SG: Used car dealers expect poor sales and bleak future
Used car dealers are expecting poor sales after the lift of the temporary loan curb. With the lift of the curbs, many car dealers are slashing their prices in an attempt to clear their stocks. One such dealer is Carway Enterprise; the dealer has cleared 28 cars of his old stocks, with 12 remaining. Dealers are looking to break-even with this batch of cars. The rapid sales are not a sign of what to come though; the future remains uncertain as different dealers are speculating different outcomes for the market at the end of the period. During this period, many buyers are “lowballing” in hope of getting a better deal, with some asking up to $10,000 below the asking price. Mr Raymond Tang, Secretary of the Singapore Vehicle Traders Association, said that used cars dealers are generally worried that they may not able to get rid of their old stocks.
However, there are positives in this situation as well. Some dealers are making use of the laws to aquire new stocks for sale after the loan curb is put back in place. Now, only time would tell if their gamble has paid off.
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