New Car loan restriction

[pokeman71]

FxxK, new car loan restriction imposed today with bank loan limited to 60% with the maximum cap of 5yrs repayment.

With this imposed many of our bros here will have difficulty to get new car in future. This will result in less chance to get in between gal leg.

Can any bro out there do a calculation base on S$150,000 car, how much we need to pay for monthly instalment.

sigh sigh sigh

[TheNorm]

FxxK, new car loan restriction imposed today with bank loan limited to 60% with the maximum cap of 5yrs repayment.

With this imposed many of our bros here will have difficulty to get new car in future. This will result in less chance to get in between gal leg.

Can any bro out there do a calculation base on S$150,000 car, how much we need to pay for monthly instalment.

sigh sigh sigh

150k car

40% = 60k needed to be forked out yourself
60% = 90k from loan
over a 5 year loan = 60 months

per month you need to pay 1.5k (note sum excluding loan interests)

so bloody hell unless your taxi fee per month can hit 2k then you buy car cos of other consideration like insurance oil .etc

so basically... let's all take cab together

[SGman73]

Let hope this system can get cheaper car lor.. Less COE price..

[sggamer]

taxi companies going to be even richer. they buy taxi, no need to bid for coe, got tax rebate and dont have restriction for the loan.

[Botakhead]

Meet and fuck, own transport, so no need to worry fetching here and there. Save money to pay for fuck. Why gif money to garmen and let the vehicle kena rain and shine and parking in parking lot? Can walk to destination for sex, exercise and more healthy. :p

[valkyrierune]

yes a lot ppl own cars did not cater in unforsee or uncatered charges like wear and tear etc

it cost a lot actually...

unless company sponser you or that is your excess cash... cab is usually cheaper

[valkyrierune]

Meet and fuck, own transport, so no need to worry fetching here and there. Save money to pay for fuck. Why gif money to garmen and let the vehicle kena rain and shine and parking in parking lot? Can walk to destination for sex, exercise and more healthy. :p

lol.. keep fit for fitter dick rite?

[mr_missile]

hope the coe prices will drop then.......

[pangyor1]

the rule is applicable to NEW and USED Car..

[Botakhead]

I drop my pants faster loh.......:D

[Botakhead]

lol.. keep fit for fitter dick rite?

Not only fitter dick, but better stamina and stronger leg muscles ready for longer doggy sexions.:)

[syt_punisher]

Fuck man i tell you, cb !
As a sales person, i am very very disgusted by it.
Not only did it scrap my plans to buy car next month, but i have to continue BMW liao...:mad:

[4Dguru]

last time got this rule that monthly instalment multiply by 3 cannot exceeds your monthly pay. ...... now still have or not? if have lagi worst!

[pokeman71]

Let hope this system can get cheaper car lor.. Less COE price..

bro, now is the cash downpayment that KILLLL

[awendy]

This will affact those salesman whom need a car.

[HANDFUL]

Heard commercial vehicles not affected..
Maybe all buy Van.. Then they kill you with higher tax for commercial vehicles

[ningcaichen]

This will also result in EVEN more people taking mrt and buses...aren't the public transport crowded enough now????!?? :mad:

[kisscutter]

Heard commercial vehicles not affected..
Maybe all buy Van.. Then they kill you with higher tax for commercial vehicles

Yes buy van like berlingo n kangoo type more happening. Save hotel n best can do with below 18year also can't trace u on camera footage. Lol

[Blast88]

Does these restriction apply to used car loan:confused:

[hunter12]

Actually I can't help but think this is a strategy from gov.. Come this regulation, like alot of bros say.. now lower n even mid level working class who can or want to fork out hard cash at least 50k to buy a new car, a 20k +- to get a 2nd car.. all die.. Than some go for commercial van, if they see such a trend.. definitely they will do something like upping their tax la Coe la etc... also die..

They
trying push most of the people take transport, crowded is gd, more pack better... They subsequently will upp every type of transport fees, cause the majority need it.. simply can give reasons like more usage need more maintainace la etc .. N we all have to b LL n jus pay. They don't really give a shit about it, how pack, wait how long, etc cause they all jolly well can afford a nice car.. Ask them to pack their children gu ni hoon pamper clothing n bring 3 kidos out take the mrt, u c they can or wan bo...

kns.. rich get richer n the gap will b damm big when come to their children n our children time... fair?? :rolleyes::rolleyes: their children already way up than normal children Liao..

[ColdBlood99]

Let go for BMW

Bus Mrt Walk

BMW is good, some time you can BBQ during mrt, permission to late for work if mrt disrupt, can squeeze together with girl in mrt, free movie if ah lian quarrel with ppl over sit, free shuttle bus.

This type of service where to find? Why pay a paper over 80k?

[t123]

Honestly speaking, referring to no one, this is the govt the majority chose to vote for. Therefore, if now most of those who voted then, please don't complain. We have a choice not to screw ourselves. It sounded political, but its the truth.

[4Dguru]

3 more years to 2016 !

[bochapsing]

already cannot afford a house, now also cannot afford a car.... wat r we working for then?!

we're screwed....!!!!
:mad::mad::mad:

[Sexy Under]

si bey cham! any1 know how much is a kah chia? :(

[bochapsing]

si bey cham! any1 know how much is a kah chia? :(

SGD2,200.00 each...

[Thug]

COE ain't gonna drop much. It still depends on the coe issued..government still control over it. Your best bet is to wait for them to scrap coe...

[Thug]

Does these restriction apply to used car loan:confused:

It applies to all CAR LOAN.

[ColdBlood99]

SGD2,200.00 each...

Next time will have erp, road tax, insurance so more then 2200.00

[t123]

COE ain't gonna drop much. It still depends on the coe issued..government still control over it. Your best bet is to wait for them to scrap coe...

COE pricing is just like 4D, TOTO, control by system, ultimately who is the owner of these systems? No need 2nd guess. Where's the transparency? Transgender have.

[Botakhead]

Heard commercial vehicles not affected..
Maybe all buy Van.. Then they kill you with higher tax for commercial vehicles

But now cannot own commercial van under private owner, must be registered under company asset.

[Sexy Under]

SGD2,200.00 each...

nnkc! kah chia also so ex!

simi also wan 1st. wait we 1st in the world to take a loan to buy kah chia then they song. :mad:

[Greendevil]

Dear TS, for a 150K car, assuming you can only get a 50% only :

PRICE 150k - DOWNPAYMENT 75K, LOAN 75K @ interest rate of 1.88%

MONTHLY INSTALLMENT is $1368

if you can get 60% loan, may not be a too good news as well

PRICE 150K - DOWNPAYMENT 60K, LOAN 90K @interest rate 1.88%

MONTHLY INSTALLMENT is $1641

This is a very good strategy to shut the singaporean mouth up with all the complain on raising COE hitting 100K.

basically, the lower income too poor to buy a car so wont be bother to complain, cos only interest in SMRT. the rich too loaded to even bother with COE, so left the large group of middle income to make noise. Now by raising the bar for 'entry' level', they hope a few years time, ppl will get used to it and only the middle upper tier will be able to afford the car, no more complain. timing so good, election due by then.

[puzzleman]

well i am not suprised if singaporeans starts to demonstrate or riot hahahah
guess next election will be great and may have huge bigger suprises

CHANGE OF POWER

[puffysong]

Wow, with this news means I would get to change my car in the coming years ahead.
The COE prices will drop, lesser ppl will bit for them.
Lesser ppl that cannot afford $1k++ monthly installment a month will consider owning a car.
They will not be able to fork out that 40% up front payment
Bank loan interest will be down too. Cos lesser ppl loan.U can no long do a 10 years loan period.

[Iemanishere]

The way I see is mid income people like most of us will suffer the most.. others no change..sad sad.. now u stop the bank for giving out loan only to 50 or 60%.. banks also will feel the heat... lets us all see what will happen as this will not end so soon as a topic...
Dont buy or upgrade house people can take it... now the basic for a singaporean to enjoy or call his or her own.. will not come true as well..

