It was reported on the news, Certificate of Entitlement (COE) for vehicles have gone up in recent times, but car dealers have slashed prices for new cars to lure in buyers as the Lunar New Year approaches.
Quote Chin Chee Min, Senior Manager C&C Kia, "We will sacrisfice a lot of our profit margin. But if we don't do it now, we won't get in tune with the buying sentiments with the customers."
What is causing the buying sentiments? The economy looks set to recover, the global recession appears over, consumer confidence have strengthen. But are we not walking into the same path as in year 2007, where buyer confidence were at sky high and people were spending like they are set to get a windfall?
When the economy is recovering, it is unwise to spend lavishingly. That is as good as spending what we do not have yet.
Spending should be based on what we have. In recovery stage, it is wise to save up and invest as the market will recover first thus the returns on investment will be higher.
It's never too late to spend but it is always too late to save.
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