Used Car Prices Singapore 2023 for Secondhand Sale
Daphne has always had a passion for writing and a love for exploring new experiences and trends. After completing her degree in journalism, she began her career as a lifestyle writer for a popular online publication in Singapore. She has since built up an impressive portfolio of articles covering a wide range of topics, from food and travel to fashion and beauty.
Who wouldn’t love to buy a brand new car? Purchasing your first brand-new car can be an exciting experience, but have you ever considered that purchasing a used car, usually referred to as a second-hand car, would be considerably more cost-effective?
By the time you are reading this, I bet you’re still thinking whether buying a used car is really a good idea.
The biggest worry on your mind, I’m sure, is whether a used car will be worth your money.
Or perhaps you believe that even if used cars are far more affordable than new ones, buying one will be stressful and hence not worthwhile.
So, in this post, we’ll assist you in determining whether purchasing a used car rather than a new one is actually a wise choice.
The prices of used cars currently on the market in Singapore, locations where you may look at used cars in Singapore, and other information about used cars in Singapore that you might find interesting will all be discussed here.
Recommended: Cheap and Good Used Car Dealers in Singapore
Why Cars In Singapore Are So Expensive – Used Car Prices Singapore
Despite major price decreases, Singapore continues to have the highest car prices in the world. In Singapore, the average price of a compact car has decreased from roughly S$144,292 in 2012 to S$96,000 in 2020.
However, during 2017 and 2018, the proportion of Singaporean households with a car plummeted to its lowest level in ten years.
Improvements in public transportation, ride-sharing possibilities, and the results of government initiatives to limit vehicle ownership are all credited with this.
To better understand why are cars in Singapore so expensive, here is a brief explanation of the factors that are affecting the car prices in Singapore:
Singapore has 7,485 inhabitants per square kilometer, making it the third most densely inhabited country in the world.
There are presently 5.69 million people living in the city-state, a growth of 0.5% from the previous year. behind Monaco in second place and Macau in first.
The VQS, which was originally established in 1990, establishes the maximum number of vehicles that may be operated in Singapore at any particular time.
The controlled distribution of a constrained number of Certificates of Entitlements, or COEs, is how the VQS is implemented. Each quarter, quotas are changed.
Due to the constrained amount of road space in Singapore, purchasing and maintaining a vehicle is a costly luxury.
The overall land area of Singapore is 721.5 square kilometers. 50 kilometers from east to west and 27 kilometers from north to south make up Singapore’s mainland.
Nearly 50 times more roads are present per 100 square kilometers than in Australia, which has a limited population. Singapore’s land area is made up of 14% of houses and 12% of roads.
Can we buy second-hand car in Singapore?
Yes, it is possible to buy a second-hand car in Singapore with surging first hand car prices. Cars bought as second-hand can offer good value for money and it is often possible to find a car in good condition if you look abit more.
Potential buyers should always make sure they thoroughly check the car before making a purchase, and it is also important to remember that second-hand cars are typically sold without a warranty.
Before buying a second-hand car, buyers should compare prices and features to find the best deal available. Moreover, it is important to check the second-hand car’s registration, road tax and insurance situation.
Finally, make sure to consult a garage mechanic for their opinion on the car.
What is the best website to look for used cars? – Used Car Prices Singapore
There are many used automobile dealers in Singapore nowadays, but only a select number are widely regarded and trusted by locals.
So, are you ready to purchase a second-hand automobile in Singapore?
Following that, below is a list of vehicle dealerships you may call or visit as you search for a used car.
Best Second Hand Used Cars to Buy in Singapore – Used Car Prices Singapore
Used car shopping in Singapore is a fantastic alternative to new automobile shopping.
Finding a great deal may be much simpler than you think with the enormous selection of used automobiles that are always available for purchase.
If you are looking around for a used car, here are some fantastic possibilities you should absolutely add to your shortlist.
|Used Car model||Avg Price (SGD)||What we like about it?|
|Mazda CX-5 2.0A||$16,800||Anyone seeking for a small SUV that is stylish and unique from some of its Japanese competitors should check out the Mazda CX-5.|
In addition to being utterly fantastic to be inside, the dashing boy-sized SUV is also a head-turner from the outside.
When it comes to interior design, Mazda has recently excelled themselves and will guarantee to make you grin every time you step behind the wheel.
|Toyota Corolla Altis 1.6A||$25,800||One of the most well-liked cars on the roads of Singapore and the rest of the world is the Toyota Corolla Altis. |
Given that the Corolla has sold more than 44 million units since its launch in 1966 and is the best-selling car in history, this is not surprising.
Because this is the pinnacle of Toyota quality, dependability, effectiveness, and affordability are guaranteed.
|BMW 1 Series 116D||$56,800||The BMW 116D is a small, economical vehicle with good handling and 270 Nm of torque from a 1.5L turbocharged diesel engine, making it ideal for city driving. |
Your car may easily run for 200,000 km or more with regular maintenance because engines are engineered to survive a long time.
