Other than property, a car is one of the most expensive things that Singaporeans can pay for. Still, there are many who would still put down a five- or six-digit sum for a set of wheels.
The reasons for buying a car are many and varied. You may need it for work or you like having the convenience of transporting the family around anytime. It could be a status symbol for some, and for others, it’s for the pure and simple love for driving.
Here are six things to consider before buying a new car.
1. What’s your car type
Coupe to convertible. Sedan to sports car. SUV to MPV. You are spoilt for choice when it comes to car types. Always consider your lifestyle and pick one that meets your needs.
If you need to ferry your family around, a larger-size SUV with lots of leg room and ample boot space is a practical consideration. And SUVs or SAVs (Sports Activity Vehicles, if you’re in the market for a BMW) can be very stylish-looking these days.
Or you might prefer a more compact car that you can easily navigate around traffic and parking lots with ease.
READ: Know your car body type – What is an SUV?
Stick with an SUV (L: Peugeot 2008) or go off the beaten track (R: Ford Ranger)?
2. Brand appeal
Name any letter of the alphabet and you will find a car brand that starts with it. Singapore drivers have their favourites though – from continental marques to mass market makes.
If you’re a busy executive who has arrived at a certain station in life and wants all the creature comforts when you get behind the wheel, then a luxury sedan like the BMW 7 series might be the way to go.
We do hear of people who buy a brand just because all their friends are driving one. But you should consider a car with the specifications that best match for your lifestyle and practical needs, even if it is a less popular brand.
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3. Stay with ICE or go with EV
You might have read that Singapore is pushing for the early adoption of electric vehicles (EVs). With the rebates and incentives being offered, it could help you reduce the cost of purchasing an EV. And yes, help to reduce local carbon emissions sooner than later.
Another plus point – charging with electricity is more affordable than pumping petrol.
>>READ: 5 lit reasons to buy an electric vehicle in Singapore
4. Budget, budget, budget
Getting the COE and putting that minimum 30%-40% down payment* on a new car is one thing. Other than your monthly loan payment, you need to consider its total running costs. These include road taxes, insurance, petrol (or electricity if you’re getting an EV), parking charges, servicing fees and costs of any repair.
Crunch your numbers carefully and don’t max out your budget.
(* In Singapore, you can borrow up to 70% of the car’s price if its Open Market Value is $20,000 or below. You can borrow up to 60% if the OMV is higher than $20,000.)
5. Warrant that peace of mind
New cars come with a standard warranty from the manufacturer and is valid for up to 3, 5 or 10 years after purchase. This warranty will cover mechanical breakdowns from normal wear and tear or defects. It excludes routine maintenance, oil changes (if you are driving a petrol car), and replaceable parts that naturally wear over time, for example, brake pads and tyres.
Not all car warranties are the same so read the fine print to understand what is covered by the manufacturer. For example, all Peugeot passenger vehicles come with a manufacturer’s warranty of 3 years and an additional 2-year warranty, up to 100,000km (whichever comes earlier), 12-year anti-corrosion warranty and 1-year local accessories’ warranty.
CHECK OUT OUR PEUGEOT MODELS
BYD, which offers fully-electric vehicles in Singapore, has different warranties depending on the model you choose. The BYD ATTO 3 comes with a Battery Warranty of 8 Years or 500,000km (whichever comes first), and Vehicle Warranty of 6 years or 150,000km. The BYD M3e is covered with a Battery Warranty of 8 Years or 500,000km (whichever comes first), and a Vehicle Warranty of 2 years or 60,000km (whichever comes first).
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6. Post-purchase care for your car
From the highs of getting the key to your shiny new car to the lows of getting that first scratch.
You would need to think about the costs of any repairs and replacement. In general, continental cars cost more to maintain while an EV, which has fewer moving parts, may be cheaper to service over time.
Car buying – choose wisely
Buying a new car is an important decision. While you might be swayed by swanky videos or influenced by your immediate circle of friends, you are ultimately the one who will be paying for and driving the car for many years to come.
Take a good look at what your daily or regular commuting needs are, be prudent with your budgeting, and be open to the type and brand of car that best suits you.
(Photos: BMW, BYD, Ford, Peugeot)
