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