5 Reasons to Buy A Used Car With Confidence

31 Jul 2015

Drive home with confidence...

Many of you, my fellow drivers, are snapping up eight to nine-year old cars to tide you over whilst you wait for COE prices to fall (ST, July 2 2015, Cars with COE at tail end in demand). And I can understand why.

After all, there are many reasons to eye a pre-loved car.  Top amongst those reasons of course is price. Apart from not having to take a big hit from depreciation the moment you sign for your new car, you’re also saving loads up front due to not having to buy Certificates of Entitlement at their current sky-high prices.

At the same time, the rules for car loans enacted in 2013 also require you to pay downpayments upfront of 40 or 50 percent for any new car’s purchase price, and settle any car loan within five years.

That means, for a new bread and butter car like the Toyota Vios, you’re looking at a minimum of $43,000 cash to be paid upfront even before you get to drive it.

With used cars, you’re looking at much more generous payment terms and prices. Beyond what you’ll save, there are some other reasons to buy a used car with confidence, such as:

#1.      Quality Assured options

Buying a pre-owned car doesn’t necessarily mean you have to put up with all the foibles of used-car ownership, such as hidden flaws and unreliable performance, or what vintage car enthusiasts call ‘character’.

In fact if you purchase pre-loved stock from a brand’s authorised dealer, you get the added assurance that your car has been pre-inspected and refurbished to the authorised dealer’s “as-new” standard.

Many used cars have also been given renewed leases of life, with some replacements of wear and tear parts timed to last the rest of their COE cycles. If you buy from a brand’s authorised dealer, you might also get bundled promotions to help sweeten the deal, so you may get more than what you bargained for.

#2.      More choices & bargains

Speaking of bargains, there’s much more choices – and chances – for bargains to be struck. Just take buying direct from the original owner, for example. By cutting out the middleman, ie. a used-car sales company, you’ll potentially save thousands of dollars.

For a used car with a list price of $40,000, saving three to four thousand works out to 10% of the asking price –  a sum not to be sneezed at.

Use our Guide to Used Car Issues to Consider to help gain the edge in negotiations with a used-car seller.

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