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Monetary Authority of Singapore clamps down on car loans

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movingtospore
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Postby movingtospore » Wed, 27 Feb 2013 8:51 pm

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?

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Postby ScoobyDoes » Thu, 28 Feb 2013 2:14 pm

It's definitely not the way of weeding out all those pesky old, unreliable, dangerous and polluting monstrosities from a few years back.
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Postby offshoreoildude » Mon, 25 Mar 2013 1:10 pm

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.
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Postby Addadude » Mon, 25 Mar 2013 1:52 pm

ScoobyDoes wrote: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!
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Postby offshoreoildude » Mon, 25 Mar 2013 2:34 pm

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!
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Postby x9200 » Mon, 25 Mar 2013 4:29 pm

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

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Postby zzm9980 » Mon, 25 Mar 2013 4:35 pm

offshoreoildude wrote: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.

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Postby offshoreoildude » Mon, 25 Mar 2013 5:52 pm

zzm9980 wrote:
offshoreoildude wrote: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.
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Postby offshoreoildude » Mon, 25 Mar 2013 5:54 pm

x9200 wrote: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.
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Postby zzm9980 » Mon, 25 Mar 2013 6:44 pm

offshoreoildude wrote:
zzm9980 wrote:
offshoreoildude wrote: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.

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Postby x9200 » Tue, 26 Mar 2013 8:38 am

offshoreoildude wrote:
x9200 wrote: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.

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Postby Strong Eagle » Tue, 26 Mar 2013 8:55 am

Addadude wrote:
ScoobyDoes wrote: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?

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Postby sundaymorningstaple » Tue, 26 Mar 2013 9:43 am

Image :tongue: :lol:

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Postby Wd40 » Tue, 26 Mar 2013 10:05 am

zzm9980 wrote:
offshoreoildude wrote:
zzm9980 wrote:
offshoreoildude wrote: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

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Postby Strong Eagle » Tue, 26 Mar 2013 10:33 am

Wd40 wrote: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.


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