LOL, it was not too long ago people were complaining they were asset rich and cash poor. So now they are cash rich also?
I think generalisation is very misleading. We must recognise that there are different groups of people here. For eg. we hear of people protesting in Hong Lim Park asking for their minimum sum to be returned to them. But this group is a very small group of highly vocal people. The vast majority here are actually happy to have their money in the CPF earning the 4-5% interest guaranteed. I believe there are those who secretly wished the gahmen would further increase the minimum sum requirement so that they can put in more to earn the interests. Where can you find this kind of interest with guarantee from the gahmen? Then there is this group who complain the COE is too high and swearing that they wont buy cars, yet the strong bookings are still there. One can only conclude that there are 2 different groups of people. One group who thinks cars are still affordable and the other - the vocal group that felt priced out of the market. Likewise, there are people who are asset rich but cash poor, and others who are both asset and cash rich. Think there are significant numbers of people in each of this group. That's why property and cars prices are still holding up well. So when you hear a few people complaining, you cannot generalise it to the whole population. And surprise, surprise, usually the quiet group is the majority. Quote:
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24yrs old
4 years working exp male, graduate just got offered a new job S$85K/pa previous job was S$72K/pa |
54 yo
29 yrs working exp male, graduate Still in same job since graduation Not expecting to move anywhere till retirement at 62 Salary $250k pa last year Salary $22k pa when first started working Saved $170k last year or ave $150k pa for last 5 years. Total net worth $2m incl. small condo. Happily single. Quote:
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COE seems to be holding high for a long time. I am wondering is it because we have the Pioneer generation and Baby boomers who have benefited from the large proceeds from the sale of properties? Now that they are retired, they would have excess cash to buy cars which they couldn't enjoy last time. Does anyone have friends in that age group and is this phenomena generally true?
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The younger generations also benefitted by flipping their BTO flat. Ten years ago, they can buy a 4 room flat for less than $200k. Today they can sell their flat at $500k and then buy another cheap BTO flat. They use their cash profits to buy brand new cars. Our cheap BTO flats are fueling demand for new cars as many people flip their first BTO flats, make big profits and then buy another cheap BTO flat. |
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And pls lah, go back to your car show room... How can ask people to sell away their roof in order to buy consumption item? Tau now Bo Ho say |
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