The Big Question: New or Used?

Oneshift Editorial Team
25 Sep 2013
 

Owning a car in Singapore is no mean feat. Assuming you’ve done your budgeting and decided you can afford a car, you basically have to decide between buying new or used.

On the surface, the answer is simple. Buy new of course. Not only do you get to have your colour of choice, you get that priceless new car smell and peace of mind with a factory backed warranty against defects.

So does that make used cars chopped liver? Not necessarily as apart from obviously being cheaper to own, pre-owned cars benefit from having all the gremlins extradited.

With the new regulations restricting loan amounts to 50%-60% of a new car’s purchase price, used cars are looking more and more viable as potential owners do not have to fork out as much cash upfront, and have more manageable monthly instalments. Furthermore, as the selling price is ‘declared’ to the financial institution, there’s a chance of tying down even less cash up front. And for those on a shoestring budget, buy a non-PARF (more than 10 year old) vehicle means even less cash is needed.

However, do note that a much older car will incur additional cost in the form of higher road tax (10% more each year after 10 years old to a maximum of 50% more) and increased maintenance. Also they are subject to LTA’s mandatory $62 yearly inspection. And while the total selling price of a car that’s above 10 years old might be relatively low, loans can be hard to come by.

So what are the things to look out for when buying used versus new?


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