SINGAPORE: Some second—hand car dealers have described the recent new measures taken to cool the automotive market as a "drastic" move.
They cautioned that the move may even cause used—car sales to fall by more than half.
Car dealers said that prospective car buyers are usually young people with limited income, or families with children, and they are usually customers who take car loans.
However, with the tightening of measures on car loans and registration fees, car dealers said this will have a significant impact on car buyers.
Mr Eddie Loo, Owner of CarTimes Automobile, said: "It will affect the used car market very badly. Because those who bought the used cars, definitely they have some financial difficulties so with this down payment of 40 per cent to 50 per cent, it will definitely drive all the customers away from the used car market or even from buying a car."
MORE SINGAPORE NEWS
Latest Photo Galleries on xinmsn
Every day Radio Erena broadcasts to Eritrea from Paris, the only independent media available in the African country where press freedom is p... More Every day Radio Erena broadcasts to Eritrea from Paris, the only independent media available in the African country where press freedom is practically unknown. Duration: 02:06
Date 3 hrs ago, Duration 2:06, Views 1