Sad sad

[Iemanishere]

Old man use to tell me.. got money as in some not rich... cannot buy house.. now cannot buy car....so how...
His reply... we all take that money go give girl.....

[Beachsea]

...

provided our taxi fare decrease significantly...

if not the Taxi drivers and company are laughing all the way.
Ok , i know its hard earn money , but drivers don't complain to me that you are not earning if you are lazy :p

i have many taxi friends , the laziest whom is the also lousiest is earning around $2.5-3K with very limited driving cause he like to relax and tuang!

TAXI FARE PLEASE DOWN!!!!!!!:mad:
(morning from pasir ris to town , Taxi + peak charges + ERP = $32) weekday :mad:

[Botakhead]

Cannot own car, means cannot have sex in car, cannot bbbj in car, cannot drive and park at secluded spot and drive away quickly if spotted.........etc etc.:o

[Botakhead]

Who wants to take taxi and have sex or bbbj or tell taxi uncle/aunty :"please park at that darker spot, we want to have wild sex in the back seat.";)

[harunoki]

Fuck man i tell you, cb !
As a sales person, i am very very disgusted by it.
Not only did it scrap my plans to buy car next month, but i have to continue BMW liao...:mad:

You can afford BMW is not bad mah. Most of us here want Toyota also cannot afford.

[wally888]

Sure car dealers will find creative ways to close deals. Maybe backdates:confused:
Bump up new car price + over-trade your used car?
e.g. instead of $120k bump up till $170k, trade in car price bump up from $50k to $100k. With the $100k(assume used car fully paid up) u can use to pay downpayment of $85k. Of course, the loan amount of about $80k approval depends on your income affordability.

Above juz my crazy idea, do feel free to comment:D

[siapa6969]

buy a bike, and cycle to work.

[LovePotion]

ride a bicycle with IU unit mounted on the bicycle

[Bangster]

Time to do a GTA.

This govt totally pisses me off.

NBCCB, just when I was scouring to buy a used car this happens.

[tckeong1978]

i like the idea .bike install with iu unit.

can some one tell our finance minister?

sucks....my car left 2 yrs...ll..after scrapped veh,take bus,mrt...

luckily by that time,my youngest son is 5 yr old.not so jialat

[xiaoquan]

Wow, with this news means I would get to change my car in the coming years ahead.
The COE prices will drop, lesser ppl will bit for them.
Lesser ppl that cannot afford $1k++ monthly installment a month will consider owning a car.
They will not be able to fork out that 40% up front payment
Bank loan interest will be down too. Cos lesser ppl loan.U can no long do a 10 years loan period.

Wrong. It's the opposite. Bank loan interest for cars will raise.

Before the new rule. Banks milk car owners for up to 10 years with low interest.

With this new rule you said bank will lower their rates? From 10 years to 5. The bank is losing 5 years worth of interest! You think they would be so kind to lower the interest? They will raise the interest to recover back the amount they are losing with this new ruling.

They are not stupid. With this new ruling, only the cash rich or wealthy can afford. They will confirm plus chop raise the interest rates.

You can change your cars in the coming years due to lower COE? You sure our MIW won't tweak the COE issuance? It will drop, but how much? I don't think it will drop down to the 10-15k range. And you would need to be cash rich, to buy a car.

[alf1970]

In few month time on the road will only have big and super cars.
Our country will become a very high class city.

Singapore is a good place to stay but is not a good place to live.

Life is fxxking sucks! The next generation how to survive.

[xiaoquan]

i like the idea .bike install with iu unit.

can some one tell our finance minister?

sucks....my car left 2 yrs...ll..after scrapped veh,take bus,mrt...

luckily by that time,my youngest son is 5 yr old.not so jialat

I would say wait and see after 2 years. Depend on the COE. I think it's wiser to just renew it for 5 or 10 more years.

If die die must buy, buy a cheap 5 years old car. 2nd hand car dealers are known to submit a higher car value of the car.

Example the car you're buying is 40k, they would submit 67k to the bank. 60% of it will be $40,200. Than they will round it down to 40k.

Of course, I don't know whether the bank will actually go and do a check.

[whitegals]

It still depends on the coe issued..government still control over it. Your best bet is to wait for them to scrap coe...

You might as well wait for the ministers to work for free..... :mad:

[pussylovettes]

Don't blame the govt on this. Many S'poreans are living to the max without any savings. Frankly the public system isn't bad but tuning is required. Many young adults first piority is getting a car once they start work. Govt interest is to safe guard citizizens.

[12121212]

You might as well wait for the ministers to work for free..... :mad:

haha..nice one..just upz you

[empiresg]

This is very bad move. I don't see in ANY way does this benefit the guy on the street, the citizen, at all.

And many salesman (say you want to start insurance or real estate, etc.. need a transport) will be priced out and cannot make it anymore.

The rich get richer because you cannot do the job, and they already have a car. And as someone pointed out.... the taxi companies benefit, mrt and bus benefit.

Can imagine what is going to happen next on the public transports.

How this country turn to this...... hard to imagine.

[awendy]

calling all sales man , go and drive taxis can use it to visit customer and also when free can pick up customer on the road to earn extra at least the car rental.

[singleman]

150k car

40% = 60k needed to be forked out yourself
60% = 90k from loan
over a 5 year loan = 60 months

per month you need to pay 1.5k (note sum excluding loan interests)

so bloody hell unless your taxi fee per month can hit 2k then you buy car cos of other consideration like insurance oil .etc

so basically... let's all take cab together

can do any hanky panky stuff in cab? free show for the cab driver? :D

[ningcaichen]

Honestly speaking, referring to no one, this is the govt the majority chose to vote for. Therefore, if now most of those who voted then, please don't complain. We have a choice not to screw ourselves. It sounded political, but its the truth.fully agreed...those who love to Pay And Pay should not voice out...2016 don't know still can make it or not....people are not happy with 6.9million...but I am not happy since 2007 when foreigners start to pour in lor....already feel the heat since then, but people still vote for them in 2011.....if they come in SG if work as prostitute or sweeper ok lah..knn come in SG work as white collar position....:mad:
you can BBQ during mrt, permission to late for work if mrt disrupt, can squeeze together with girl in mrt, free movie if ah lian quarrel with ppl over sit, free shuttle bus.but if ownself is the person involved in the quarrel over seats how?? BBQ in mrt...thats a common experience everyday....:mad:
Actually I can't help but think this is a strategy from gov.. Come this regulation, like alot of bros say.. now lower n even mid level working class who can or want to fork out hard cash at least 50k to buy a new car, a 20k +- to get a 2nd car.. all die..Ask them to pack their children gu ni hoon pamper clothing n bring 3 kidos out take the mrt, u c they can or wan bo...
i already see people doing it lor....drive van etc instead of sedan private car...garment just try to resolve a problem by creating a bigger problem elsewhere....really don't know what kind of shit are filled in their brains....

[rat967]

We become ah tiong!! Take bicycle to work!! Hehe!

[pokeman71]

Actually I can't help but think this is a strategy from gov.. Come this regulation, like alot of bros say.. now lower n even mid level working class who can or want to fork out hard cash at least 50k to buy a new car, a 20k +- to get a 2nd car.. all die.. Than some go for commercial van, if they see such a trend.. definitely they will do something like upping their tax la Coe la etc... also die..

They
trying push most of the people take transport, crowded is gd, more pack better... They subsequently will upp every type of transport fees, cause the majority need it.. simply can give reasons like more usage need more maintainace la etc .. N we all have to b LL n jus pay. They don't really give a shit about it, how pack, wait how long, etc cause they all jolly well can afford a nice car.. Ask them to pack their children gu ni hoon pamper clothing n bring 3 kidos out take the mrt, u c they can or wan bo...

kns.. rich get richer n the gap will b damm big when come to their children n our children time... fair?? :rolleyes::rolleyes: their children already way up than normal children Liao..

have you try MTR in HK, is ev ery where in the town. Basically 5min from every where. If the coverage in SG is like that, than ok.

