Used cars vs New cars

Advantages of New Car

Perhaps the most attractive advantage of buying a new car is its warranty. Usually, the warranty comes with free car servicing. A new car is equipped with new paintwork, new tyres, new engine and the likes. Considering that the car is brand new, you can rest assure that the car is accident-free. The owner is at liberty to customise the accessories for the car, such as its bodykit and spoiler. Psychologically, the owner of a new car will probably experience a euphoria high from purchasing a brand new item. Lastly, new car interest rate is relatively lower, translating to lower interest paid for a new car loan compared to a used car loan.

Advantages of Used Car

Purchasing a used car means that you are paying much less as compared to a new car of similar model. Furthermore, a used car depreciates less as the first owner has already absorbed most of the loss. More often than not, additional car accessories do not raise the price of the car. You probably be able to get a fully-equipped used car with super stereos and racing add-ons at a greatly discounted price. For some models that are no longer in production, they can still be found in the used car market. If the previous owner takes good care of the car, you may be buying a used car at almost new condition, but at a much lower price.

Differences between Used and New Car

Although the interior and exterior of a new car may look clean and free of scratches or dents, it does not neccesarily spell perfection. A new car may come with problems associated with poor design or manufacturing defects. A new car may also have suffered from damages during shipping. Therefore, a new car may have to undergo some repair when it reaches the new car dealership.

Buying a used car is like a gamble - there is no guarantee that the car is accident-free, and was properly maintained. Therefore, all buyers need to conduct proper checks on their cars during collection.

A new car depreciates much more as compared to an used car. As soon as you leave the dealership, your vehicle is instantly worth a few thousand dollars less than the price you paid for it. The number of owners for the vehicle plays a huge role in determining the selling price. The higher the transfer count, the lower the resale value of the vehicle. This is applicable only to local sales of the vehicle.

Apart from the high depreciation, most new cars need a long waiting period of about four to six months.Waiting time for used cars are however very short. Buyers can get their cars almost immediately as the cars are already available to them.

Used cars normally comes with minor scratches and dents due to human carelessness. Wear and tear often cause the condition of a used car to be worse off than a brand new car. Thus, one should decide if the used car is worth the difference in price.

Parking in singapore

Almost all buildings have a car park and fees apply which can be settled with your ERP cash card in many places. In Sun Tec City a system called TeleMoney permits to pay fees on your mobile phone by calling Tel: 6464 0080.

At open parking spaces (e.g. East Coast or Holland Village) you need coupons, which have to be bought and perforated in advance. Coupon booklets (see image) are available at 7 Eleven Shops and petrol stations. Make sure you have a good supply of them in your car! Failure to use them as indicated results in fines and/or wheel clamping. And we also suggest that you take great effort to do it right as the parking meter girls do not like jokes at all. Display them clearly visible next to each other inside your windscreen.

Expired Parking Coupons can be exchanged at the URA Customer Service Center 45 Maxwell RoadTel: 6329 3434

Costs of buying a car in Singapore

COSTS of buying a car in Singapore

Car Price (For new or Second Hand Car) see OMV
Custom Duty - 20% of OMV
Additonal Registration Fee - 100% of OMV
Registration Tax - SGD 140.00
GST - 7%
Vehicle Number Plate - average SGD 25 - 30
Road Tax - see website for calculation below
COE
Insurance
Vehicle Radio License Fee - SGD 27 annual
Electronic Road Pricing (ERP) a special toll when driving into the city during peak hours