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NEWS UPDATES Asean Affairs   3 June 2013  

69% of used cars eligible for full loans sold

SINGAPORE: About 69 per cent of used cars eligible for full loans have been sold as of 27 May since authorities lifted borrowing limits for buying those cars for 60 days.

This concession will last till Tuesday.

Motor firms are bracing for uncertainty thereafter.

Dealers whom Channel NewsAsia spoke with expect the market to be even quieter, with car loan curbs in full force.

To help used car dealers clear old stock acquired before new borrowing restrictions were introduced, a two-month concession was given. This meant that buyers could continue taking up to 100 per cent loan for vehicle purchases.

The concession applied to some 7,000 used cars. Over 4,800 have been sold so far.

Classic Credit had around 180 vehicles from old stock. About 170 have been sold, but customers remain cautious.

Andy Ong, sales consultant at Classic Credit, said: "It all depends, you see, on the customer preference - what they want. Because mostly for used cars, they are going for those budget cars. Talking about high-end, they should rather go for the new cars right? Because those people are those well-to-do families."

Prospective car buyer Clarence Pang said: "Actually, I'm just checking out the cars, just looking at the value… maybe if the price is good, (I will) get it, or if not, just hold on."

Freddie Yap, also a prospective car buyer, said: "I will never, ever sign any papers to buy a vehicle over S$100,000."

Dealers are not expecting things to get any better, especially when car loan curbs for used cars kick in.

Companies have been downsizing operations or have moved out entirely, due to slowing business. Yet, others will see opportunity.

Taking up empty spaces are commercial vehicle sellers as they are unaffected by loan curbs.

Kenson Goh, sales executive at Car Design, said: "Most car dealerships will actually shrink. From maybe about four fronts to maybe about one or two fronts only. So definitely, a lot of people are cutting costs."

To ease the situation, the Singapore Vehicle Traders Association hopes authorities can raise borrowing limits from 60 to 80 per cent. It said this will reduce downpayment obstacles preventing some from buying a car.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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