[pokeman71]

SGD2,200.00 each...

Just get one for my kids last yr, simply bi cycle c/w 2wheel and a ring ring. S$85, free lock.

[unsung80]

No doubt this country i once loved is turning mad every minute. :(

[pokeman71]

Dear TS, for a 150K car, assuming you can only get a 50% only :

PRICE 150k - DOWNPAYMENT 75K, LOAN 75K @ interest rate of 1.88%

MONTHLY INSTALLMENT is $1368

if you can get 60% loan, may not be a too good news as well

PRICE 150K - DOWNPAYMENT 60K, LOAN 90K @interest rate 1.88%

MONTHLY INSTALLMENT is $1641

This is a very good strategy to shut the singaporean mouth up with all the complain on raising COE hitting 100K.

basically, the lower income too poor to buy a car so wont be bother to complain, cos only interest in SMRT. the rich too loaded to even bother with COE, so left the large group of middle income to make noise. Now by raising the bar for 'entry' level', they hope a few years time, ppl will get used to it and only the middle upper tier will be able to afford the car, no more complain. timing so good, election due by then.

So Ppl like us, 40+, get married 10yrs ago, than buy flat, renovation, bank already S$0 cash, plus give birth to 2kids, where got hard cash, when we say hard cash is few K have la, for rainy days.

KNN, ..................

[pokeman71]

well i am not suprised if singaporeans starts to demonstrate or riot hahahah
guess next election will be great and may have huge bigger suprises

CHANGE OF POWER

Next time, we only see police car, ambulance, military vihecles, minister car and top 10% of rich man car on the road. Becase we got so many hurdle to clear before buying a car.

[ningcaichen]

well i am not suprised if singaporeans starts to demonstrate or riot hahahah
guess next election will be great and may have huge bigger suprises

CHANGE OF POWERcatch all go to jail lah...see whether 拘留所 or changi prison can accomodate so many people or not lor...but the worst thing is what? Singaporean are either bochap or scare....don't misunderstood me...i myself is a singaporean...but i hate this fact now...:(

[mr_missile]

just my humble 2 cents worth of thought.......

isn't the new "restrictions" implemented due to people (like us) complaining about high COE prices = high car prices? :o

[cupid xpress]

No doubt this country i once loved is turning mad every minute. :(

:( , I felt it too...

[ningcaichen]

just my humble 2 cents worth of thought.......

isn't the new "restrictions" implemented due to people (like us) complaining about high COE prices = high car prices? :o
err, but it make no sense leh...people complain COE is high such that people cannot afford a normal toyota vios because it is going to cost more than $100K...then now...loan shortened to 5years is like strangling the already bottlenecked situation further? how does this help, please tell me? to redefine the rich and and the low/middle-class people?

[pizzaboy]

Sinkapour Taxi Academy will see a sudden rise in tdvl enrolment due to many ppl will rent taxi to use as their personal transport, instead of takin a cab everyday. Isn't it better for us to drive a cab ourselves instead. Summore pump co. diesel cheaper than petrol.
I believe a strong grp of insurance/property agents & outdoor salespersons will be doin dat.

[Greendevil]

err, but it make no sense leh...people complain COE is high such that people cannot afford a normal toyota vios because it is going to cost more than $100K...then now...loan shortened to 5years is like strangling the already bottlenecked situation further? how does this help, please tell me? to redefine the rich and and the low/middle-class people?

Ning, in a way it is going to define low/middle clss people. What are expecting in the near future:

1) Possible sharp drop in COE price to a point it will stablise, I foresee ard 30K-40K
2) Those already owning a car will not be too much affect as they have car to trade in thus lower their cash payment.
3) Parking fee, ERP and inch up slowly without realising as inflation continue to rise.
4) road tax goes up
5) insurance premium goes up as car cost increase
6) Car wrokshop business improve as average car age increase mean more maintenance and using up their 3 yrs free servicing etc
7) Those car owner who buy the COE at the high peak period from early last year till last Jan may change their car in 2-3yrs car to minimise their losses once COE hit low.
8) COMFORT AND SMRT profit will go up thanks to the lesser tax and increase in fee ; it a routine, they bond to find some lame reason to increase.

P.S: this is my personal opinon only

[ajlover]

But now cannot own commercial van under private owner, must be registered under company asset.

so everyone should register a company, u buy from me, i buy from u, so its an 'active' company. Gov also happy, since they encourage more ppl to start biz, best part is first 3yrs's first 100k profit is TAX FREE !!! make sure u just earn 99.9k for the year.. got excess... just PM me, would be happy to help you spend.. heee

once u bought the van, can bonk inside, best to 'van pool', couples take turn to bonk inside, pay rental to van owner.. good idea right? then our dear H81 or Frag also have to drop price to compete for biz, price lower = lower inflation? :D

[ningcaichen]

everything price also up....FL up, Car up, House up....only left the fucking PLP ministers wifes we haven't up for them when they are not free...:mad:
Sinkapour Taxi Academy will see a sudden rise in tdvl enrolment due to many ppl will rent taxi to use as their personal transport, instead of takin a cab everyday. Isn't it better for us to drive a cab ourselves instead. Summore pump co. diesel cheaper than petrol.I believe a strong grp of insurance/property agents & outdoor salespersons will be doin dat.
that is too slow already...people are already doing it....now there is new regulation for taxi drivers to be "driving around fetching passengers 85% of the time"....so more and more hard to go by left already...
so everyone should register a company, u buy from me, i buy from u, so its an 'active' company.this is a good idea....:D
Ning, in a way it is going to define low/middle clss people. What are expecting in the near future:
1) Possible sharp drop in COE price to a point it will stablise, I foresee ard 30K-40Kother than this...the rest are not benefits to people right? but $30-$40K is not cheap either....

[sgonly]

I cannot understand why is it THEY push out 2 such unpopular policies at the same time, the 6.9 m White Paper and now car loan restrictions.

With recent protest at Speakers’ Corner, it is known that the 6.9m population will further dampen the already affected job market for the white collars. With the new car loan policy, it will affect up to the middle-class Singaporeans while leaving the rich with a mere pinch.

Maybe it is because this is 2013, and THEY hope that Singaporeans will forget all these by 2016?

[ningcaichen]

I cannot understand why is it THEY push out 2 such unpopular policies at the same time, the 6.9 m White Paper and now car loan restrictions.

With recent protest at Speakers’ Corner, it is known that the 6.9m population will further dampen the already affected job market for the white collars. With the new car loan policy, it will affect up to the middle-class Singaporeans while leaving the rich with a mere pinch.

Maybe it is because this is 2013, and THEY hope that Singaporeans will forget all these by 2016?they never die before mah...没有死过。。they tink they are invincible...yes, white collars SINGAPOREAN like me are badly affected already...i feel that they just 一意孤行 despite hearing our thoughts...the ecomomy is growing or not in Singapore is not exactly our problem, but each and every of our ricebowl is really our problem....given those foreigners whom are not prostitutes coming here...

Another way is they think they should be able to consolidate enough foreigners to become citizen to go against the singaporean will lor...by 2016, add a few hundred dollars "sweetener" give to us as Ang Pow JUST before election then expect us to vote for them....true enough, those foreigners will be very happy with the Ang Pow and sure vote for them....:(

[Greendevil]

Ning, think we can going adrift into politic issues. I also have my fair share of comments and fustration on Sngapore politic, but let keep tihis off SBF as forum rules stated.

[GDX11]

Coe will drop but tax will up, in the end still the same

[whitegals]

calling all sales man , go and drive taxis can use it to visit customer and also when free can pick up customer on the road to earn extra at least the car rental.

And can ask the customer if he wants to go anywhere, after u fetch him there, charge him booking fee as well... :D

[GreyMenthol]

f the MAS new regulation seriously. SG how to live?

