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 Changes to Vehicle tax & loan conditions

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AJTAURUS
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 9:58 am

tonnyfong wrote:
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.

hahaha.......good one bro....hmmm why not... Laughing
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tonnyfong
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:01 am

S$10 per pax per 1 way also can take back S$2400 for 1 flight a day for a month.

Assume Xchange rate is 1 is to 2.3

S$2400 == 5.5k rm

Cost: car + petrol = 1.5k rm, labour = 1.5k rm

Take back 2.5k rm a month. Round down to 2k rm profit a month including miscellaneous for 1 flight per day transportation in a month.



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tonnyfong
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:02 am

AJTAURUS wrote:
tonnyfong wrote:
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.

hahaha.......good one bro....hmmm why not... Laughing

hahhaa. go ahead bro. i'm still a student. no budget. gimme discount if you go ahead with it though.
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TDO
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:15 am

tonnyfong wrote:
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.

Don't think it's that cheap at $120 to hire a MPV. At least $180 for return trip from what I know.
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madmaru
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:25 am

it's sad that what as singapore becomes in 2030

1) our sons will NOT be able to afford a roof over their heads
2) getting a driving license in SG will be = to a taxi driver
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tonnyfong
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:33 am

TDO wrote:
tonnyfong wrote:
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.

Don't think it's that cheap at $120 to hire a MPV. At least $180 for return trip from what I know.

S$120 is for return trip. cheaper than your $180 isn't it?

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AJTAURUS
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:38 am

madmaru wrote:
it's sad that what as singapore becomes in 2030

1) our sons will NOT be able to afford a roof over their heads
2) getting a driving license in SG will be = to a taxi driver

so very true...! changes must be made in the next election....!
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billi
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:40 am

hkhamateur wrote:
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

Play at kl must pay golf bag tax.
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Roystonnn
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:45 am

If I interpret the press release from MAS correctly, the finance ruling do affect used car.
But only the 5 years loan tenure is imposed.
Minimum downpayment rule doesn't apply to used car.

So, used car sales would still be good, i guess.
Do note of coming COE prices... May drop signifiantly as many people now cun afford to buy..
If really drop big time, the current used car stock will be devalued!
Whoever bought car at high coe price, car will be devalued!!

Haizzz... I wana change car but canot now... Diu..
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tonnyfong
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:48 am

Time to extend your COE by another 5 or 10 years COE once it drops.
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jeffman88
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 11:07 am

think boom time for ah loongs and red paint dealers.... cos i am sure the resourceful singaporean will find other ways to borrow for the 50% cash downpayment and such loans will surely default in e future....
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nientsu
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 12:58 pm

In the end, I believe the ones that suffer are the sandwiched class.

Very few people in the middle class can afford this.

One way to counter this is long term car rental, which I think is worth exploring
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Roystonnn
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 1:11 pm

nientsu wrote:
In the end, I believe the ones that suffer are the sandwiched class.

Very few people in the middle class can afford this.

One way to counter this is long term car rental, which I think is worth exploring

Agree... Leasing scheme.
These companies can fork out the downpayment.
Lease it to people for a long term. Earn some profit from the lease.
Customer pay slightly more per mth but get away with the huge downpayment.

Good leh.. Very Happy
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ranctor
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 2:29 pm

MAS Imposes Financing Restrictions on Motor Vehicle Loans

Singapore, 25 February 2013 … The Monetary Authority of Singapore (MAS) will re-introduce1 financing restrictions on motor vehicle loans granted by financial institutions.

2 The maximum motor vehicle loan amount will depend on the open market value (OMV) of the motor vehicle purchased:

(i) For a motor vehicle with OMV that does not exceed $20,000, the maximum loan-to-value (LTV) is 60% of the purchase price, including relevant taxes and the price of the Certificate of Entitlement, where applicable; and

(ii) For a motor vehicle with OMV of more than $20,000, the maximum LTV is 50%.

In addition, the tenure of a motor vehicle loan will be capped at 5 years.2

3 The financing restrictions are necessary to encourage financial prudence among buyers of motor vehicles. In this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves on motor vehicles.

4 The financing restrictions will not apply to loans for the purchase of commercial vehicles3. They will also not apply to loans for the purchase of motorcycles.

5 The rules will take effect from 26 February 2013.4

1 MAS previously had in place financing restrictions on motor vehicles loans, from February 1995 to January 2003.

2 For re-financing facilities, only the cap on loan tenure applies. The sum of the tenure of the refinancing facility and the number of years since the first motor vehicle loan granted to the borrower for the purchase of that motor vehicle was first disbursed, cannot exceed 5 years. A financial institution may re-finance the full outstanding balance under a motor vehicle loan, subject to its credit assessment of the borrower.

3 “Commercial vehicles” refers to goods vehicles (not including goods-cum-passengers vehicles), omnibuses, school buses, private hire buses, excursion buses, private buses, engineering plants, private hire cars and taxis.

