Pre-owned car dealers ask for help again
29 Mar 2013|8,709 views
Pre-owned vehicle prices have not shifted much after the latest tender, although some firms have increased the cost of bigger cars slightly in tandem with the higher premiums.
Thomas Lim, Managing Director of Apex Trading, said, "We cannot push the prices of used cars up by much because the prices for new cars have already plunged so low after the curbs and the recent COE bidding results."
For instance, a one-year old BMW 320i now costs about $180,000, up from around $150,000 before the latest COE bidding exercise.
Like most used car dealers, Mr Lim is still reeling from the loan restrictions and has seen profits plunge by more than 60 percent. "It's like a nightmare that gets worse every two weeks when COE results come out," he added.
SVTA Vice President, Mr Eddie Loo, called the summit a fruitful one. "The MAS has told the association it will continue to monitor the market and find ways to help used car dealers. It also reiterated that the curbs are not permanent," Mr Loo said.
The Singapore Vehicle Traders Association (SVTA) met officials from the Monetary Authority of Singapore (MAS) yet again yesterday to discuss the loan curbs, which took effect on February 26 this year and capped loans to 50 or 60 percent of a vehicle's purchase price.
Pre-owned vehicle prices have not shifted much after the latest tender, although some firms have increased the cost of bigger cars slightly in tandem with the higher premiums.
Thomas Lim, Managing Director of Apex Trading, said, "We cannot push the prices of used cars up by much because the prices for new cars have already plunged so low after the curbs and the recent COE bidding results."
For instance, a one-year old BMW 320i now costs about $180,000, up from around $150,000 before the latest COE bidding exercise.
Like most used car dealers, Mr Lim is still reeling from the loan restrictions and has seen profits plunge by more than 60 percent. "It's like a nightmare that gets worse every two weeks when COE results come out," he added.
SVTA Vice President, Mr Eddie Loo, called the summit a fruitful one. "The MAS has told the association it will continue to monitor the market and find ways to help used car dealers. It also reiterated that the curbs are not permanent," Mr Loo said.
Pre-owned vehicle prices have not shifted much after the latest tender, although some firms have increased the cost of bigger cars slightly in tandem with the higher premiums.
Thomas Lim, Managing Director of Apex Trading, said, "We cannot push the prices of used cars up by much because the prices for new cars have already plunged so low after the curbs and the recent COE bidding results."
For instance, a one-year old BMW 320i now costs about $180,000, up from around $150,000 before the latest COE bidding exercise.
Like most used car dealers, Mr Lim is still reeling from the loan restrictions and has seen profits plunge by more than 60 percent. "It's like a nightmare that gets worse every two weeks when COE results come out," he added.
SVTA Vice President, Mr Eddie Loo, called the summit a fruitful one. "The MAS has told the association it will continue to monitor the market and find ways to help used car dealers. It also reiterated that the curbs are not permanent," Mr Loo said.
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