I won't be surprised if many families are already doing this. That is why demand for new cars is very strong, even among the middle class families. Our cheap BTO system is really making many Singaporean families rich.
Quote:
Originally Posted by Unregistered
For those who need cash to buy a new car:
1. Sell away your BTO flat after MOP. Let's say you bought your BTO flat at $200k in 2009. You can now sell your flat at $450k. Let's say your loan is left with $150k. So, after you sell, you get $300k cash. Use $90k as 20% downpayment for another flat costing $450k and you still has $210k cash which you can use for buying a new car, paid in full.
2. Another way is to buy your second BTO flat for $200k. So when you got your new flat, sell your first BTO flat for $450k, pay off the remaining loan of say $100k and you have $350k cash, which you can use to pay off your second BTO flat in full plus buy a new $150k car, paid in full cash.
This clearly shows that due to our cheap BTO flats, many people can afford to buy new cars now.
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