[myjimmytan]

This new car ruling only affect majority of Singaporean who are working very hard to earn a decent salary, mostly the middle class. It does not take effect on those high earners or towkays (rich and well to do) people. For those well to do, paying 50% downpayment is not that much, further more this ruling pushes the COE down drastically. Eventually the well to do group can enjoy buying the car at a cheaper price but for majority, most of us cannot afford a car. It also slow down the car dealer market. Hope our dear government will do something to improve on this ruling.

[nine9nine]

There are 2 sides of a coin and I think this move is intended to protect naive consumers.

If we look another extreme, LTV extend to 100% and up till COE expiry date - all the Toms whose Dick is Harry will bid and buy a car. This will cause COE and purchase price rocket like housing in Singapore. This policy will also make people kpkb, especially those who can barely afford a car at this stage.

I do not own a car and have been waiting for a right opportunity to buy. A right opportunity for me is when I dont need to bother about loan as well as a sum of money I am prepared to burn.

Bottom line - if you aint rich, dont think about owning a car. If you dont need a car, take public transport.

COE rising essentially despite heavy jams on road is as good as telling the government YES WE KNOW CAR IS EXPENSIVE BUT YOUR CHEAP PUBLIC TRANSPORT IS LOUSY AND CANNOT BE TRUSTED THAT WE HAVE TO OWN AN EXPENSIVE LIABILITY TO COUNTER YOUR INEFFICIENT TRANSPORT NETWORK AND CAPACITY.

[owl888]

There are 2 sides of a coin and I think this move is intended to protect naive consumers.

If we look another extreme, LTV extend to 100% and up till COE expiry date - all the Toms whose Dick is Harry will bid and buy a car. This will cause COE and purchase price rocket like housing in Singapore. This policy will also make people kpkb, especially those who can barely afford a car at this stage.

I do not own a car and have been waiting for a right opportunity to buy. A right opportunity for me is when I dont need to bother about loan as well as a sum of money I am prepared to burn.

Bottom line - if you aint rich, dont think about owning a car. If you dont need a car, take public transport.

COE rising essentially despite heavy jams on road is as good as telling the government YES WE KNOW CAR IS EXPENSIVE BUT YOUR CHEAP PUBLIC TRANSPORT IS LOUSY AND CANNOT BE TRUSTED THAT WE HAVE TO OWN AN EXPENSIVE LIABILITY TO COUNTER YOUR INEFFICIENT TRANSPORT NETWORK AND CAPACITY.

Agreed. But why did our govt wait until COE skyhigh then act. Dunn tell me they wanna make $$$ to fill their pockets first:confused:
Those who bought car with high COE will suffer if they need to sell their car one day in need of cash and cannot find buyers to buy at exhorbitant price.

[Nato17]

Agreed. But why did our govt wait until COE skyhigh then act. Dunn tell me they wanna make $$$ to fill their pockets first:confused:
Those who bought car with high COE will suffer if they need to sell their car one day in need of cash and cannot find buyers to buy at exhorbitant price.

You can scrape the car and get back the balance of the COE.

[Nato17]

This new car ruling only affect majority of Singaporean who are working very hard to earn a decent salary, mostly the middle class. It does not take effect on those high earners or towkays (rich and well to do) people. For those well to do, paying 50% downpayment is not that much, further more this ruling pushes the COE down drastically. Eventually the well to do group can enjoy buying the car at a cheaper price but for majority, most of us cannot afford a car. It also slow down the car dealer market. Hope our dear government will do something to improve on this ruling.

The well to do will definitely be buying cheaper cars because the COE will come down for sure. What is 50k upfront or even 100k for that matter.

For those who have been thinking of upgrading their car, this puts a dampener into the works. EG, if I buy a brand new BMW, it will cost me close to about 200k. So that means I have to fork out 100k now. Which definitely will hurt those who are eyeing to upgrade, when previously, all I did was need to drive away with only 10% or 20% down payment. Which means additional cash upfront.

Repo business will definitely slow down, as now all cars will be in positive value instead of negative value. That means less business for those in the car repo line, because if owner falls behind, he/she will sell their car now and still afford to pay off the bank and get some cash out of the car.

And all banks are assured that they will get back their money. If I was a car dealer, I would make a great killing if I loan you money because if you default, I am assured that I will get back my money and more.

Installment payments will be costly. EG, car cost $100k. That means you paid up 50k, so you are going to be making payments of 10k per year, which is quite significantly up from previously. However, it also means that in 5 years time, those who have purchased a car now will upgrade for sure! It is no biggie because the car still has 50% VALUE or so! So basically you are just parking 50k basically. It is the initial cost that will kill you that is all.

[a_black_knight]

Well, in review of your below mentioned, may want consider there are people who are in sales line thus require a car to travel around sg! Such group of people will be badly affected! As it may means they are at risk of losing their job. Sigh...


I ever landed in such situation before! Boss's said taxi claims too high asked me get my own car!:mad:





QUOTE=nine9nine;8587171]There are 2 sides of a coin and I think this move is intended to protect naive consumers.

If we look another extreme, LTV extend to 100% and up till COE expiry date - all the Toms whose Dick is Harry will bid and buy a car. This will cause COE and purchase price rocket like housing in Singapore. This policy will also make people kpkb, especially those who can barely afford a car at this stage.

I do not own a car and have been waiting for a right opportunity to buy. A right opportunity for me is when I dont need to bother about loan as well as a sum of money I am prepared to burn.

Bottom line - if you aint rich, dont think about owning a car. If you dont need a car, take public transport.

COE rising essentially despite heavy jams on road is as good as telling the government YES WE KNOW CAR IS EXPENSIVE BUT YOUR CHEAP PUBLIC TRANSPORT IS LOUSY AND CANNOT BE TRUSTED THAT WE HAVE TO OWN AN EXPENSIVE LIABILITY TO COUNTER YOUR INEFFICIENT TRANSPORT NETWORK AND CAPACITY.[/QUOTE]

[amuletcollector]

COE rising essentially despite heavy jams on road is as good as telling the government YES WE KNOW CAR IS EXPENSIVE BUT YOUR CHEAP PUBLIC TRANSPORT IS LOUSY AND CANNOT BE TRUSTED THAT WE HAVE TO OWN AN EXPENSIVE LIABILITY TO COUNTER YOUR INEFFICIENT TRANSPORT NETWORK AND CAPACITY.yah...this has been going on for many years....but public transport is becoming from bad to worse, i can understand why people go for cars....:(
However, it also means that in 5 years time, those who have purchased a car now will upgrade for sure! It is no biggie because the car still has 50% VALUE or so! So basically you are just parking 50k basically. It is the initial cost that will kill you that is all.so next time the COE start to increase again...the garment will up the downpayment to 80% and reduce the loan period to 3years....if COE increase somemore again, mandatory full upfront repayment...GREAT...no more instalment plan...

maybe garment can prevent people from dirtying the public toilet, up the $0.20 to $2.00 also? very simple....:rolleyes:

[PeaceWithin]

Unfortunately this ruling favours not just the rich, but the CASH rich. If I have 100K, I would seriously think twice about putting money down on a car as I know it WILL depreciate. I'd rather put it down somewhere and invest or stand-by for rainy days.

So what they are really doing is separating the men from the boys. I can understand from the prudence perspective... but it's so elitist! Someone really needs to come down from their high horses...

[dom01]

...

(morning from pasir ris to town , Taxi + peak charges + ERP = $32) weekday :mad:

Wha? So expensive? With jam huh?

[dom01]

There are 2 sides of a coin and I think this move is intended to protect naive consumers.

If we look another extreme, LTV extend to 100% and up till COE expiry date - all the Toms whose Dick is Harry will bid and buy a car. This will cause COE and purchase price rocket like housing in Singapore. This policy will also make people kpkb, especially those who can barely afford a car at this stage.

I do not own a car and have been waiting for a right opportunity to buy. A right opportunity for me is when I dont need to bother about loan as well as a sum of money I am prepared to burn.

Bottom line - if you aint rich, dont think about owning a car. If you dont need a car, take public transport.

