Get used to it.

Buying a car can be an exciting, albeit daunting, experience. When considering a purchase, the allure of a shiny new car can be hard to resist, especially one that comes with the latest smart technology, a pristine exterior and cushy interior. However, new cars can come with a hefty price tag – no thanks to increased COE prices as well. This is where used cars come into the picture.

The idea of getting a pre-owned car might not be as glamorous as driving a new automobile. But there are several compelling reasons why a car that has proven its worth on the road may be the smarter choice for many people.

More affordable

In Singapore, where car prices are notoriously high and where COE prices do not seem to abate, buying a used car can be a great way to get a vehicle that meets your needs. Pre-owned cars are typically cheaper than new ones, which can save you a significant amount of money upfront. You could even choose a higher-end model or a luxury pre-owned car for the price of a basic new car.

Lower depreciation

A new car typically depreciates in value as soon as you drive it out of the showroom. New cars can lose 20%-30% of their value in the first year of ownership. In contrast, a used car has already undergone its initial depreciation phase. By purchasing a used car, you avoid this initial depreciation hit and could get a great deal instead.

>>READ: Buying those myths about buying a used car

Wider selection of choices

When shopping for a pre-owned car, there is often a greater selection of makes and models available compared to new cars. It is easier to find something that fits your budget or specific preferences. Some people may be eyeing cars that are no longer manufactured. The pre-owned market is also where you should be looking if you are interested in rare or limited edition cars.

Shorter to no waiting time

You may have to pre-register your interest for a new car, or wait several weeks or even months for a new car to be delivered after purchase. Other factors affecting the waiting time include the COE bidding process. Pre-owned cars are already sitting in the dealer showroom and you don’t have to bid for a COE for it. With a pre-owned car, you can even drive it home the same day you buy it.

Lower insurance premiums

Insuring a pre-owned car in Singapore is typically less expensive than for a new car. With older cars or those which have been in the market for a while, there are more aftermarket and used parts available. Insurance companies would be prepared to charge lower premiums as pre-owned cars can be less expensive to repair.

Improved reliability

There are many used cars in Singapore that have been well-maintained and cared for by their previous owners. By doing your research and buying from a reputable dealer, you can find a pre-owned one that is reliable and in good condition. For greater peace of mind, you can choose from dealers that offer Certified Pre-Owned cars. These are cars that have gone through an extensive inspection process to check and fix any issues before being put up for sale.

Reduced environmental impact

There can be a lot of mileage left in cars that have been sold or traded in. When you purchase a pre-owned vehicle, you are essentially extending its lifespan and preventing it from being sent to a landfill or scrapped for parts. Additionally, buying a used car can also help to reduce the amount of waste generated from the disposal of old cars, as well as the energy needed to recycle or dispose of them. 

>>READ: Make your used car last longer

Some things to note …

Buying a pre-owned car in Singapore can be a smart and practical choice that offers significant benefits in terms of cost, variety, and environmental impact. Many used cars have a lot of mileage left in them. With proper maintenance, they can provide reliable transportation for years to come.

However, one should still be patient while searching for pre-owned cars. There may be hidden issues that may not be apparent during a test drive of a used car. Always review the car’s history and maintenance records, and conduct a thorough inspection before making a purchase.

It is also recommended that you buy from a reputable dealer to ensure that you get a good deal on a reliable pre-owned car. At Sime Darby Auto Selection (SDAS), for example, every pre-owned car undergoes a rigorous inspection and documentation by authorised experts before it is passed on to the buyer. If you are in the market for certified-pre-owned BMW cars, check out what we have at Performance Premium Selection Ltd (PPSL).