Buying Second-hand Car in Singapore | Used Cars in Singapore
Car Insurance | Insurance
by Priyadarshini
6 January 2021
Most Singaporeans know that buying a car is an expensive deal. But does that mean you can’t own a car? No, certainly not! Everyone dreams to own a car and so can you. If you are unwilling to shell a lot of money into purchasing a brand new car, you can buy a second-hand one. Buying second-hand cars in Singapore is a common thing. Read this blog to know all about buying a second-hand car in Singapore.
Buying a Second-Hand Car in Singapore?
The second-hand car market is booming and has a wide range of options to offer you. You can choose to buy second-hand cars over a brand new one simply because you will comparatively pay less. Since you pay less, you can take out a smaller loan. Smaller loans automatically mean you pay less interest. It is a given that used cars will be cheaper than a new car. The question is how much cheaper in comparison to a brand new car. When you plan on buying a second-hand car, research well and compare prices with other used cars as well as brand new ones. However, you need to keep certain points in mind while buying second-hand cars in Singapore.
Take a look below:
Look if the car is a little older than brand new
If the car you choose to buy is only a little older than a brand new one, then you might not be getting a good deal. You may end up paying almost the same as purchasing a new car.
Check if the car requires major repairs
Always keep in mind you want a second-hand car, not a worn-out, wobbly four-wheeler which will make you spend more on repair & maintenance.
Look if the COE prices are high
Cars have a high depreciation rate and if you choose a second-hand car with COE prices, you will end up paying a lot more. As you automatically lose a lot of value owing to the depreciation of the car.
Check for the interest rate
Sometimes, you may be charged higher interest rates on used cars than on a new one. So, if you find out that you are accumulating more interest while purchasing a second-hand car then it’s time to re-think!
Where to buy Second-hand Car in Singapore?
Singapore has varied options for second-hand cars. There are direct dealers/sellers and online mart as well. Online car marts have a range of options listed so, you can surf, take a look, read the specifications, all other details, and decide. On the other hand, you will get secured deals from direct sellers as payment processes will be more transparent and easy. Also, the used cars dealers keep are well maintained. You can also choose to buy directly from sellers as you will not have to pay any commission there. But be careful, you might fall into some shady deals! So, research well, compare prices, and buy from a secured, and reputed place.
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