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Car showrooms stay open till midnight in the wake of Singapore Budget 2013 announcement

Published on Feb 25, 2013 11:21 PM
 
A group of people viewing BMW cars at the BMW showroom on July 15, 2012. Car showrooms along the Alexandra Road stretch stayed open till midnight on Monday, after Deputy Prime Minister Tharman Shanmugaratnam announced in his Budget speech earlier in the day that owners of luxury cars will have to pay higher tax rates. -- ST FILE PHOTO: MARK CHEONG

Car showrooms along the Alexandra Road stretch stayed open till midnight on Monday, after the Monetary Authority of Singapore announced tough new curbs on car loans that take effect on Tuesday.

Performance Motors, which distributes the BMW brand of cars, sent out text messages to its customers informing them that it was taking orders till midnight.

"Loans will be capped at 50 per cent, minimum five years, with effect from tomorrow," the text message said.

Besides BMW, other European marque showrooms such as Jaguar, Volkswagen and Volvo also extended their opening hours on Monday night.

Customers were seen shopping in these showrooms.

Mr Tharman had also announced a new tiered Additional Registration Fee (ARF) structure in his Singapore Budget 2013 speech  on Monday, which he said will make the vehicle tax system "more progressive".

The new rates will take effect from next month's Certificate of Entitlement (COE) bidding exercise.