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Thread: 160,000 'First Car' Cancellations

  1. #1
    Frequent Flyer kaptainrob's Avatar
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    160,000 'First Car' Cancellations

    ..... and as many defaulters, I'm sure!

    (22 September) The ′First Car′ tax reduction scheme imposed by the government of Prime Minister Yingluck Shinawatra has resulted in at least 160,000 order cancellations, according to Mr. Surapong Paisithpattanapong, Vice President and Spokesperson of the Automotive Industry Club.

    Mr. Surapong said the orders had been made during the height of the government′s scheme, which slashed taxes for individuals who were buying their first cars in order to boost the auto-mobile industry.

    However, many people eventually cancelled the orders due to their inability to pay for the cars. Some of them also stated that their loan agreements with the bank were rejected as they lack the credibility.

    So far, 1.08 million orders were completed, as the same numbers of cars were transferred to the buyers.

    The Automotive Industry Club Vice President advised that auto companies must rearrange their marketing plans and reduce their productivities, as the acceleration of the domestic consumption during the first car scheme had distorted market demands, and caused 100,000 cars to be overproduced.

    Moreover, according to Mr. Surapong, investors should also focus more on exports and promotions to increase sales, for instance, to apply 0% interests for 4 years installment-buying.
    Story here > 160,000 'First Cars' Cancellations : Khaosod Online
    Cheers, Rob.
    Lifes journey is not to arrive at the grave safely in a well-preserved body, but to skid in sideways totally worn out, shouting: holy s.h.i.t what a ride!

  2. #2
    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน Changone's Avatar
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    Fascinating stuff KR, was this the same scheme where you took the new vehicle on approval without any obligation to take it on sometime later? If so it was a deal all day long for those without the means to pay for a new vehicle.
    It must also mean there are some outright near new bargains now for anyone with the cash?
    BTW I'm in the market a new Hilux for about A$10k cash.

  3. #3
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Moo Uaon's Avatar
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    ^ Thais usually default instead of selling as they are locked into the purchase for 5 years and not allowed to sell them before then.
    The cars get repossessed and sold at auction to car yards who put their margin on and resold at not a lot less than their new price.
    FACE YOUR FEARS LIVE YOUR DREAMS

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