How much are you earning per annum?

Originally Posted by Unregistered

Yes you are safe. On the 5th and 6th bidding, LTA will increase Cat A COE supplies by 40%.
That why BM is taking orders for upcoming huge COE supply.

OK thanks. That is good news. I will pray hard on 5th and 6th bid.

Hopefully by that time with the expanded quota, the number of bidders does not increase so that I can get my Altis at this cheap price!

With so many people booking their new cars, COE prices will likely bounce back tomorrow.

We can expect clawing back of COEs to avoid the surge towards $100k in 2020 for Cat A. Better for COE prices, over the long term, to average $70k for Cat A than $100k. And better for Cat B to average $80k than $120k.

We need to have a stable COE prices than a drastic fluctuations of COE prices.

Originally Posted by Unregistered

OK thanks. That is good news. I will pray hard on 5th and 6th bid.

Hopefully by that time with the expanded quota, the number of bidders does not increase so that I can get my Altis at this cheap price!

Currently there is no backlog of un-fulfilled COEs from Jan and Feb orders from car dealers.
This is despite CNY demand and Motor-show in Jan and Feb. That why COE dropped by 5k in last bidding.
Now with upcoming COE supply increase by LTA in May (in time for your 5th and 6th bidding), many car dealers are quite confident of taking orders.
Even you see more people flocking into the showroom, it is just supply meeting the demand.
In Apr 2014, only 300+ Cat A COE is up for bidding every week. Now it is 900+ Cat A per 2 weeks.
Soon it will be 1400+ Cat A COE per bidding, and may reach 2000+ Cat A COEs by end of this year.
It is huat huat time for car-buyers by end of 2015.

All these fear mongering is no use.
COE price dropped by 5k in last bidding despite festive CNY demand and Motor-show bookings.
That is why car dealers are confident taking more orders. LTA is releasing 40% more supplies in May even with clawback.
Car prices have already dropped up to $20k from Jan. Welcome to the New Normal of $30k COE soon. Never will we see $70k COE again.

Originally Posted by Unregistered

With so many people booking their new cars, COE prices will likely bounce back tomorrow.

We can expect clawing back of COEs to avoid the surge towards $100k in 2020 for Cat A. Better for COE prices, over the long term, to average $70k for Cat A than $100k. And better for Cat B to average $80k than $120k.

We need to have a stable COE prices than a drastic fluctuations of COE prices.

Nowadays, driving during peak hours is so horrible. Takes a long time to travel a short distance, this cause a loss in productivity and loss of revenue for businesses.

There is an urgent need to not only claw back COE supply but CUT COE supply over the long run. We need to cut our car population at least by 30% over the next 10 years (I.e. Cut car population by 3% every year over 10 years).

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.

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.

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.

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

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.

Originally Posted by Unregistered

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

You can sleep in a car, but you cannot drive your house.

I am 34 this year, married with 3 kids. Recent income tax assessment of 190K. Wife not working.
Living in a 5 room HDB, almost paid off, left 20K.
Savings of approx 100K.
Driving a car 1 year old. 4 years loan left.

Now thinking of buying a condo either new or resale and rent out the HDB.

How am I doing?