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VBook by sgCarMart.com is the only platform in Singapore that provides comprehensive and accurate car valuation of used cars.

19 Nov 2016


Why car valuation is needed


Banks and financial institutions receive used car loan applications everyday and because it is an asset-backed loan, the value of the car is an important component of the approval process. But because there are so many different makes and models, each with a number of trim variants, knowing exactly how much a particular used car is worth isn't the easiest feat in the world.

To make purchasing a used car easier for buyers who can't cough up enough cash for down payment, many used car dealers mark up the price of the car to financial institutions in order for the buyer to get a higher loan amount.

For example, if a used car costs $180,000, the buyer will have to cough up $72,000 (40 percent) as down payment. For those who are unable to pay that amount, used car dealers will artificially mark up the price of the car in the loan application to, say, $220,000 so that the 60 percent loan amount is $132,000. Hence, the buyer will only have to pay $48,000 (27 percent) as down payment.

This prevalent marking-up of car prices can cause banks and financial institutions to over expose themselves to risks as their loans could now be backed by cars, which are above the fair market valuation. Insurance companies also require car valuations to properly price their motor insurance products because in cases of total loss, the market value of the vehicle needs to be compensated to the insured.

To help, sgCarMart.com presents VBook, an online car valuer, and Singapore's only platform, which provides the most comprehensive and precise car valuation of used cars available.

What does VBook do?

Ever wondered how much is that used car really worth? VBook helps by doing a detailed anonymous analysis of used cars listed on sgCarMart.com. It utilises data that are both listed and unlisted on the portal to give you the most precise current price of any car.

96.2 percent of all car sellers in Singapore list their sale on sgCarMart, and sgCarMart's used car listings have increased year-on-year. This gives VBook more leverage in garnering data to compute spot-on valuations. VBook's recommended valuation adjusts real-time to provide the most current and accurate car prices.

So, for car valuation convenience at your fingertips, turn to VBook, your ONLY solution for the most accurate prices. Head to http://vbook.com.sg/ for more details. To find out more, you may contact sgCarMart at 6744 1514 or via email at admin@sgcarmart.com.


*This article was updated on 5th April 2018
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