SG: Used car sales down in 2013

Sales of used cars have dropped 12% in 2013 as compared to the same period in 2012. From January to November last year, 58,774 used cars were sold, with observers citing falling figures as a result of vehicle financing curbs, put in place since last February. Secretary of the Singapore Vehicle Traders Association (SVTA) Mr Raymond Tang, says that almost half of its 400 strong have downsized their businesses, with more than 20 withdrawing after their businesses folded. The figures could have been worse; a temporary loan curb lift enabled an extra 5000 odd cars to be cleared during the 60 day period.  After the lift, sales averaged 4,500 monthly. Loan curbs have been put in place to deter people from buying cars. However, this isn’t solving the traffic problem, for many end up switching to cheaper vehicles such as vans and motorbikes instead, which completely defeats the purpose of the curb. Perhaps a more improved public transport network will be a better way to solve the traffic problem, since more will end up using the service to get to work and school.  Pictures used for illustration purposes only.