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 Changes to Vehicle tax & loan conditions

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Roystonnn
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PostSubject: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 12:08 am

New ruling to consider if u thinking of buyin new car.

Financing Scheme: (w.e.f today)
1. Cars with OMV at $20k & less
Maximum loan at 60% of vehicle price where loan tenure is 5yrs maximum.

2. Cars with OMV more than $20k
Maximum loan at 50% of vehicle price where loan tenure is 5yrs maximum.

Additional Registration Fee: (w.e.f March COE bid)
1. Cars with OMV at $20k & less
ARF maintains at current 100% of OMV.

2. Cars with OMV more than $20k
ARF is 140% on every incremental value above $20k until $49,999.

Anyone buying car soon???
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bogeyman
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 12:43 am

Any idea if this extends to used cars as well? If it does, think a lot of the used car dealers gonna run into a lot of trouble.
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Begbie
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 12:44 am

So for the fellas who bought cars at 90k coe ? This is gonna stink
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Fronzenre
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 12:58 am

Finally they do something about the loan amount and period.
To the people who bought COE at 90k... cursed luck
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Lipp
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 1:00 am

Only the wealthy will be able to own car or those cash rich. what a good change....
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andrew-golf
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 6:35 am

Again.. They drop a bomb into a helpless industry...

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billi
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 7:28 am

There will be more and more goods vehicle on the road pig .still jamm.
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snagy23
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 7:46 am

i guess we will see alot more bigger cars on the road.
tough luck for the car industry!
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dudekiller00
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 8:10 am

Big Big bomb.... well done Singapore.. the Rich will drive a car, the mid will drive a bike, the poor will drive a bicycle...
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TDO
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 8:26 am

There will be loopholes, especially on the loam amount. All that needs to be done is a little bit of number manipulating on the sales price or trade-in vehicle prices. The only thing that bites will be the 5 years loan term.
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madmaru
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 8:37 am

it's forcing the people "forget about car u can't afford it anymore , take our 1st world public transport instead ( the 1 that breaks down every week and someday kill many of u !!!)
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AJTAURUS
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 8:38 am

Does it apply only to new cars? Does it apply to used/coe cars? Bummer.......!
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TDO
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 8:45 am

AJTAURUS wrote:
Does it apply only to new cars? Does it apply to used/coe cars? Bummer.......!

New and old cars are affected, sadly. Sad For those who owns a car now, enjoy it while it lasts. Mine still have about 5 years to go. Will take one year at a time. Rolling Eyes
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billi
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 8:47 am

madmaru wrote:
it's forcing the people "forget about car u can't afford it anymore , take our 1st world public transport instead ( the 1 that breaks down every week and someday kill many of u !!!)

It will not kill us. Caught fire onli. lol!
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wilier izoard
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:01 am

Now car has become a luxury in Singapore . Only the cash rich can afford .
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AJTAURUS
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:15 am

TDO wrote:
AJTAURUS wrote:
Does it apply only to new cars? Does it apply to used/coe cars? Bummer.......!

New and old cars are affected, sadly. Sad For those who owns a car now, enjoy it while it lasts. Mine still have about 5 years to go. Will take one year at a time. Rolling Eyes

It's kind of sad....1st was the COE and now this. It seems that indirectly, the govt is restricting people from driving into Malaysia in the long run. Imagine us golfers without cars and wanting to play in Malaysia.....now that is SAD! How about leasing a car, is it that expensive?
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kyleyann
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:16 am

IMO, it's a good pre-emptive, forced, protective measure to prep for the upcoming rise in interest rates.
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nrafee
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:18 am

Assuming a basic japanese car right now... say Toyota vios at 130K.

you will need to cough out cash for 50% - 65K

your monthly installment (capped at 5 year tenure) would easily be $1200 per month.

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AJTAURUS
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:20 am

nrafee wrote:
Assuming a basic japanese car right now... say Toyota vios at 130K.

you will need to cough out cash for 50% - 65K

your monthly installment (capped at 5 year tenure) would easily be $1200 per month.


like that no more toys and golf outings for a regular guy like me.......
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hkhamateur
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:23 am

billi wrote:
madmaru wrote:
it's forcing the people "forget about car u can't afford it anymore , take our 1st world public transport instead ( the 1 that breaks down every week and someday kill many of u !!!)

It will not kill us. Caught fire onli. lol!

And soon we ll oso hve super-bullet trains tat connect to Malaysia, Thai n China liao! cheers
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poresia
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:26 am

i predicted 2 outcome:

1. drop in votes for ruling party in next GE. to me, this is rubbish countermeasure.

2. Drop in COE as consumers cannot afford high COE anymore but wonder if government want this to happen.
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tonnyfong
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:29 am

Normally new cars nowadays installment wise also have to be 1k+ isn't it?

I think that the difficult part would just be the initial down payment of 40% or 50% of the car price with COE.

So if can't fork that money out, don't need think of buying car.

Someone can set up at transportation business? From JB to sg to pick us singaporean golfers up. Machiam private taxi.
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AJTAURUS
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:30 am

poresia wrote:
i predicted 2 outcome:

1. drop in votes for ruling party in next GE. to me, this is rubbish countermeasure.

2. Drop in COE as consumers cannot afford high COE anymore but wonder if government want this to happen.

Even before this loan issue, the expectation of the ruling party loosing votes are already high. So, I assume with this issue this is going to be higher??
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AJTAURUS
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:32 am

tonnyfong wrote:
Normally new cars nowadays installment wise also have to be 1k+ isn't it?

I think that the difficult part would just be the initial down payment of 40% or 50% of the car price with COE.

So if can't fork that money out, don't need think of buying car.

Someone can set up at transportation business? From JB to sg to pick us singaporean golfers up. Machiam private taxi.

Good idea bro, then I can offer my services.....my wife is malaysian and she can drive our MPV for thise service...hehehe.....! Very Happy
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tonnyfong
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:55 am

Let's try doing the math here.

S$15 per pax per 1 way trip. So a day from 1 flight is

$15 * 4(person) * 2(trips: to & fro) = S$120

1 month => 120*30days = S$3600

WAHhhh... that's quite a lot eh for just ferrying 1 flight per day eh.
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