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Poor people unable to buy cars in 2013 budget

Posted on 26 February 2013

Millionaires grateful for breathing room on the roads

traffic jam singaporeOnly rich people will be able to afford cars this year, according to Singapore’s 2013 budget which restricts car loans to 50% to 60% of the purchase price. Car buyers will also have to finish servicing the loan within five years.

This has gotten many Singaporeans upset as they will no longer be able to enjoy listening to Gold 90.5FM for hours on end, as they admire Orchard Road during the peak hour traffic jam.

Some even say that this was a ploy by the government to give more privileges to the rich by clearing out the roads.

“How am I going to fetch my ah girl to school every morning?” exclaimed Mdm Jin Kao Peh, who said that she was “devastated” that her family could not buy a second car.

“We used to have such great aspirations in the 1990s — car, condo, credit card, country club and cash. Now everything so expensive, even my credit line got limit, how to have motivation to work?” said the regular contributor to Temsek Review Emeritus, who is working on her debut monologue on the downfall of the middle class, titled “Say NO! to PAPpies”.

Many analysts are already predicting a dip in COE prices due to the decrease in demand for cars this year, which means that while the overall prices of cars might not change much, only those who have enough cash upfront will be able to afford them.

“The Singapore government has immense foresight,” said new immigrant Da Lu Ren, son of a high ranking Chinese official, who dropped out of school last week. “With fewer cars on the road, it is less likely that I will hit another taxi while cruising in my Ferrari at night.”

Another new citizen, a billionaire hailing from Silicon Valley agreed.

“Singapore women still tend to be impressed by guys with cars. Now that cars are less accessible, it’ll be easier for the ladies to differentiate the men with real money, and those living on credit,” he said.

But as the public infrastructure remains far from ready to cope with the influx of car-less citizens, school administrators and firms are also expecting a dip in attendance due to transportation problems.

“Want to drive, cannot. Want to take MRT, kenna breakdown. Want to take bus, too crowded because of the MRT breakdown,” said a frustrated student from the National University of Singapore.

“Want to ride bicycle to school, scared kenna knocked down. You tell me how? How leh?”

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- who has written 2685 posts on New Nation.

Wang Pei can be considered a new citizen of Singapore. She has been here all her life, just that her environment's changed beyond recognition.

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