Effect of car loan curbs to be studied
08 Apr 2013|2,703 views
Acting Minister for Culture, Community and Youth, Lawrence Wong, said this in Parliament on Monday in response to a question by Member of Parliament (Mountbatten) about the effect of the recent car loan curbs. Mr Wong noted that there is only a month's worth of data available since the restrictions were put in place on February 26.
"We will continue to monitor developments in the COE market and we will recalibrate our financing restrictions for all cars new and old in response to market conditions in particular if there is a sustained moderation in COE prices," he said.
He added that the temporary lifting of restrictions for some used cars would not be extended beyond the 60 day window, as the authorities believe that period is sufficient for used car traders to clear most of their current inventory.
The Government will be studying the effects of recent car loan curbs before it decides whether to make any adjustments.
Acting Minister for Culture, Community and Youth, Lawrence Wong, said this in Parliament on Monday in response to a question by Member of Parliament (Mountbatten) about the effect of the recent car loan curbs. Mr Wong noted that there is only a month's worth of data available since the restrictions were put in place on February 26.
"We will continue to monitor developments in the COE market and we will recalibrate our financing restrictions for all cars new and old in response to market conditions in particular if there is a sustained moderation in COE prices," he said.
He added that the temporary lifting of restrictions for some used cars would not be extended beyond the 60 day window, as the authorities believe that period is sufficient for used car traders to clear most of their current inventory.
Acting Minister for Culture, Community and Youth, Lawrence Wong, said this in Parliament on Monday in response to a question by Member of Parliament (Mountbatten) about the effect of the recent car loan curbs. Mr Wong noted that there is only a month's worth of data available since the restrictions were put in place on February 26.
"We will continue to monitor developments in the COE market and we will recalibrate our financing restrictions for all cars new and old in response to market conditions in particular if there is a sustained moderation in COE prices," he said.
He added that the temporary lifting of restrictions for some used cars would not be extended beyond the 60 day window, as the authorities believe that period is sufficient for used car traders to clear most of their current inventory.
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