waerth Posted September 22, 2013 Report Share Posted September 22, 2013 http://www.khaosod.co.th/en/view_newsonline.php?newsid=TVRNM09UZzJNalE1Tnc9PQ== (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. Link to comment Share on other sites More sharing options...
huumlaar Posted September 23, 2013 Report Share Posted September 23, 2013 Isn;t it a good thing people who couldn't afford a car cancelled? Link to comment Share on other sites More sharing options...
Flashermac Posted September 23, 2013 Report Share Posted September 23, 2013 I they couldn't afford one, why did they sign the contract in the first place? I expect there will be plenty repossessed as well. Link to comment Share on other sites More sharing options...
Mekong Posted September 23, 2013 Report Share Posted September 23, 2013 They signed the contract based on the assumption that Pheu Thai would pay them a fortune for their rice crops. Unfortunately due to the flooding that Yingluck promised would not occur has now happened their Paddy's are ruined they cannot get the pledged price on their crops and the compensation for flooding will not cover their repayments. Thaksinomics it is so simple it is stupid. Link to comment Share on other sites More sharing options...
Vintage_Kwai Posted September 23, 2013 Report Share Posted September 23, 2013 I they couldn't afford one, why did they sign the contract in the first place? I expect there will be plenty repossessed as well. They expected a lump sum to be paid in cash, after which they would conveniently ditch said vehicle. Even with a five-year minimum ownership stipulation, do you think they really read the fine print? I was also surprised to learn later that pickups were included. (I thought it was only for eco-cars of less than 1500 cc) Link to comment Share on other sites More sharing options...
cavanami Posted September 23, 2013 Report Share Posted September 23, 2013 Thousands of pickups on the roads with the red license plate. One case, the person stopped paying and then hid the pickup so they couldn't repossess it...hasn't paid in months! Link to comment Share on other sites More sharing options...
Flashermac Posted September 23, 2013 Report Share Posted September 23, 2013 You've turned into Liberace? Link to comment Share on other sites More sharing options...
think_too_mut Posted September 23, 2013 Report Share Posted September 23, 2013 Thousands of pickups on the roads with the red license plate. That's what I wanted to ask a "boot on the ground". Is it noticeable? According to the post I quoted, it is. The number of 1 million vehicles looks scary but there are ~700 thousands sold every year in Thai. It's an influx of ~300 K vehicles that would not have been sold otherwise. And more than half of that number cancelled, if that number participates in the 300K extra sold. Other than for car dealers, seems like a storm in a teacup. Link to comment Share on other sites More sharing options...
cavanami Posted September 24, 2013 Report Share Posted September 24, 2013 I am hansum man...well aware of my sexuality... ...but yes, very noticeable the new vehicles/drivers on the roads! From many aspects...accidents, UP...azzhole drivers, UP...clogged roadways, UP... Link to comment Share on other sites More sharing options...
Flashermac Posted September 26, 2013 Report Share Posted September 26, 2013 A taxi driver told me the problem wasn't the new cars. It was the new drivers! Link to comment Share on other sites More sharing options...
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