03 Mar '13, 1am

Owning a car in Singapore could cost S$1.6m over the years: SINGAPORE, March 3 — Owning just a 1.6-litre famil...

Owning a car in Singapore could cost S$1.6m over the years: SINGAPORE, March 3 — Owning just a 1.6-litre famil...

Owning a car in Singapore could cost S$1.6m over the years March 03, 2013 A woman walks among Toyota Motor Corp cars at the company’s showroom in Tokyo February 5, 2013. Singaporeans are facing the prospect of increasingly exorbitant costs if they want to own a car, The Sunday Times reported today. — Reuters pic SINGAPORE, March 3 — Owning just a 1.6-litre family sedan in Singapore for one’s adult life could add up to a whopping S$1.6 million (RM4 million), Singapore’s The Sunday Times online site reported today. Car buyers in Singapore are now required to make down payments of 40 per cent to 50 per cent of the purchase price and settle car loans within five years, under new central bank rules. Previously, car buyers were allowed to borrow up to 100 per cent of purchase prices and take as long as 10 years to repay their loan. Financial advisers who spoke to The Sunday Time...

Full article: http://www.themalaysianinsider.com/world/article/owning-a...

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