Monetary Authority of Singapore clamps down on car loans

[movingtospore]

The whole things smells a bit. MAS are usually a pretty astute bunch. I'm wondering if there's something they're not saying. Like the banks books aren't looking too good? Or if they're planning interest rate hikes down the road and they want to clear the books?

[ScoobyDoes]

It's definitely not the way of weeding out all those pesky old, unreliable, dangerous and polluting monstrosities from a few years back.

[offshoreoildude]

There are some loans that are not under this ruling. Credit companies (HP) and in house car company loans (ie BMW factory loans) are still not under this ruling. Get in quick - the rates are going up and MAS are trying to cut these out ASAP.

[Addadude]

It's definitely not the way of weeding out all those pesky old, unreliable, dangerous and polluting monstrosities from a few years back.

How dare you talk about SMS that way!

[offshoreoildude]

The COE on my forester is valid til May 2017 - I am thinking I'll use the 5 years of no payments (I paid it off in 5) to save for the COE renewal (either 5 or 10 years) and pay it in cash (and note - you can cancel the renewed COE anytime you want if you need to leave). A 6 yo forester has no body value so it's really the only sensible way for me to go and I know from experience outside Singapore that Subarus routinely last 20 years and 300,000 km no problem and I'm only up to 85,000 anyways! There's a few Sinkies I've spoken to who are thinking like me - look forward to the car population getting older!

[x9200]

That could well be the case also for myself if the trend is more permanent and COE reaches some reasonable level eventually.
The drop between February and March is pretty dramatic ~3-35k down, highest for >1.6k cars.

http://www.lta.gov.sg/content/dam/ltawe ... 0_2013.pdf

[zzm9980]

Subarus routinely last 20 years and 300,000 km no problem

I've seen 300,000 *miles* on more than a few of the older non-turbo Impreza models in the US. And that's in harsh mid-west climate.

[offshoreoildude]

Subarus routinely last 20 years and 300,000 km no problem

I've seen 300,000 *miles* on more than a few of the older non-turbo Impreza models in the US. And that's in harsh mid-west climate.

Well mine's a turbo but my very light footed wife does most of the km/miles now so I think it will last a long time yet.

[offshoreoildude]

That could well be the case also for myself if the trend is more permanent and COE reaches some reasonable level eventually.
The drop between February and March is pretty dramatic ~3-35k down, highest for >1.6k cars.

http://www.lta.gov.sg/content/dam/ltawe ... 0_2013.pdf

The problem will be that the COE's released consist of scaped ones as well as 'growth' ones... if you and I and other's stop scrapping cars there will be an even tighter shortage of COE's. I know I'm waiting for the PQP to drop to something reasonable ANY time in the next four years and BAM - I'm in.

[zzm9980]

Subarus routinely last 20 years and 300,000 km no problem

I've seen 300,000 *miles* on more than a few of the older non-turbo Impreza models in the US. And that's in harsh mid-west climate.

Well mine's a turbo but my very light footed wife does most of the km/miles now so I think it will last a long time yet.

Keep that oil clean and install an oil cooler (if it doesn't have one already).
Given Singapore's heat I'd even consider a turbo timer to prevent oil coking.

[x9200]

That could well be the case also for myself if the trend is more permanent and COE reaches some reasonable level eventually.
The drop between February and March is pretty dramatic ~3-35k down, highest for >1.6k cars.

http://www.lta.gov.sg/content/dam/ltawe ... 0_2013.pdf

The problem will be that the COE's released consist of scaped ones as well as 'growth' ones... if you and I and other's stop scrapping cars there will be an even tighter shortage of COE's. I know I'm waiting for the PQP to drop to something reasonable ANY time in the next four years and BAM - I'm in.

It still has some way to go before it can be a problem. Probably PQP needs to drop below 20k in the first place. Besides, what was mentioned earlier and you also mentioned it in the other thread, the dealers will find the way.

[Strong Eagle]

It's definitely not the way of weeding out all those pesky old, unreliable, dangerous and polluting monstrosities from a few years back.

How dare you talk about SMS that way!

Where is the "like" button?

[sundaymorningstaple]

[Wd40]

Subarus routinely last 20 years and 300,000 km no problem

I've seen 300,000 *miles* on more than a few of the older non-turbo Impreza models in the US. And that's in harsh mid-west climate.

Well mine's a turbo but my very light footed wife does most of the km/miles now so I think it will last a long time yet.

Keep that oil clean and install an oil cooler (if it doesn't have one already).
Given Singapore's heat I'd even consider a turbo timer to prevent oil coking.

Dont worry nothing will happen. Car RPMs are how much? 4000-6000?
Motorcycles run at 8000+ RPM at highway speeds and require much higher cooling, yet air cooling does the trick.

But I agree with your point, change oil frequently for cars every 5k and bikes every 2k Kms

[Strong Eagle]

Dont worry nothing will happen. Car RPMs are how much? 4000-6000? Motorcycles run at 8000+ RPM at highway speeds and require much higher cooling, yet air cooling does the trick.

Except for the Honda Hornet which has a 16,000 RPM redline and a max power output at 12,000 RPM, most bikes have much lower RPM ranges. Even the Hayabusa, about the fastest bike around, puts max power out at 9,500 RPM, and cruises at 120 kph at under 4,000 RPM. Most other big cruisers will be around 3,000 RPM at 120 kph. This includes Harleys and my Valkyrie.

But I agree with your point, change oil frequently for cars every 5k and bikes every 2k Kms

This is really a waste of money and environmentally poor policy. You don't need to change your oil any earlier than 8,500 km, and more than that if you run synthetic... at least 10k. Same for motorcycles, unless you are running a 125 cc buzzer that has its throttle wide open all the time... then mayb 5k... but 2k? Ridiculous.