Changes to Vehicle tax & loan conditions

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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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.

So for the fellas who bought cars at 90k coe ? This is gonna stink

Finally they do something about the loan amount and period.
To the people who bought COE at 90k... cursed luck

Only the wealthy will be able to own car or those cash rich. what a good change....

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

There will be more and more goods vehicle on the road .still jamm.

i guess we will see alot more bigger cars on the road.
tough luck for the car industry!

Big Big bomb.... well done Singapore.. the Rich will drive a car, the mid will drive a bike, the poor will drive a bicycle...

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 !!!)

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

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.

Now car has become a luxury in Singapore . Only the cash rich can afford .

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. 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.

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?

IMO, it's a good pre-emptive, forced, protective measure to prep for the upcoming rise in interest rates.

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.

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.......

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.

And soon we ll oso hve super-bullet trains tat connect to Malaysia, Thai n China liao!

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.

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.

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??

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.....!

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.