“This will really force people to realign their priorities. It is one thing to prevent us from overstretching ourselves financially, but it also severely limits the purchase options,” said Yit Beng, 28, who is in automotive-related sales.
He added, “Young couples, families and sales personnel who need their vehicles for their jobs will be the worst hit. Already the amount of cash on hand is low, with the short loan period now and the increased interest rates, these all make for a recipe for disaster.”
Indeed, the hardest hit will be on people who really need the car, such as those with children, elderly or requiring a car for their businesses. Businesses may be forced to get commercial vehicles and people may have to start whipping out their EZ-link cards more often.
The car trade will also suffer, as these measures came so abruptly that it has left industry players scrambling for the next few days. Full story
