If you need to flip your BTO flat just to afford a car, then seriously do yourself a favour - get a life, dont get a car. There are more important things in life
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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