COE rising essentially despite heavy jams on road is as good as telling the government YES WE KNOW CAR IS EXPENSIVE BUT YOUR CHEAP PUBLIC TRANSPORT IS LOUSY AND CANNOT BE TRUSTED THAT WE HAVE TO OWN AN EXPENSIVE LIABILITY TO COUNTER YOUR INEFFICIENT TRANSPORT NETWORK AND CAPACITY.


totally agreed.

One can always consider using old cars like 6 yrs old and above.

[Grandturismo]

DBS already released their new car loan interest rates @ 3.25%..

Get ready to eat grass!

http://www.dbs.com.sg/personal/loans/auto-loans/default.page

[sean69]

DBS already released their new car loan interest rates @ 3.25%..

Get ready to eat grass!

http://www.dbs.com.sg/personal/loans/auto-loans/default.page

i need a car because of my job otherwise i'm happy taking public transport as seriously, car is a freaking liability.. despite the current teething problems, we still have a OK public transport..

years back when LTA allows deregulate car loans, a lot of pple that were interviewed on TV is very happy as they can finally own a car (max out loan and loan tenure).. problem is a lot of them are not financially literate or that the sales men did not give them proper advice..

if for any reason they need to sell the car, there is no way the money recovered is sufficient to cover the outstanding loan and more often than not, they will get themselves into trouble.. I have seen young engineers buying a european car after working for two years upon graduation.. and these are supposed to be "well educated" .. guess it is a status thingy for the youngster nowadays.. (oops.. now i sound like a old man)

With the new regulation, good and bad..

bad in the sense that we need the government to control our "emotional" purchase.. seems like people cannot be trusted to make their own decision which in some sense, is true for some people...

bad in the sense that for families that really needs a car, they need to have more cash upfront

good in the sense that it will make pple pause and think about getting a car..

[DegenerationX]

If you dont need a car, take public transport.

I do agree with this sentence! Car is a liability. Unless you really need to own one, else public transport is better.

[sgonly]

Sigh ... while I do not encourage buying of new cars at this moment especially, I had my fair share of bad experiences buying used ones. :(


One can always consider using old cars like 6 yrs old and above.

[alan10]

For those whose job does not need car, don't buy. The monthly installment, interest charge, maintenance cost, road tax, insurance, unplanned breakdown (it will happen), etc etc all cost lots of $$$.

For those who really need a car sometimes, there are those car sharing scheme which is quite reasonable priced.

Taxi are are no too difficult to find, especially with new rules last month where they need to be on the road 75% of the time.

Our public transport is still good, even with the occasional breakdown.

[mr_missile]

i need a car because of my job otherwise i'm happy taking public transport as seriously, car is a freaking liability.. despite the current teething problems, we still have a OK public transport..

years back when LTA allows deregulate car loans, a lot of pple that were interviewed on TV is very happy as they can finally own a car (max out loan and loan tenure).. problem is a lot of them are not financially literate or that the sales men did not give them proper advice..

if for any reason they need to sell the car, there is no way the money recovered is sufficient to cover the outstanding loan and more often than not, they will get themselves into trouble.. I have seen young engineers buying a european car after working for two years upon graduation.. and these are supposed to be "well educated" .. guess it is a status thingy for the youngster nowadays.. (oops.. now i sound like a old man)

With the new regulation, good and bad..

bad in the sense that we need the government to control our "emotional" purchase.. seems like people cannot be trusted to make their own decision which in some sense, is true for some people...

bad in the sense that for families that really needs a car, they need to have more cash upfront

good in the sense that it will make pple pause and think about getting a car..

another old man here agrees totally. :)

[ajlover]

to discourage people from buying car, the pubic transport needs to be reliable !! look at how often MRT breakdown these days, when it first breakdown, excuses like everything also breakdown after long usage. fair enough, after 10yrs, things do breakdown, then it start to become a norm !! every month there are few breakdowns, MRT also have 'monthly off days' har??

For bros who think taking public transport is easy, wait till it rains. where the fxxx are the taxi?? even on call also cant get. These days all the 'smart' taxi drivers start hiding and wait for on-call. once quote hit, all close shop for the day..... we also lan lan....

[Iemanishere]

Ahyo.. what I think is for them to re-look into the system again.. as this will cause lots of people in the car trade to loose thr job and for people which need a car for work and family very hard...
I think it time to stay next door...if this goes on... only the rich can enjoy life... be it any country u belong too...
Sad sad
As all good teach us... we must think for everyone when we do things... so all our brothers and sisters here... pls support a change....

[shchen]

I cannot understand why is it THEY push out 2 such unpopular policies at the same time, the 6.9 m White Paper and now car loan restrictions.
.....
Maybe it is because this is 2013, and THEY hope that Singaporeans will forget all these by 2016?

To test the water if any thing is out of hand still have time to change the policy, since 2016 is 3 year later. :rolleyes:

Just remember to use your action in year 2016.

[Slotti]

Just hope COE prices will come down & in some ways offset the new measures .

[xiaoquan]

I feel it's one of their plans. With this new ruling, more people will take public transport, get ready for them to raise mrt, buses and taxi fare due to more people taking it.

Singaporean Lan LAN have to pay, cause the demand is really growing.

Next the white paper, they are gonna keep increasing foreigner population in our tiny land. Again they will raise all the fares and say need more maintenance due to population increase and need to build more tracks, buy more bus, build more roads.

Die alr loh.

[ningcaichen]

Our public transport is still good, even with the occasional breakdown.do u take MRT, buses and taxi often? I will say is "GOOD" if i don't take all these public transport at all...because in this way it won't affect me...
Next the white paper, they are gonna keep increasing foreigner population in our tiny land. Again they will raise all the fares and say need more maintenance due to population increase and need to build more tracks, buy more bus, build more roads.true...if people canot buy cars...then go for public transport...how are they going to handle the crowds???

[lcdavid]

Maybe they are discouraging Singaporean from staying in Singapore and ask those who complain to migrate to Malaysia. Buying car in Malaysiavery cheap, 1000 Sing Dollar deposit can buy Proton already.
:eek:

[pokeman71]

err, but it make no sense leh...people complain COE is high such that people cannot afford a normal toyota vios because it is going to cost more than $100K...then now...loan shortened to 5years is like strangling the already bottlenecked situation further? how does this help, please tell me? to redefine the rich and and the low/middle-class people?

My 2cent of thinking, a good policy is those that can benefit at least 60% of population. Now I think they only target the top 20%.

Either you married with car or you married with a woman or man and risk lossing the chance to buy car.

The root cause is, our road infrastructure is not ready for current population, they got no idea how to solve the problem, so make car very difficult to own.

sigh

[12121212]

My 2cent of thinking, a good policy is those that can benefit at least 60% of population. Now I think they only target the top 20%.

Either you married with car or you married with a woman or man and risk lossing the chance to buy car.

The root cause is, our road infrastructure is not ready for current population, they got no idea how to solve the problem, so make car very difficult to own.

sigh

But our public transport infrastructure is also not ready for the current population...

[Cherrygen]

It may also leads to more debt issues if car owner wannabe borrows $ from financial institutes/ ezycash ( under signpost ??!!) to pay up the cash outfront. Perhaps may also max out their credit cards cash advances. Repercussion Repercussion !

No time & $ for marriage or baby if pple are slogging to repay their loans !:confused:

[mr_missile]

But our public transport infrastructure is also not ready for the current population...

to be brutally honest......u will experience a very much worse situation if u go to KL, BKK or JKT now. a 6km travel distance on the road can take 45 mins to 1 hour when it normally only takes 10mins. and the jam is purely caused by congestion, not any accident or traffic light malfunction or any other reasons.

i am not saying what the MIW are imposing is 100% correct. but if they do not do anything now to curb the spiralling costs of housing and growing car population, we will end up in the same situation as the cities mentioned above.

the garmen is already addressing the public housing issue by churning out records numbers of new HDB flats over the next 2 to 3 years. (but why do the public still willing to pay record money ($1m) for HDB flats?)

we are supposed to be a 1st world country now. but our public transport system can only be of 1st world standard maybe another 5 to 10 years down the road.

