A) Full settlement amount - $33,327 Total installments paid - $47,856 Total cost - $81,183 ($33,327 + $47,856) B) Full settlement amount - $37,351 Total installments paid including $14,000 downpayment - $48,704 Total cost - $80,055 ($37,351 + $48,704) If you intend to sell after 5 years. A) Full settlement amount - $22,772 Total installments paid - $59,820 Total cost - $82,592 ($22,772 + $59,820) B) Full settlement amount - $31,907 Total installments paid including $14,000 downpayment - $49,880 Total cost - $81,787 ($31,907 + $49,880) *We can see that the upfront of 20% helps during the first 4-5 years where a person usually sells their car. The savings costs is usually around $1,000. *However $14,000 compounded at 4% for 4 years translate to $16,378 or a gain of $2,378. *Even if its compounded at only 3% for 4 years, the gain is $1,757. Of course, situations differ on a case by case basis. It is always better to run your own numbers and determine which one suits you. It is always my opinion that a short term loan is better than a large down payment and a longer term loan. Always go for a short term loan. Your dealer makes less too. "Break even" is subjective. Its normally termed as the date which your car valuation is greater than your outstanding amount. In actual fact, you never break even. You always lose money on cars. The value of a car is simply based on the laws of supply and demand. If your car is still in demand, it'll fetch more than simply its paper + body value. Demand can be accrued to a few things. eg; make/model, market supply, year of manufacture, color, transmission type, etc... Cars that do not have a strong demand locally are exported. Certain countries have an age limit on the cars that can be imported in. In Singapore, cars that are less than 3 years of age can be imported in and sold. So in inverse, the number of countries that it can be exported to reduces as the age of the vehicle increases.
  23. Hi, I wanted to get rid of my OPC ride now and my colleague is interested to take over. However, I doesn't know the procedure to transfer my bank loan to his? Anybody knows how am I going to go around doing it? My Insurance also.. Dunno what to do with it.. I need to sell to him as trading in my car or sell to dealer = 8K loss!!! How some experienced ppl here can help. Ima under Maybank.. Thanks..
  24. Justification on why ERP charges have been increased! 1. Government is raking in less vehicle revenue even with increase in ERP. 2. More households can afford a car with the present system.
  25. Hi all, I have a friend who wishes to get a car and he just got his licence recently. He was thinking of putting me as the owner of the car instead so that the insurance would be cheaper. I am 24y/o and have 3 yrs of driving experience. I have the following question 1) Would being the owner put me in any risk? 2) Will there be any huge difference in insurance cost btw a 24y/o(3yr driving experience) vs a 21y/o p plater? Btw I had not own a car before. Welcome all feedback Thanks
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