4 The rules will apply to loans granted for the purchase of motor vehicles where the date on which the agreement to purchase a motor vehicle is on or after 26 February 2013, or where there is no agreement to purchase a motor vehicle, the date on which the borrower successfully obtains a COE is on or after 26 February 2013. In the case of re-financing facilities, the rules will apply where the application date of such facilities is on or after 26 February 2013.
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Khorkar
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 2:58 pm

Question:

If I renew my COE, besides the cost of PqP, will it attract any ARF?
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sob
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 3:12 pm

If I tell my American counterparts that in SG we are paying usd120k for Camry, they would be so shocked!
Now I can understand their steadfast support for the second amendment.
Against tyranny and unjust laws
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TDO
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 4:02 pm

tonnyfong wrote:
TDO wrote:
tonnyfong wrote:
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.

Don't think it's that cheap at $120 to hire a MPV. At least $180 for return trip from what I know.

S$120 is for return trip. cheaper than your $180 isn't it?

Bro, maybe I didn't put it clear enough. What I am trying to tell you is it's not possible to hire a MPV for $120 outside, including the chauffeur. My friends hired it for $180 for trip to Legends for 4 balls. Don't forget driver have to take into consideration toll charges, depending on which toll.

So yes, $120 is cheaper than $180. That everyone know.


Last edited by TDO on Tue Feb 26, 2013 6:06 pm; edited 1 time in total
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DLWL
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 4:06 pm

sob wrote:
If I tell my American counterparts that in SG we are paying usd120k for Camry, they would be so shocked!
Now I can understand their steadfast support for the second amendment.
Against tyranny and unjust laws

I think its unfair to take things out of context like this, Esp to people who don't live in SG. Alot of my American/European friends living in Singapore thinks we have nothing to complain about.
Its much worst over there. This is one of the ways the government is tackling irressponsible spending, but im sure even after this, people in SG will still buy. Just too damn rich.
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buzz1211
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 4:57 pm

Me thinks many will change their positions when the COE goes down rapidly to more sane levels. Sure 40 per cent on a $200k car is wow. But 40 per cent on a $120k car is less painful when that same car cost less because of lower COE. When many are priced out of buying cars, wouldn't COE prices plunge?
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TDO
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 6:03 pm

Come to think of it. I believe COE is something owners are willing to fork out without asking for anything in return. That means it's a foregone case of throwing away money to use the car with no residue value after you scrapped it. Only those with deep deep pockets who can afford or willing to part with that amount of money would bid that amount. If the salesmen go round telling the potential buyers that the COE is going up and that you have to bid higher, will you fall for it. If not in need of a car urgently, you can always choose to wait or consider getting a used car instead. Then again, it's a willing buyer willing seller case. Rolling Eyes
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fata
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:03 pm

TDO wrote:
tonnyfong wrote:
TDO wrote:
tonnyfong wrote:
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.

Don't think it's that cheap at $120 to hire a MPV. At least $180 for return trip from what I know.

S$120 is for return trip. cheaper than your $180 isn't it?

Bro, maybe I didn't put it clear enough. What I am trying to tell you is it's not possible to hire a MPV for $120 outside, including the chauffeur. My friends hired it for $180 for trip to Legends for 4 balls. Don't forget driver have to take into consideration toll charges, depending on which toll.

So yes, $120 is cheaper than $180. That everyone know.

They charge by per day bro, not per pax. And its S$230 per day ( 2 way trip ) the best quote i ever get for a group of 6 from Sg to Kluang JB . For golfing, best is car pool Very Happy
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TDO
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Tue Feb 26, 2013 10:33 pm

My friends paid for by trip, that is, $180/trip, to and fro including waiting for them to finish dinner. Or course they also invited the driver for dinner.
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nutty88
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Mon Mar 04, 2013 9:59 am

Back to the thread topic....

I failed to understand why the purchases of used cars have to follow the new rule as used cars are already within the quota and does not contribute to the growth of the no. of vehicles on the road.

If the purpose is to prevent defaulters, how many cases do we have a year that require such stringent policy to be in place?

The rich will continue to buy as they have no issue to fork out more than 100k for a car but for the mid to lower end of the sandwich class, how many of us can really come out with the initial down payment? And what about those who really need a car to make a living?

Oh, and the best part is that this policy does not apply to credit companies. Now such companies are jacking up the interest rates so as to provide loans to those who 1) cannot afford the down payment and 2) stretch the loan beyond 5 years.

The new policy just doesn't sense and it is double standard. WTF! Can some kind soul explain it to me?
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slinger
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Mon Mar 04, 2013 10:08 am

bo lui chin kao wei......
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Roystonnn
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PostSubject: Re: Changes to Vehicle tax & loan conditions   Mon Mar 04, 2013 10:19 am

nutty88 wrote:
Back to the thread topic....

I failed to understand why the purchases of used cars have to follow the new rule as used cars are already within the quota and does not contribute to the growth of the no. of vehicles on the road.

If the purpose is to prevent defaulters, how many cases do we have a year that require such stringent policy to be in place?

The rich will continue to buy as they have no issue to fork out more than 100k for a car but for the mid to lower end of the sandwich class, how many of us can really come out with the initial down payment? And what about those who really need a car to make a living?

Oh, and the best part is that this policy does not apply to credit companies. Now such companies are jacking up the interest rates so as to provide loans to those who 1) cannot afford the down payment and 2) stretch the loan beyond 5 years.

The new policy just doesn't sense and it is double standard. WTF! Can some kind soul explain it to me?

The new rules just made it cheaper for rich to buy ba..
& the finance companies to earn the same amount of interest in 5 yrs.
Got any reputable ah long to recommend? Haha!
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