[ningcaichen]

My 2cent of thinking, a good policy is those that can benefit at least 60% of population. Now I think they only target the top 20%.Either you married with car or you married with a woman or man and risk lossing the chance to buy car.The root cause is, our road infrastructure is not ready for current population, they got no idea how to solve the problem, so make car very difficult to own.

u r right....if undergarment don't have the big head, then don't invite so many aliens...他们还是回火星去吧。。。

Public transport crowded=people not happy
Road congested=government not happy
COE rises=people not happy (if can afford can still buy)
Car loan restriction=people more unhappy, no car still have to squeeze MRT and buses...(nearly impossible now)

to be brutally honest......u will experience a very much worse situation if u go to KL, BKK or JKT now. a 6km travel distance on the road can take 45 mins to 1 hour when it normally only takes 10mins. and the jam is purely caused by congestion, not any accident or traffic light malfunction or any other reasons.
i don't fully disagree that the new car loan restriction is not helpful to ease the road situation, but car is already very difficult to own currently leh. the new car restriction is instead making people nearly impossible to own a car from the currently situation of difficult to own...supposedly those who are needy and willing to fork out sum of money to own a car can achieve their objective....but that is not the case now...

I myself don't own a car myself but talking some cents on people who need the car....:)

[sean69]

to be brutally honest......u will experience a very much worse situation if u go to KL, BKK or JKT now. a 6km travel distance on the road can take 45 mins to 1 hour when it normally only takes 10mins. and the jam is purely caused by congestion, not any accident or traffic light malfunction or any other reasons.

i am not saying what the MIW are imposing is 100% correct. but if they do not do anything now to curb the spiralling costs of housing and growing car population, we will end up in the same situation as the cities mentioned above.

the garmen is already addressing the public housing issue by churning out records numbers of new HDB flats over the next 2 to 3 years. (but why do the public still willing to pay record money ($1m) for HDB flats?)

we are supposed to be a 1st world country now. but our public transport system can only be of 1st world standard maybe another 5 to 10 years down the road.

I agree with you

we have pple complaining left right centre but who is the one buying cars and flooding the condo showrooms ?

if in the past, everyone take a step back, stop buying car for a couple of months, the COE will drop !! of cos personally, i think that the COE system is flawed but that is another topic..

reports also shows that singaporeans form the majorities when buying new condos despite the 99yrs leasehold and ridiculous prices.. all because the sales painted a nice rosy picture that prices will never come down in Singapore will land is limited.. is 1997-1999 that long ago?? .. there are people who bought high and still, prices have not recovered ..

i believe a lot of people buy the condos for rental income.. nothing wrong with having another stream of income, what i fear is that the rental yield will not be able to cover the mortgage payment once the interest rates goes up.. and we will start seeing people dumping/fire sales/ or worst, jumping...

it is easy to blame the government, i still believe they should be responsible for MRT/Bus services as it is a critical service instead of letting it go as a profit-driven entity.. but sometimes, we need to take reponsibilty ourselves

[Botakhead]

Maybe they are discouraging Singaporean from staying in Singapore and ask those who complain to migrate to Malaysia. Buying car in Malaysiavery cheap, 1000 Sing Dollar deposit can buy Proton already.
:eek:

But can only drive in Malaysia. New immigrant also will kena bully.:p

[alan10]

As add-on comment, we all know a car in Singapore is never an investment, only depreciation from the day u take possession. Do bear this in mind before buying.

I can only guess part of the reason people buy a car (esp a new one) is related to status symbol, lifestyle which shows friends/relatives u have done well in life. I think it's in our culture. In a country like HK and Japan, it's very normal not to own a car even if the person is working middle or senior level job.

Again like I mentioned earlier, if we don't really need to own a car, don't buy. Yea, it's nice to have own ride, sure it's convenient to go anywhere anytime. But instead imagine the amount of $$$ u saved.

[ningcaichen]

But can only drive in Malaysia. New immigrant also will kena bully.:pcan anyhow migrate to Malaysia? got requirements? Singapore here got no quota one leh.....the more the merrier...;)
Again like I mentioned earlier, if we don't really need to own a car, don't buy. Yea, it's nice to have own ride, sure it's convenient to go anywhere anytime. But instead imagine the amount of $$$ u saved.u working for undergarment company?

[ANowhereMan]

I got to admit I speed read through it but, any bro thinking of ISKANDAr malaysia for retirement home? :D Many are heading there.

On topic, I feel that this is all with regards to the population increase. Think about it in terms of a foie gra. (I cant help but feel hungry due to another bro thread. Bah) If you want to achieve x amount of population, you got to make sacrifices. Especially when there is limited land mass and also, amount of tweakable variables.

Currently, 2013, 3 years, 2016. Assuming, 50k each year, (which is unlikely) by 2016, there will be an additional 150k buddies rubbing shoulders here. Given 150k buddies, 75k buy cars. Do you think this would even out the amount of cars expiring in due time so that there will be no explosion? I certainly think so.


I am really hungry. Need foood :mad:

[wercpl]

Dear TS, for a 150K car, assuming you can only get a 50% only :

PRICE 150k - DOWNPAYMENT 75K, LOAN 75K @ interest rate of 1.88%

MONTHLY INSTALLMENT is $1368

if you can get 60% loan, may not be a too good news as well

PRICE 150K - DOWNPAYMENT 60K, LOAN 90K @interest rate 1.88%

MONTHLY INSTALLMENT is $1641

This is a very good strategy to shut the singaporean mouth up with all the complain on raising COE hitting 100K.

basically, the lower income too poor to buy a car so wont be bother to complain, cos only interest in SMRT. the rich too loaded to even bother with COE, so left the large group of middle income to make noise. Now by raising the bar for 'entry' level', they hope a few years time, ppl will get used to it and only the middle upper tier will be able to afford the car, no more complain. timing so good, election due by then.


sorry bro... thats not how its calculated... the car downpayment is tied to the car's OMV.

> 20K OMV = 50% downpayment.
< 20K OMV = 40% downpayment.

interest rate has raised to 3%p.a

Also, doing this to new cars purchase is logical but not 2nd hand cars. MAS wants to reduce and prevent defaulters. So those who have a car now and have problem servicing the loan cant sell, becos buyer need to down 40-50% of the seller's asking price. So these ppl will carry the car and die.

Rich ppl are also affected. Why? because they got so many cars... let say the car got prob and they dont want to drive already who can they sell it to? poor cant pay down payment.. the rich dont want to waste the money on 2nd car because they would rather down the money on the new cars.

So how is this going to help? :confused::confused::confused:

MRT n buses are crap... public transport is more like a PROFIT transport... just because the shareholders wants profit, fares have to increase....

so all in all, this policy is killing more ppl n thou they MIGHT bring the COE down. COE is one of the highest profit for govt, COE is low... u will see more ERP gantries and ERP fare increment...

[wercpl]

to be brutally honest......u will experience a very much worse situation if u go to KL, BKK or JKT now. a 6km travel distance on the road can take 45 mins to 1 hour when it normally only takes 10mins. and the jam is purely caused by congestion, not any accident or traffic light malfunction or any other reasons.

i am not saying what the MIW are imposing is 100% correct. but if they do not do anything now to curb the spiralling costs of housing and growing car population, we will end up in the same situation as the cities mentioned above.

the garmen is already addressing the public housing issue by churning out records numbers of new HDB flats over the next 2 to 3 years. (but why do the public still willing to pay record money ($1m) for HDB flats?)

we are supposed to be a 1st world country now. but our public transport system can only be of 1st world standard maybe another 5 to 10 years down the road.

FYI yes they are chunking out more HDB flats. Now the new budget announcement also increase the FT levy... so those who build the HDB flats are s'porean? no... so the construction company bear the cost? no... they will try to cut cost... so in the end the flat will still cost low???

say one thing and after that do stupid thing to make everything more ex....

