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Want to buy a new car in Singapore for 2021? Use this smart sgCarMart car buying guide when you decide to switch to a different car (or own a new one).
Category: Car Buying Advice
With the New Year comes new beginnings and new cars - but there are no upcoming new car roadshows, unfortunately, due to Covid-19 safety measures.
No roadshows? No big deal! You can still buy your ideal car at a fantastic deal with these eight golden rules:
- Check out sgCarMart car of the year 2020
- Research on COE trends and buy when it's low
- Take a smaller loan where possible
- Compare loans and insurance options
- Look out for clearance cars
- Consider other options - Parallel importers and used cars
- Bargain for better deals and packages
- Get the most out of your old car
1. Check out sgCarMart car of the year 2020
With sgCarMart Car of the Year, you can still view some of the best new cars - online, of course, at the comfort of your own home.
We shortlisted the best cars of 2020 based on design, efficiency, versatility, value for money, popularity and spotlighted all the exciting features - all for your endless viewing pleasure.
Alternatively, if neither of the 71 cars pique your interest, you can keep a lookout for the models in 2021's new car lineup.
2. Research on COE trends and buy when it's low
Rising COE prices since the circuit breaker may be a turn-off for the new car buyer, but don't let your dreams of owning a new car in 2021 falter. Track past COE bidding prices for the best lowest prices, and keep your eyes peeled for the upcoming COE bids.
For now, though, it's best to put off the new car purchase - especially if COE prices are peaking.
Want timely COE updates? Join our telegram channel for quick notifications.
3. Take a smaller loan where possible
You can decide between a bank loan or an in-house loan offered by car dealers. Look up varying interest rates, terms and conditions so that you won't miss out crucial details.
Plus, the more you pay upfront for your new car, the smaller your loan will be and the lesser interest you need to pay in the long-run. After all, loans do amount to thousands of dollars over the years.
4. Compare insurance options
As car insurance is compulsory for vehicle ownership in Singapore, first-time car buyers should research the various car insurance options available.
It's important to know what affects your car insurance quotes and how insurers differ from one another. Some insurers might offer higher excess but lowered premiums, which means you pay less upfront.
5. Look out for clearance cars
If you're okay with display units, do consider showroom cars. They're often sold at a lower price because they've clocked some mileage on test drives and many different people touch and sit in it daily.
Alternatively, you can consider management cars too. They're considerably new, given that they're only briefly used by car dealership staff and sold at a significantly lower price.
6. Consider other options - Parallel importers and used cars
Authorised dealers offer top-notch services and field expertise on specific new car models, but it all comes at a higher price. Meanwhile, Parallel Importers can give you a no-frills deal with a lower up-front price.
For the economical car buyer, opt for used cars instead. Used cars are considerably cheaper than new cars, and who knows? You might even find something just a couple of years old with juicy modifications thrown in! Now, that's a steal.
7. Bargain for better deals and packages
While you might be the one out to purchase a new car, the salesperson probably wants to close the deal as much or even more than you.
Before signing the new car sales agreement, ask the car salesperson for discounted prices and free servicing. They will likely throw in some freebies to sweeten the deal for you and close the sale for themselves.
Other perks include sgCarMart's own warranty package, which comes with the aforementioned servicing and an inspection as part of the certification process. This will provide peace of mind once you take ownership of the car, knowing that due diligence has been put into ensuring it’s in good working order.
Still, if things do go south, you'll be doubly protected if the existing lemon law doesn't cover the issue, saving you from a potential $10k hole burnt in your pocket.The number one rule of haggling: "If you don't ask, you won't get anything".
8. Get the most out of your old car
Finally, you need to know how to sell your old car for more. Even if it's just a couple of hundred dollars, every cent will contribute towards greater savings in your bank account.
Want to be more economical amidst peaking COE prices? Check out sgCarMart's used car market. You'll find something within your budget, for sure.
Here are some related articles that might interest you
Ultimate Guide to Car Insurance in Singapore
Buying a car? This is how you can get the best deal
These are the 10 cheapest brand new cars you can buy in 2020
Trusted Parallel Importers in Singapore with 30 years (or more) of experience
Circuit breaker car online shopping cheat sheet will save you money
*This article was updated by Alexandra Cheung on 18/1/2021
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