The expense of owning a car is so huge that it leaves residents wondering whether or not it’s even worth it! As a result, they turn to the used car market.
If you’re looking to move to Singapore, according to One Visa immigration agency, you have a much better chance of being approved with them! But, you should take into consideration the following four pointers to be well on your way to owning a car:
Do your research
When you walk into a used car dealer’s garage, you expect them to be lower in price since they’re not new, right? In some cases, buying the car new would be more reasonable!
They have a 10 year deprecation system where users who deregister their car within this time are entitled to rebates - PARF and COE.
The rebates are considered with the resale cost. PARF cars are often newer since they’ve only been worn in for a maximum of 10 years, but they’re pricier. COE options tend to be in worse shape, but the cost is less, so you’re getting what you pay for.
Quality check
Ignore the fancy talk. Second-hand car sellers usually try to sugar coat issues or not mention them at all in order to charge more. Carry out your own inspections to ensure everything is intact.
Taking it out for a test ride is the best way to see if anything’s wrong. If the engine is making odd sounds or if there’s a higher mileage, you should probably pass.
However, if the car runs fine, start paying attention to the smaller details. If something isn’t in top condition, use it as an opportunity to get a better bargain - haggle the price down.
Warranties
Finding a used car with some warranty time left on it should bring a smile to your face. It means that you can take the car back to the garage if it encounters any problems; however, this may only be the case if it’s under five years old.
The car could have a couple years of warranty left from when the prior owner purchased it. If anything goes wrong, there’s no need to worry; although, getting a good deal on these cars requires a ton of searching around. If it doesn’t include a warranty and things keep going wrong, the bill to your mechanic could get troublesome.
Review all the costs
Since the Monetary Authority of Singapore changes, they’ve allowed users to take out higher loans on vehicles; however, bigger loans = higher interest rates.
The road tax is more expensive with older cars, as are the interest rates, but the insurance prices are cheaper. It’s a good idea to take into consideration all the costs because, in some cases, buying a used car could end up being more expensive.
You may be better off compensating a little more for a new car in order to avoid the issues that arise with older ones.
After examining these key points, think about whether you need a newer car or just something to get you around from point A to B. Also, make sure you’re getting a bargain for the used option since you may not be far off what you’d be expected to splash out for a newer one with less problems.