[jnudes]

FYI yes they are chunking out more HDB flats. Now the new budget announcement also increase the FT levy... so those who build the HDB flats are s'porean? no... so the construction company bear the cost? no... they will try to cut cost... so in the end the flat will still cost low???

say one thing and after that do stupid thing to make everything more ex....

This happen because the current voters still want to keep the current govt. In three years time if the voters still want to keep the same govt I reli dunno what to say oredi. Maybe better start to walk to work in SG or migrate to JB permanently.

[wercpl]

This happen because the current voters still want to keep the current govt. In three years time if the voters still want to keep the same govt I reli dunno what to say oredi. Maybe better start to walk to work in SG or migrate to JB permanently.

hahah ya lor... best... we drop SG citizenship and become FT to be imported :p

[Xazz]

Those higher mortals up there just can't feel for the people anymore!

We should challenge our high paying MPs to forgo their cars and try taking public transport the next 1 yr and let them feel the agony we are going through.

This govt just never fail to disappoint.

Times and again, they just don't listen any more!

It's just getting harder and harder to live in Singapore. A pity for a country i was once proud of.

[mr_missile]

FYI yes they are chunking out more HDB flats. Now the new budget announcement also increase the FT levy... so those who build the HDB flats are s'porean? no... so the construction company bear the cost? no... they will try to cut cost... so in the end the flat will still cost low???

say one thing and after that do stupid thing to make everything more ex....

FYI. FT levy has been on the rise since a couple of years ago. not just introduced in the recent budget.

a construction company has already priced in the cost for the whole project before the project is even awarded to it. price is fixed. but cost will vary depending on the current economic conditions. with the increase in cost, their profits will go down. by how much? it is anybody's guess. my guess is it depends on how the company manages the cost increase to maximise their profit.

but the price of the built flats are not determined by the construction companies. the prices of new flats are determined by hdb. but the prices of old hdb flats are determined by the people. i cannot comprehend why are people still willing to pay so much (up to $1m) for an old hdb flat? who are the ones who are willing to pay top dollar for hdb flats?

and coming back to the topic of cars. what is the driving force behind the rising coes? isn't it people's desire to want to own a piece of luxury? the mentality now is spend first then earn back later. houses, cars, luxury goods etc. borrow first. pay later. is this the right mentality?

is owning a car a need or a luxury? (granted there are genuine needs for a car as already mentioned by bros here previously). but for the general public, is owning a car a need?

[pokeman71]

As add-on comment, we all know a car in Singapore is never an investment, only depreciation from the day u take possession. Do bear this in mind before buying.

I can only guess part of the reason people buy a car (esp a new one) is related to status symbol, lifestyle which shows friends/relatives u have done well in life. I think it's in our culture. In a country like HK and Japan, it's very normal not to own a car even if the person is working middle or senior level job.

Again like I mentioned earlier, if we don't really need to own a car, don't buy. Yea, it's nice to have own ride, sure it's convenient to go anywhere anytime. But instead imagine the amount of $$$ u saved.

Is just like sammters here, if we dun have a needs, we will not look for extra outside. We also know that the consequences of eating out if get caught by OC, but we still eat... but if the extra that we are looking for is so difficult to get, we will also feel very very unhappy, in fact sad.

what we talk about is needs needs needs. I got one friend, he stays at sengkang, works in the north(primary job) and every week got 2times teaching in the east at nite(part time job). His car COE will end early next year. Can foresee he will give up his part time job because he will not make it on time for his part time job. He is a local that make a living for family of 4. sad sad sad.....

[naughtynellies]

i think the govt is doing a great job running singapore. but i got a few grouses about COE and public transport.

1. car companies' survival
for 2nd car shops and especially small companies most likely will go bust.
newspaper says minimum 50% of people take 100% car loan... so effectively 50% of the market is wiped out.. then those got money to put in 50% sure buy first hand cars.
i think the implementation is too soon.

2. public transport
wth did smrt get listed in the first place? the previous ceo only concerned about margins so don't care about maintenance as got to report to shareholders.. plus she'll get a good bonus if company gets good results.
then when in trouble govt put in our money to bail them out? we are paying for her irresponsibility and mismanagement.
then how about the money that govt puts in? where does it account to?

anyway I'm just voicing out. I'm too lazy to apply permit to go hong lim park.

[wolfclan]

Dear TS, for a 150K car, assuming you can only get a 50% only :

PRICE 150k - DOWNPAYMENT 75K, LOAN 75K @ interest rate of 1.88%

MONTHLY INSTALLMENT is $1368

if you can get 60% loan, may not be a too good news as well

PRICE 150K - DOWNPAYMENT 60K, LOAN 90K @interest rate 1.88%

MONTHLY INSTALLMENT is $1641

This is a very good strategy to shut the singaporean mouth up with all the complain on raising COE hitting 100K.

basically, the lower income too poor to buy a car so wont be bother to complain, cos only interest in SMRT. the rich too loaded to even bother with COE, so left the large group of middle income to make noise. Now by raising the bar for 'entry' level', they hope a few years time, ppl will get used to it and only the middle upper tier will be able to afford the car, no more complain. timing so good, election due by then.

Bro, all the 4D no for tonite?
anyway in SG wat is consider poor? i guess majority of us can filed in to state we are poor.

Here everything also expensive, transport (public - so called) is also expensive, and now more and more ppl being pushed to take BMW, surely we will see more and more 'interesting' reports.

sighz...

[wolfclan]

have you try MTR in HK, is ev ery where in the town. Basically 5min from every where. If the coverage in SG is like that, than ok.
not just the coverage, also the frequency, i am not sure whether do the train in hk break down as often, but surely if u are at their city area, peak hour, the train frequency is like every minute, but also squeeze lar.

SG train network??? not sure the coverage haha...only know circle line the train damn short, frequency damn long...

[wercpl]

FYI. FT levy has been on the rise since a couple of years ago. not just introduced in the recent budget.

a construction company has already priced in the cost for the whole project before the project is even awarded to it. price is fixed. but cost will vary depending on the current economic conditions. with the increase in cost, their profits will go down. by how much? it is anybody's guess. my guess is it depends on how the company manages the cost increase to maximise their profit.

but the price of the built flats are not determined by the construction companies. the prices of new flats are determined by hdb. but the prices of old hdb flats are determined by the people. i cannot comprehend why are people still willing to pay so much (up to $1m) for an old hdb flat? who are the ones who are willing to pay top dollar for hdb flats?

Yes but with this levy increment, doesnt that means cost is going up?

Also, true that projects are agreed prices. Our land value is determined based on what and thereafter factor into our HDB?
So when cost increase for a project, do u think the construction company will make a lost? doesnt that affects the quality of the HDBs being built?
I too am curious who are the ones paying for the $1m flats. But these are few cases and not alot; but still... it makes a record and consecutive effects. But i do know some high prices are drived by 'given citizenship' singaporeans.

and coming back to the topic of cars. what is the driving force behind the rising coes? isn't it people's desire to want to own a piece of luxury? the mentality now is spend first then earn back later. houses, cars, luxury goods etc. borrow first. pay later. is this the right mentality?

is owning a car a need or a luxury? (granted there are genuine needs for a car as already mentioned by bros here previously). but for the general public, is owning a car a need?

Yes you are correct abt driving and owning a car is luxury. But that does not means u literally "kill" those owning a car and have a problem financing them...

borrow and pay later mentality is not right and i agree with all hands & legs. But costs are going up and this affects cost of living. Not everyone is earning >5k/mth. with everything having to be paid (insurances, apartment loans, furnitures, electric & water bills, income tax, giving parents mthly expenses, etc) So how not to borrow and pay later? Even if no borrow and pay later, how will the economy be like? All these is someone's fault for trying to make Singapore a Swiss-level country.

So all in all, the policy on top view is good... but its not really solving the ground issues but rather making patching with new problems created.

[nitin]

Actually you still can own a car if it is last than 20k.

U can loan 60% so down payment is 8k

Monthly still must b above 1k.

But the life of the COE is very short

Am I right?

