Budget 2013

[MMM]

peapot:

MMM I can identify with that. My previous car was Hyundai Matrix. It gave me hell. I swore no more Korean cars!

Not to mention high petrol consumption too.... Some car salesman call it a \"rich\" man's car due to that.

[sleepy]

Is it worth going for PQP?

[janet88]

This system about having 50% upfront cash for car buyers is no joke…esp those who are first time buyers. Don’t forget the COE for small cars is also high. I do pity the car salesmen though…it’s their rice bowl.

[pirate]

janet_lee88:

I do pity the car salesmen though...it's their rice bowl.

The number of COEs remain the same. Which means that the number of new cars sold also remain the same. Which means that it would depend on whether the sales people concerned are selling Kia, Toyota or Mercedes.

Unless they have been profiteering from the high COEs the last couple of years...

[Funz]

I would think reverting back to the 70% loan and 7yrs loan policy would have been sufficient. 50% & 5 yrs really tough for 1st time car owners.

[sleepy]

Perhaps it’s a sign that the govt is hearing us… because existing COE price is way too high! With this, COE price will definitely decrease sharply


However, I think 2nd hand car finance scheme should not be as stringent as new car. Afterall, 2nd cars are not increasing existing car population

[Dora1]

sleepy:

Perhaps it's a sign that the govt is hearing us... because existing COE price is way too high! With this, COE price will definitely decrease sharply


However, I think 2nd hand car finance scheme should not be as stringent as new car. Afterall, 2nd cars are not increasing existing car population

But this will cause a loophole. As long as I can pay the 50% down, then I'll buy the car. Then I'll sell it 6 months later at the same or higher price to someone who cannot afford the 50% down. Free car for 6 months + a few hundred or thousand dollars pocket money, not bad mah better than letting the money sit in the bank and earning close to zero interest.

[sleepy]

Dora1:

sleepy:

Perhaps it's a sign that the govt is hearing us... because existing COE price is way too high! With this, COE price will definitely decrease sharply


However, I think 2nd hand car finance scheme should not be as stringent as new car. Afterall, 2nd cars are not increasing existing car population

But this will cause a loophole. As long as I can pay the 50% down, then I'll buy the car. Then I'll sell it 6 months later at the same or higher price to someone who cannot afford the 50% down. Free car for 6 months + a few hundred or thousand dollars pocket money, not bad mah better than letting the money sit in the bank and earning close to zero interest.

:salute: :salute: i didn't think of that at all

[Augmum]

Dora1:

sleepy:

Perhaps it's a sign that the govt is hearing us... because existing COE price is way too high! With this, COE price will definitely decrease sharply


However, I think 2nd hand car finance scheme should not be as stringent as new car. Afterall, 2nd cars are not increasing existing car population

But this will cause a loophole. As long as I can pay the 50% down, then I'll buy the car. Then I'll sell it 6 months later at the same or higher price to someone who cannot afford the 50% down. Free car for 6 months + a few hundred or thousand dollars pocket money, not bad mah better than letting the money sit in the bank and earning close to zero interest.

There will definitely be loopholes.....
No need 6 mths....
Those car dealers, agents, parallel importers, finance companies never lack of \"creativeness\"
Simply left hand change right hand, right hand change left hand.....

[Mawar]

sleepy:

Dora1:

[quote=\"sleepy\"]Perhaps it's a sign that the govt is hearing us... because existing COE price is way too high! With this, COE price will definitely decrease sharply


However, I think 2nd hand car finance scheme should not be as stringent as new car. Afterall, 2nd cars are not increasing existing car population

But this will cause a loophole. As long as I can pay the 50% down, then I'll buy the car. Then I'll sell it 6 months later at the same or higher price to someone who cannot afford the 50% down. Free car for 6 months + a few hundred or thousand dollars pocket money, not bad mah better than letting the money sit in the bank and earning close to zero interest.

:salute: :salute: i didn't think of that at all[/quote]Sounds doable. But must cover penalty for early redemption of car loan.