In the article, it was mentioned that " Federation of Motor and Credit Companies Association of Malaysia secretary Khoo Kah Jin said that before the National Automotive Policy was introduced, banks would consider giving a loan to a borrower without placing much priority on what the borrower earned."
Additionally, " Khoo said he understood that it was the banks’ right to determine interest rates but felt that the disparity should not be so great between new cars (2.5%-3%) and used cars (4%-8%). . He added that as a result of lower second-hand car value and some of the measures, there was a shortage of second-hand cars that were two to five years old as people were reluctant to sell and dealers reluctant to take them because the outstanding loan amount was too high. "
Another piece of news from the Star Business also reinforces the same fears facing car dealers for Proton cars, the national car company. Proton Edar dealers under pressure Monday April 30, 2007.
In the article, "Poor sales, dwindling second-hand car values and difficulty for buyers to obtain financing are exerting immense pressure on Proton dealers, Proton Edar Dealers Association Malaysia said.
Its president Wan Ahmad Sepwan Wan Abd Rahman said expectations that national carmaker Proton would sell more vehicles this year – 166,000 units from 115,000 last year – as the passenger car market grew 45% did not come as a respite for dealers."
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Its a free market for automobile enthusiast and business people. In the long run, with a free market where prices are not governed by unnecessary costs, the buyers and sellers are the winners in the long run.
