SINGAPORE: When affairs a car, many individuals think about getting a acclimated car because it is cheaper than a spanking new one.
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At our car dealership company, we have seen a ascent absorption in acclimated cars as the number of enquiries surged over the years. Every month, we get hundreds of calls from enthusiasts attractive for acclimated car options. On the added hand, we get about 50 enquiries about new cars every month.
Used cars are a accepted advantage because of their affordability. The amount aberration is substantial. A actual new car can be bought for as low as S$80,000 given prevailing almanac low COE prices. However, depending on how abounding years you appetite on your car, you can get a acclimated car for as low as S$10,000.
Used cars accord bodies more options because there are various models that you can buy at altered amount points that augment altered needs. For example, if you want to drive a Toyota Altis because it’s a fuel-efficient option, but acquisition a cast new one too expensive, you can consistently acquisition a acclimated archetypal in the market, which will amount abundant less, depending on its age and condition.
Despite this, we admonish bodies to buy new cars if they can allow it, because a acclimated car may acquire hidden costs forth the way.
THE UNKNOWN HISTORY OF A USED CAR
The botheration with acclimated cars is that you will never really fully know the accurate history of a acclimated car before you buy it.
Every buyer uses their car differently, and as such the automated apparatus of the car go through different rates of wear and tear.
For example, some owners ability aloof use the car as a circadian drive to work, clocking beneath than 50km a day, admitting some added owners accept to drive about the accomplished day as allotment of their job as an alfresco salesperson, accomplishing as abundant as 100 to 200km a day.
There are additionally limitations to a mechanic’s inspection. It is absurd to audit assertive genitalia such as the agent and manual interiors for any signs of abrasion and tear, or worse still, cracks and damaged parts, afterwards accepting to breach them apart.
Consumers ability anticipate that the Auto Law that protects consumers adjoin abnormal appurtenances including acclimated cars, but there are some difficulties in administration this.
For a start, assertive automated faults may not be covered beneath auto laws. Abrasion and breach issues are additionally not covered beneath auto law. Alike the analogue of “wear and tear” itself is subject to debate.
The Auto Law is additionally not accurate if you were abreast about of these faults afore the purchase. So it’s no abruptness that car dealers try to awning themselves as abundant as possible, by accepting barter to assurance checklists that accompaniment that the car is in acceptable action during the purchase.
As such, aback an affair crops up afterwards the purchase, from baby issues like ablaze ball failures, to the added austere engine, transmission, abeyance noises, and alike air-conditioning failures, the banker will not absorb claims as barter had confirmed that appurtenances were in adjustment aback the accord was made.
Customers are signing up for a big accident aback they acquirement a acclimated car, problems that don’t present if they bought a new car covered by warranties instead.
For example, an agent oil aperture ability crave a top agent overhaul, which ability amount you hundreds of dollars in repairs. Also, problems like air conditioner compressor failures, radiator coolant leaks and alternator failures are all accepted in acclimated cars,. All costs hundreds of dollars anniversary to rectify, and there is a aerial anticipation of these problems occurring.
Car aliment can additionally be an advancing process. Once an affair has been fixed, accession affair may appear in accession allotment of the car. Acclimated car owners accept to alive with the acrimonious activity that they could accept called accession way instead of having to pay aliment fees as and aback such issues emerge.
CYCLICAL NATURE OF COE IS A BOON
This is the best time to buy a new car because the accepted Certificate of Entitlement (COE) is at a almanac low in over eight years.
The transacted COE amount for Category A cars of 1,600cc and below was at S$25,000 in end-November, compared to the aiguille of S$92,100 in January 2013.
Cars with 1,600 cc and aloft in Category B fetched S$31,101, compared to the aiguille of S$96,210. That agency extenuative about S$60,000 abandoned in COE if you were to buy the aforementioned make and model today compared to just six years ago.
Individuals who buy new cars during this aeon will additionally account from the alternate attributes of COE. If barter buy a new car now, in the abutting ten years aback it’s time to buy accession new car, COE will actual acceptable be low too, aback the accumulation of COEs is abased on the cardinal of cars deregistered anniversary ages bold appeal holds constant.
In fact, the acumen for the accepted low COE is the almost aerial accumulation of COEs now. 10 years ago, in 2008, there was an abounding accumulation of COEs, and Category A COE prices came abolition bottomward to S$2 in November 2008 amidst anemic customer affect during the Global Financial Crisis.
These COEs from a decade ago must be deregistered and pumped aback into the accumulation of COEs, and are more or beneath a absolute account for the low prices we are seeing now.
AFFORDABLE NEW CARS IN THE MARKET
A cast new Honda Fit Hybrid for example, is about S$74,800 with COE. This agency that the abrasion is alone about S$7,000 a year. A acclimated 2010 Honda Fit petrol, for example, is affairs at S$8,000 abrasion a year.
Due to the low COE prices, abounding new cars are almost added affordable now, compared to a few years ago and are not that altered in amount from the boilerplate acclimated car afterwards you agency in the costs of advancement an earlier one.
At the end of the day, when affairs a car, it’s important to accumulate in apperception their functionality and consider if you absolutely charge a car given your bread-and-butter constraints aboriginal and foremost.
If you’ve done your calculations and achieve that you still appetite to own a car, investing in a abiding approach of carriage for the abutting ten years by affairs a new car is absolutely a better long-term option over affairs a acclimated car in today’s market.
Paying added for a new car will accord you a greater accord of mind, and save you cogent aliment fees in the future.
Galvin Khong is Group Director at Vin’s Automotive Group, which offers vehicle rental, leasing and costs services, in accession to the sales of used and new cars.
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