Budget 2013

[peapot]

Actually most Singaporean belongs to middle income bracket. Hanging there, not that poor not that rich. Just right in the middle.

[chloecube]

coolbaby:

pirate:

Aiyo! Just buy a 5-6 year old car lah. Plenty to choose from that are less than $30k. Better yet, buy a 2nd hand off-peak car and pay as you use.

Nobody has yet to explain to me why a family \"who needs a car\" must buy a new car and pay $90k+ just for a COE.

Now 2nd hand car also not cheap cos the market for 2nd hand car has gone up due to high COE and now with the new policy.

As long as the 2nd hand car doesn't give problem, i'm fine with that too.

I also have 2 primary school kids. They go to student care after school. As a working mother, I need to rush back to pick them before 7pm. I'm already thankful for understanding bosses and colleagues that i can leave slightly early. It's not possible to take walk 10 min, take bus-train-bus to reach school by 7pm. Then still got to walk 15min back home (no direct bus). If I do that, we will only reach home 8pm or later. Then still need to shower and eat dinner. Then my son needs to attend DAS class on Thursday. It's only possible with a car to rush home, shower, dinner, send him to DAS.

Aren't they are encouraging women to go back to workforce? I don't see the need having a maid and I put them in student care so that I know their well- being (lunch, homework, revision) are all taken care while we are at work.
We just need a simple car. With the new policy, only the rich can drive. Not even the middle income group.

i totally agree with you as i am in the same situation too, i did not hope for big expensive car, just a small simple car for us to continue with our simple life will do.
without this 2nd hand car of DH, i probably have to spend more on cab fare rushing like mad everyday, and DH will probably have to swtich to a job that does not require him to own a car. at his age, i think not easy for him to start a new career..
i feel that garment shld look into the aspect of weighing the loan curb and not bring it into the used car market.
majority of the people who goes for used car have budget constrained.

[pirate]

Nebbermind:

peapot:

Pirate, this Nissan march really cheap. I thought my car was quite a good bargain but I guess this one is better. Anyway don't know much about cars. As long as it doesn't breakdown right in the middle of expressway, I m happy enough.

1996...this is a 17 yr old car leh...

Plonk down say $9,500 for the old Nissan March. Keep the remaining $40,000 downpayment for repairs and servicing. Then keep the monthly instalments and join AA. Don't even have to buy comprehensive insurance. 3rd party, fire & theft will do.

That will tide you over till 2016 when the expected COE surge comes back.

The occasional breakdown on the highway still better than breakdown in the middle of the MRT tunnel. :rotflmao: But I wouldn't drive it up the North-South Highway to KL.

[peapot]

Think I will still keep my Honda which is only 5 years old. Although sometimes it jerks for no reason but can just bring it to workshop than to spend more on new car.

[limlim]

peapot:

Actually most Singaporean belongs to middle income bracket. Hanging there, not that poor not that rich. Just right in the middle.

What is middle income?

>$8k/mth?

[pirate]

peapot:

Think I will still keep my Honda which is only 5 years old. Although sometimes it jerks for no reason but can just bring it to workshop than to spend more on new car.

Sometimes it's a good idea to bring your car to the agent for servicing. Yeah, it's more expensive, but cars they service tend to last longer. 5 year old cars should not be giving big problems. :xedfingers:

[cherrygal]

I saw a suggestion above to buy 5-6yo cars. But are we allowed to pay off a loan for a 5yo used car in 5 years?


Anyone asked the banks / used car dealers? UOB couldn’t commit to an answer when I called.

[Coolkidsrock2]

MAS press release on car loans.


http://www.mas.gov.sg/en/News-and-Publications/Press-Releases/2013/MAS-Imposes-Financing-Restrictions-on-Motor-Vehicle-Loans.aspx

[cherrygal]

The press statement does not say anything about loan tenure cap for new loans on used cars… or did I miss something?

[Coolkidsrock2]

pirate:

peapot:

Think I will still keep my Honda which is only 5 years old. Although sometimes it jerks for no reason but can just bring it to workshop than to spend more on new car.

Sometimes it's a good idea to bring your car to the agent for servicing. Yeah, it's more expensive, but cars they service tend to last longer. 5 year old cars should not be giving big problems. :xedfingers:

We like to buy 5 years old cars as it is fully depreciated and had just changed recently. Ask the sales agent to send the car to AA for inspection and there is a rating/grading. Where the car fails the rating/grading, the deposit will be refunded.

Our current car was maintained by the agent so it is good thus far. We did send it for maintainence and changed some parts but the costs is pretty negligible.