- POSTED: 05 Jan 2014 20:05
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It's less than a month before the Lunar New Year - traditionally an auspicious time to buy a new car. But this year, a check with showrooms reveals that sales have been dismal.
SINGAPORE: It's less than a month before the Lunar New Year - traditionally an auspicious time to buy a new car.
But this year, a check with showrooms reveals that sales have been dismal.
Josephine Lim, car consultant at LECO Automobile, said: "(What) we usually expect will be double sales, as compared to the normal months, but of course this time round because of the loan curb, we will be expecting less than double, so if we're doing at 30 units per month, we'll probably go about 40 thereabout for this year's new year."
Jessica Ang, CEO of Jack Cars, said: "Around December, they will try to do shopping for their cars, and delivery before Chinese New Year. But now it seems like the flow of the customers is lesser by 70 per cent compared to last year."
According to the Singapore Vehicle Traders Association, the new car market is expected to perform better, as buyers rush to buy continental cars before the COE re-categorisation next month.
Many of these models will end up in Category B, with a higher COE price.
Another factor is that current loan curbs of between 50 to 60 per cent affect buyers of both new and used cars, making it more worthwhile to buy new cars.