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Over the final weekend before the loan reprieve ends for used car dealers, it was a quiet atmosphere at used car marts as there were fewer deals being done.

03 Jun 2013 | Local News : Singapore


The atmosphere was quiet yesterday at used car marts, as the final weekend before loan restrictions kick in ended with a whisper.

"There was a frenzy the first weekend after the extension was announced," said Mr Jeremy Teo, 42, a car salesman at Henly Enterprises in Ubi. He said his dealership sold almost all of its 80 eligible used cars within two weeks.

The reprieve, which ends tomorrow, was granted by the Monetary Authority of Singapore (MAS) after an outcry from used car dealers. It applied only to roughly 7,000 used cars acquired before the curbs kicked in on 26th February.

The Land Transport Authority (LTA) said that as of 27th May, more than 4,800 used cars, or about 69 percent of those affected, had been sold.

Mr Deependra Singh, 39, who works in the shipping industry, was at Turf City yesterday in search of an affordable second hand car. He said, "The cars left are too expensive, even considering the 100 percent loans, while the smaller cars (which were subject to the curbs) now require a hefty down payment."

The Singapore Vehicle Traders Association (SVTA) is currently in talks with authorities over a proposal that used car buyers be allowed to take an 80 percent loan with a tenure of eight years
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