12 Jun '11, 2pm

Call to scrap transfer fee for used cars

Call to scrap transfer fee for used cars

SINGAPORE: The Singapore Vehicle Traders Association is urging the government to scrap the two percent transfer fee for used cars. It says the rule is outdated, given the high prices of cars now, and it wants a review done.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) substanti...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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