[Darkside]

Those higher mortals up there just can't feel for the people anymore!

We should challenge our high paying MPs to forgo their cars and try taking public transport the next 1 yr and let them feel the agony we are going through.

This govt just never fail to disappoint.

Times and again, they just don't listen any more!

It's just getting harder and harder to live in Singapore. A pity for a country i was once proud of.

should ask all those in parilment HOW MANY CARS they own!!!!!

[Sootbird]

should ask all those in parilment HOW MANY CARS they own!!!!!

their cars don even need to pay tax and COE.

[LovePotion]

they think every one is earning the same salary as them....

[ANowhereMan]

they think every one is earning the same salary as them....

Bro, you should be doing well leh :D

[ningcaichen]

car become highly luxuryhaiz...gone are the days u can comfortably own a car with merely $2,000 to $2,500 salary...:rolleyes:

[LovePotion]

Bro, you should be doing well leh :D

Government only pay me $480 minus $20 aviva, left $460. After transport and bills, left almost nothing =(

[Orchinno]

Yes... totally agree.. the whole city of Bangkok is always grid-lock on Friday evening starting form 2pm onwards. :eek:

No point building even more roads because the places we want to go to is totally build up already, eg Orchard Rd.

We are going to a transitory phase between when the public transport nodes becomes as accessible as Tokyo. So give up your dreams of owning a car in Singapore. Leave the roads to vans, taxis, buses and powerful man like towkays and perm secs of ministries.

If you not happy about, go and convince your fellowman to vote you into office, then you also become powerful man. Remember, the egalitarian days of our forefathers as koolies are gone. We decide to become a meritocracy where your merits determine your social status.

to be brutally honest......u will experience a very much worse situation if u go to KL, BKK or JKT now. a 6km travel distance on the road can take 45 mins to 1 hour when it normally only takes 10mins. and the jam is purely caused by congestion, not any accident or traffic light malfunction or any other reasons.

i am not saying what the MIW are imposing is 100% correct. but if they do not do anything now to curb the spiralling costs of housing and growing car population, we will end up in the same situation as the cities mentioned above.

the garmen is already addressing the public housing issue by churning out records numbers of new HDB flats over the next 2 to 3 years. (but why do the public still willing to pay record money ($1m) for HDB flats?)

we are supposed to be a 1st world country now. but our public transport system can only be of 1st world standard maybe another 5 to 10 years down the road.

[xiaoquan]

Transport is a basic human needs. Since ancient times, humans are known to have some form of transport, horse, carriage, etc.

But it's only in Singapore, our basic need have been turn into a luxury need. Some may argue Singapore is small la, this and that. Fine, look at our public transport, don't need to say much. Cannot handle current population still want to increase population.

Cannot handle and deliver the service never mind. Still every year happily increase fares and post record profits. Angry and frustrated? I am, now don't know lucky or suay that I bought a car before the new ruling.

[Goatslooter]

agreed and good points! :rolleyes:

[ningcaichen]

Transport is a basic human needs. Since ancient times, humans are known to have some form of transport, horse, carriage, etc.

But it's only in Singapore, our basic need have been turn into a luxury need. Some may argue Singapore is small la, this and that. Fine, look at our public transport, don't need to say much. Cannot handle current population still want to increase population.

Cannot handle and deliver the service never mind. Still every year happily increase fares and post record profits. Angry and frustrated? I am, now don't know lucky or suay that I bought a car before the new ruling.
why is it a luxury need? i never think is a luxury taking current public transport. in fact, i feel like a poverty need taking them...:mad: actually canot compare say SG is small...SG is small, what about comparing the experience of driving a car & taking MRT with same journey duration...even thought the duration are about the same, the experience differ greatly....u have bought a car before the new ruling...Good for u....;)

[PAPee]

Good points mentioned in this thread

[kuasimi]

FxxK, new car loan restriction imposed today with bank loan limited to 60% with the maximum cap of 5yrs repayment.

With this imposed many of our bros here will have difficulty to get new car in future. This will result in less chance to get in between gal leg.

Can any bro out there do a calculation base on S$150,000 car, how much we need to pay for monthly instalment.

sigh sigh sigh

TS, PAP already says everyone has a car in Singapore. Why still complain ???Are you lying or PAP is lying?:eek:;:eek:

http://www.youtube.com/watch?v=ty8qo0uvBxE



http://www.youtube.com/watch?v=r6uC43EEAHs

[LovePotion]

think they come out this regulation... might reduce a lot of supporter during the next election...gd luck to them

[ningcaichen]

think they come out this regulation... might reduce a lot of supporter during the next election...gd luck to them
I wished yr comment is true...but they too many supporters already...

[ErnestK]

Worst still is even non supporters also view for them because of the stupid serial numbers on the voting slips.

[Tai_zi21]

think they come out this regulation... might reduce a lot of supporter during the next election...gd luck to them

Their vote might have drop over this few years! And wp has gain alot from it!

But so wat? Everything prices has still gone up, from hdb flats to cars now everything has increase! They can only hope our sing dollar can go up or stay put! Imagine if it drop I still wonder is there any ft wanting to come Singapore?

For a very small country like us, the stress and the amount of pressure we have to take is too much I think! And if some fans of pap wan to compared us with other country? Who are we to compared with country like Japan or Korea may I know?

Just my pt of views and if anyone dun like wat I say

Just feel free to zap me cheers

[Ninja]

Their vote might have drop over this few years! And wp has gain alot from it!Everything prices has still gone up, from hdb flats to cars now everything has increase! They can only hope our sing dollar can go up or stay put! Imagine if it drop I still wonder is there any ft wanting to come Singapore?some fans of pap wan to compared us with other country? Who are we to compared with country like Japan or Korea may I know?
i like what u said....and maybe i should hope our currency drop better...i remember a few years ago, when it was around 1.70 to 1.75 vs USD, we were still not as bad as now....it actually doesn't make any difference to us Singaporean because we are using it in here unlike the foreigners...PAP run the country like a business....:mad:

[Goatslooter]

Worst still is even non supporters also view for them because of the stupid serial numbers on the voting slips.

sooner or later, Singaporeans will not scare what ever numbers printed on the voting tickets? they will just come out and say I want WP ! wait and see....the way PAP gov doing? :(

[gary86]

well, just 3 more years and we will see..

[johnblue]

My mom has difficulty walking. Need to visit hospital for regular checkups. I need to send her to hospital and Chiong to work in morning. Lunch time back to hospital to pick her up and send her back home. After which Chiong back to work.

My car left 2 years 7 months. I hope to be able to buy another with my average salary.

Really farked up pap govt. puki

[ErnestK]

A lot will still adopt a see first attitude on how residents in Aljunied do. The whole nation's eyes is on Aljunied and Worker Party.

[onegoal]

It's not so bad. I did call up some parallel importer as I might want replace my current 8 year old C200. The dealer told me I can loan up to 95%. He said they have their ways. Not sure how. But I dont plan to take too much loan in the 1st place. So I didnt ask too much.

[ningcaichen]

well, just 3 more years and we will see..
Well, Let's just hope there is still enough stakes for us by then. 62%-PLP supporters???%=?????%

Seriously, i would never consider voting for them even if they try to appear remorseful between now to 2016...

[kuasimi]

Well, Let's just hope there is still enough stakes for us by then. 62%-PLP supporters???%=?????%

Seriously, i would never consider voting for them even if they try to appear remorseful between now to 2016...

Once PM Lee says sorry again like at GE2011, BE2012, BE2013 then hearts will soften again and vote PAP at GE2016. Voters and Journalists have short term memories.

[pizzaboy]

Best part of all my FT const mgr still can say u ppl vote wif revenge... knn he P.R tok so much wait till he get his citizenship then he start tokin...
P.I got their loopholes on gettin 95% car loan? Really? Financial institutions r still govern my MAS leh

[LovePotion]

i think car loan ... now still able to loan full from company such as tokyo leasing and etc except that there interest range btw 2.98 to 3.25...