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7 Benefits of Buying a Car on Singapore’s Pre-Owned Car Market
Other than an accommodation in Singapore, a car is one of the most important investments an expat can make. Nice cars are great, but financial responsibility is important, especially when living abroad. Though it’s possible to find a bargain on a new car, or an overpriced used vehicle, it’s not just sticker shock that makes buying a new car a waste of money. A pre-owned car that’s around two years old will help an expat keep money in their pocket without giving up quality. Below are a few reasons why buying a pre-owned car can be an affordable alternative in Singapore.
Most people know that new vehicles lose thousands in value once they’re driven out of the showroom. It still applies, and it’s a big part of the reason why you should buy a pre-owned car in Singapore. By buying a car that’s only one or two model years old, it’s possible to avoid most of the initial depreciation.
Stretching the budget is another great reason to buy a pre-owned car. Though it may be possible for an expat to afford a new luxury vehicle, they may want to consider to get one that’s a year or two old. By opting for a used vehicle, a buyer can get more car for less money.
More Peace of Mind
In the past, purchasing a pre-owned car was a gamble. Many thought of it as inheriting someone else’s problem, and that stereotype still persists. However, today’s consumers can save money and minimize their risks. Various companies provide vehicle history reports that are based on a car’s identification number. These reports provide a range of information including mileage verification and whether a vehicle was ever “totaled” by an insurance company.
Saving Money on Useless Features
One of the oldest tricks in a car dealer’s book is the installation of options. They’ll add protective window films, pinstriping, and the ever-popular “anti-rust coating”, but it’s possible to get these add-ons from third-party vendors at a lower cost. Such extras add little to a vehicle’s resale value, anyway. When buying a car in Singapore, an expat may not get all the features they want, but they certainly can avoid paying extra for add-ons they don’t need.
Condition of Vehicle
These days, cars are designed to last longer, and buyers don’t have to sacrifice quality and reliability in the name of getting a good pre-owned car deal. It’s possible to get a pre-owned vehicle in excellent mechanical condition, and save a substantial amount of money doing it. In some instances, a buyer may even be able to take advantage of a seller’s certification program or an extended warranty.
A Lower Cost of Coverage
Though a new car’s safety features may bring down insurance costs, in most instances, their elevated market value typically brings a higher premium than a vehicle that’s just a few models older. Because initial depreciation is so steep, many new car buyers consider including gap insurance in the overall cost of ownership. However, pre-owned car buyers don’t have to add such coverage, as they rarely owe more than what the vehicle is worth.
A Thriving Aftermarket Community
One of the best things about Singapore’s pre-owned car market is the presence of a community of owners. Whether a buyer wants a commuter car or a classic, there’s an online community for like-minded owners. Unlike the new car market, which can be plagued with recalls and other issues, in most cases, the most common problems with pre-owned cars have already been resolved.
Though there’s something about the sensory delights of driving a new car, how much is it really worth? By considering factors other than the sale price, an expat can get a more accurate idea of how much they’ll be willing to pay to be a car’s first owner. Though it may take more effort, in the end, you’ll be doing a favor to your pockets by buying a pre-owned car in Singapore.
Having other pre-owned car purchasing concerns? Get in touch with our friendly Consultants today!
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