As from April 2013 my Journey in Investing is to create Retirement Income for Life till 80 years old for two over market cycles of Bull and Bear.

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This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

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Saturday, 24 August 2013

First-time car buyers disappearing fast

After financing restrictions kicked in, not many can afford the hefty downpayment

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IT APPEARS the first-time car buyer is becoming a rare species in Singapore, saved from extinction only by wealthy parents - PHOTO: ST

Singapore

IT APPEARS the first-time car buyer is becoming a rare species in Singapore, saved from extinction only by wealthy parents.

According to some motor distributors here, the number of first-time buyers has dropped sharply from six months ago when the Monetary Authority of Singapore (MAS) introduced vehicle financing restrictions. Since Feb 25, a 40 per cent cash downpayment is required if the OMV or open market value of the car being bought is below $20,000, and 50 per cent if the OMV is above $20,000.

So if the average entry-level car costs $120,000, then the 40 per cent downpayment would come up to $48,000.




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