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Newspaper review (1)
Date of article: 22 November 2008
Title: There’s no better time to buy a car
Section: Straits times-Home page B1

Overview of article:

The economy is slowing down and jobs are in danger, but it seems like this is the best time to buy a car. Small cars are going for as low as $11,000 in the wake of $2 COE and it is no surprise that buyers are flocking into showrooms. Dealers selling smaller models say prices have fallen to record lows after seeing the COE of small cars dipping to historic lows of $2 on Wednesday. Falling petrol prices have also been another reason why buyers are going back to showrooms.
Meanwhile, car showrooms have reportedly collected at least 3,000 orders over the last weekend, three to four times the normal volume and prices are starting to rise after the overwhelming response by buyers.

Reflections:

Reports are saying that people are spending less but why are more people buying cars? It is ironic as many people are struggling to make ends meet while some are able to afford luxurious cars. However, besides the fact that a car is convenient, I don’t think it is practical. Having a car is another burden as owners would have to pay for parking fees, fuel, and maintenance among others. In this period of financial crisis, I feel that people should start to save up instead of spending their money as companies are starting to cut jobs to save cost.
Owning a car is made cheaper nowadays, especially with fuel prices being low. However, what if fuel prices increases? Have buyers considered that before? I feel that it is alright if buyers can really afford to have a car, but if not, it would be better not to have one as transport system in Singapore is adequate.

Melvin