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Old 13th June 2011, 07:33 AM   #1 (permalink)
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Call to scrap transfer fee for used cars

Call to scrap transfer fee for used cars

By Liang Kaixin/Hetty Musfirah Abdul Khamid
Posted: 12 June 2011 2137 hrs


SINGAPORE: The Singapore Vehicle Traders Association is urging the government to scrap the two percent transfer fee for used cars.


Used cars for sale

It says the rule is outdated, given the high prices of cars now, and it wants a review done.

With COE prices being on the uptrend, more people are turning to used cars.

Second-hand dealers say they are selling 30 percent more cars now, compared to last year.

But competition for used car business has been stiff, with distributors of brand new cars also joining the second-hand market.

Eddie Loo, chairman of managing director CarTimes Automobile, said: "Most important is the supply and demand. If there are so many dealers looking for a car, our main challenge is how to get the car that we want, and at what price.

"If you buy too high, can we sell? Our cost is very high. And will the customers be able to accept (if we increased the price) substantially?"

In fact, Mr Loo said second-hand car prices have already gone up by at least 20 percent in the past three months.

So to compete and get a bigger share of the pie, his company has come up with offers like "lowest price guarantee" to attract buyers.

To differentiate themselves further, the company has also tied up with distributor Tan Chong Motors to offer value-added services, such as after-sales services and extended warranty.

But to attract even more buyers and cool prices, dealers are rallying for the transfer fees for used cars to be removed.

Implemented in the 1970s, a tax is levied when a car changes hands. Buyers are liable to a flat fee of S$10 per car, plus two percent of the vehicle's value.

The Singapore Vehicle Traders Association, which has over 300 members, says it has contacted the Finance Ministry on the issue.

Raymond Tang, honorary secretary of Singapore Vehicle Traders Association, said:
" In the 70s, I believe it's OK because at that time car prices were lower, and further more there was no COE. But now, it would be just like tax on tax....a bit of an extra cost for the consumer.

"It can be very high if you are buying something which is very new, or maybe a more branded car like Mercedes Benz, or if you talk about BMW, Lamborghini, Ferrari, it can be as high as up to $8,000 or $9,000."

Mr Loo said scrapping the 2% transfer fee would be helpful for the used car trade and for consumers.

He said: "So, the cost of buying the car won't be so high, having save 2 percent of the transfer fee. Maybe, you can encourage more customers to buy used cars."

The association said it is arranging for a meeting with the authorities to discuss the matter further.

Source: http://www.channelnewsasia.com/stori...134756/1/.html

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Old 13th June 2011, 07:56 AM   #2 (permalink)
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I believe if you can afford to own a Ferrari, then paying such exorbitant price is not an issue.

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