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The amount of information on an sgCarMart used car listing can be a little daunting for first-time used car buyers. This simple guide will help you understand everything you need to know when buying a used car.
Category: Car Buying Advice
Shopping for a used car can be stressful, but you can take the uncertainty out the shopping experience by making sure you know exactly what it is you are buying.
Make sure you understand all the terms and figures on the sgCarMart used car pages with this article!
Registration date and remaining COE
Typically the starting point for most people looking to get deal on a used car purchase in Singapore, the registration date is important as it will inform you of how old the vehicle is.
This, paired with the total mileage covered by the car, should give you a fair estimate of the wear to be expected on the vehicle while you are making your initial online research.
As you shop through the sgCarMart used car's listings, however, you'll find another day below the registration date that is just as important: The total number of outstanding days COE left. This figure is important as you'll want to know how long more you will be able to drive the car you are looking at before it has to be deregistered, or when you'll have to shore up the cash to renew the COE on your car.
If the car you are purchasing is a PARF car, then it's a simple matter of adding 10 years onto its registration date.
COE cars meanwhile, will get either another 10 or five years since the last COE renewal date, depending on how long the previous owner chose to renew the car's COE.
Thankfully, if you're looking through the sgCarMart used car listings, you won't have to do the maths yourself, as the total remaining days will already be calculated for you!
Depreciation and deregistration value
Another related and equally important figure to look out for when purchasing a used car on the sgCarMart used car listings is depreciation.
Because the depreciation is derived from the asking price less the deregistration value, divided by the number of years left on its COE, knowing the depreciation of a car important as it will give you a good gauge of how much money you can be expected to lose on the used car you are thinking about buying.
So in simple terms, the longer the outstanding COE or the deregistration value, the lower the depreciation of the car, and vice versa.
And if all this sounds like a little too much maths for you to bother, fret not. You can simply sort out all the cars on the sgCarMart used car listing via depreciation, so you can quickly shortlist from all the cars that are within your depreciation appetite and start shopping from there!
Oh, and if you're uncertain about just what would be the deregistration value of the car you are shopping for, we also have a handy article explaining just how it differs between COE and PARF cars which you can consult here!
Speaking about keeping your expenses to a minimum, another figure you'll want to look out for on a used car listing is road tax.
While road tax typically forms only a portion of the total expenses that come with a brand new commuter car, in Singapore, your road tax bill can add up to quite a sizable sum if you're purchasing something that is more than 10-years old.
This is because there is a surcharge levied on these cars, that will gradually increase to a sizable 50% as the car gets really old.
Add to this the fact that most older cars used to come with bigger engines than their modern day equivalents, and its not unconceivable to see how you could get caught off guard with the tax bill for driving a modern classic.
If you're scrolling through the sgCarMart used car listings looking at something to keep and cherish for another decade, just make sure you take note!
Want to get the best assurance while you're making your used car purchase? Then there's one last thing you should look out for when you're scrolling through our used car listing.
And that is our very own sgCarMart Used Car Warranty. There are six, 12, and 24-month warranty plans available, and with the warranty, you will be shielded against hefty repair bills, thanks to the comprehensive coverage of items covered.
And should anything break down with your used car, you'll also be able to get it repaired from independent and reputable workshops, allowing you to continue driving your new-to-you car without any worries!
Now that you're equipped with the knowledge to shop for exactly what you need, why not sieve through the sgCarMart used car listings yourself to see if you can find a used car that's just the right fit for you?
Here are some related articles that might interest you!
Buying used cars is the smarter choice in Singapore. Here's why Buying a used car: A guide to getting the best price
Lemon Law for cars in Singapore: What you need to know
Understanding COE prices and using it to sell your car for a profit
Buying a used car? Make sure it's covered under sgCarMart Warranty!