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?

Sell Fast With Ease - SwiftQuote

With SwiftQuote, you get:
  Best value for your car    A peace of mind when selling    Fast sale from start to end


Best offer with no obligations.
Start Now!

I just sold my car via SwiftQuote. and manage to sell it at the higher price compare with other car dealer. I would like to thank Justin for the great follow up and advice. Thank You Justin.

Tng Poh Chuan - 4 days ago

Quick, fuss free.. get better value than trade-in your car to the dealer. All you need is just 3 mins to submit your request and SwiftQuote will help you to get the highest bidder.

Widodo Suwita - 6 days ago

Dear SwiftQuote I received the best quote from you guys within 24 hours. Despite my hesitation the price after 10 days was the same. The follow up was professional and personalised. Congratulations,will not hesitate to recommend to friends Keep it up.

Vic HHTng - 1 week ago

Quick and easy to submit my vehicle details, I received a very good quote from the dealer.

Alexander Lau - 1 week ago

Justin has been very friendly and helpful. His great service in accommodating the transaction for both me and the dealer went smooth and fast for me.

Aaron Chew Khee Chye - 1 week ago

Selling my car by registering at SwiftQuote is very convenient and received a quote in short period with higher bidding price. It is a great service.

Hla Myo Aung - 1 week ago

I sold my car with relative ease through SwiftQuote at the best price. Justin was very prompt to come back to me with the best quote and there is no hassle. Great service and follow up. Overall experience was great. Well done and thumbs-up!

Lee Sin Guan - 1 week ago

Excellent service provided by Justin. I'm served by an honest dealer. Will definitely recommend SwiftQuote to my friends!

Dragon Gail Anne - 2 weeks ago

Competitive price offered by dealer. Didn't knew that everything can go so smoothly without hiccups. All my things were sorted out within a week!

Evan Kok - 2 weeks ago