Buying a used car in Singapore has their own benefits, which buyers should consider before committing the decision.
First, we look at the reasons why Singaporeans prefer buying used cars in Singapore rather new cars in Singapore.
- Cheaper compared to New Cars in Singapore.
Used cars prices can range from as low as less than $10000, depending on when the COE is expiring.
- Due to cheaper prices, drivers can change cars more frequently if they ever find themselves the urge to try other models.
- Depreciation is a lot lesser compared to buying a new car in Singapore. It is often said that a new car can depreciate by as much as 30% in the first year.
- Buying a Used Car also means lesser waiting time compared to waiting for a new car to arrive. What is required is to pay the price of the car, get insured and you are ready to drive.
- Some people prefer old models of the car, which are no longer in production. Ranging from Vintage cars or even old classic cars.
Next, we look the things to note at when buying used cars.
- The condition of the car.
Before completing the purchase, make sure to assess the condition of the car. Every owners have their own driving habits, and it could lead to potential problems. Always assess the exterior condition of the car, such as paintwork, scratches, bumps, or torn seats. For interior conditions, look at the engine bay of the car, if there are any potential leaks of oil. Lastly, test drive the car for at least 5-10 minutes, and look for possible defects such as poor wheel alignment, ineffective air conditioner, sudden jerks, screeching sound from the brakes and most importantly, the mileage.
- Is it a PARF car or a COE car?
PARF cars refers to retrieving back the scrap value of the car once the COE expires, which is a significant amount. Compared to COE cars, when the COE expires, you do not get any value back. COE cars are more than 10 years old, hence there could underlying problems that have yet to surface, which may be costly in the long run.
- The road tax of the car is paid semi-annually or annually, which previous owners had already paid before you buy them. Always check when it is going to expire, and if possible, get the previous owner to renew it before handing over the car to you, which could save you hundreds of dollars.
Buying a Used Car in Singapore is not simple compared to new cars, as new cars are brand new with no defects, which saves the trouble for buyers. However, it does come with their own benefits. Visit our website on used cars for sale by authorised dealers to find cars that you might be looking for!