Some drivers assert that they can travel more than 1,000 miles on a single tank of fuel!
|Hyundai Tucson 1.6A GLS T-GDi DCT Turbo||$77,999||In the compact SUV category, the Hyundai Tucson 1.6A GLS T-GDi DCT Turbo is among the top options. |
It is an effective, entertaining vehicle that achieves exceptional fuel efficiency thanks to a sophisticated, highly developed next generation engine.
It also features attractive styling, and Hyundai has included front seat side airbags in addition to the driver and passenger front airbags as standard equipment.
|Kia Cerato K3 1.6A||$60,800||The 2013 launc of the third-generation K3 marked the vehicle’s first facelift. |
Under the hood, the 1.6-liter, naturally-aspirated engine and six-speed automated transmission are standard K3 fare.
Given that this vehicle accelerates from 0 to 100 km/h in 12.1 seconds, the stated horsepower of 130 seems exaggerated.
|Honda Civic 1.6A VTI||$65,800||The 1.6L engine is nimble and efficient, and the gearbox is easy to use and smoothly functioning. |
The Civic has enough head and legroom for both front and back passengers, making it a highly pleasant vehicle to drive.
Most workshops would have no trouble performing routine maintenance and servicing for this wildly popular automobile because parts are simple to locate and the online Honda community is large and helpful.
|Nissan Pulsar 1.2A DIG-T||$55,800||If you’re searching for a used car in Singapore, the Nissan Pulsar is a fantastic option.|
It is chic, effective, and ideal for city driving.
The 1.2-liter engine is more than adequate to get you around town without breaking the budget, despite how small it may appear on paper.
Safety features like Forward Emergency Braking and 6 airbags come standard, which are uncommon in more affordable options.
|Volkswagen Golf 1.4A TSI||$47,800||A great used car option for those looking for a reasonably priced, trustworthy, and stylish car is the Volkswagen Golf 1.4A TSI. |
It boasts a broad variety of enticing features and a premium interior that is well made, ergonomically designed, and of the highest quality.
Due to the economy of the turbocharged engine and the clever DSG transmission, you may easily surpass 14 km/l in Singapore’s congested cities with a light foot on the pedal.
You should also take into account the type of vehicle you are searching for while we are discussing this. You may buy a secondhand automobile in practically every sort of vehicle in Singapore.
Check out the table below for more information about the lowest price for a used automobile in Singapore:
|Type of Vehicle||Lowest Price (SGD)|
|Mid sized sedan||$8,800|
The ideal age to purchase a used automobile is between two and three years since it will keep “like new” condition and have a slower rate of depreciation.
On the other hand, your main worries when purchasing a used automobile that is 10 years old or older are the purchase price and dependability.
Additionally, choose an automobile with a strong track record of dependability. If you stick to those guidelines, no automobile is ever truly too old.
Factors for Buying a New Car or Used Car – Used Car Prices Singapore
As you can undoubtedly guess, secondhand automobiles provide greater value for your money because the previous owner likely covered the majority of the depreciation (up to 30% for the first year).
Furthermore, you won’t have to bother about COE bidding, which, depending on the COE package you choose, might take a few months only.
What are rules for buy a car in Singapore?
The loan quota to buy a car in Singapore is 60% to 70%. This means that a potential car buyer is able to take out a loan of up to 70% of the car’s purchase price if the OMV of the car is worth $20,000 or less.
If the OMV of the car is more than $20,000, the maximum loan quantum will be 60%.
Open Market Value (OMV) is the valuation of motor vehicles in Singapore which is determined by the Singapore Customs. It is the price of a car that a customer would expect to pay on the open market, not including any discounts.
OMV is determined based on the car’s make, model, engine capacity, and year of registration, among other factors. The OMV is updated regularly and is used to calculate Vehicle Registration Duty, Road Tax, and Arbitration fees.
The OMV of cars in Singapore can range from thousands to hundreds of thousands of dollars depending on the vehicle.
The Additional Registration Fees (ARF) is a tax imposed upon the registration of your vehicle. The OMV of your vehicle is used to calculate the ARF, which is used to determine the PARF rebate later on.
|Vehicle OMV ($120,000)||ARF Rate||ARF Payable|
|First $20,000||100%||100% x $20,000= $20,000|
|Next $20,000 (i.e. $20,001 to $40,000)||140%||140% x $20,000= $28,000|
|Next $20,000 (i.e. $40,001 to $60,000)||190%||190% x $20,000= $38,000|
|Next $20,000 (i.e. $60,001 to $80,000)||250%||250% x $20,000= $50,000|
|Above $80,000||320%||320% x $40,000= $128,000|
Therefore the total ARF Payable for a $120k Car in Singapore is ($20,000 + $28,000 + $38,000 + $50,000 + $128,000) = $264,000.
A highly exciting life milestone for everyone is buying an automobile, whether it is new or secondhand.
Even if you might believe that used automobiles aren’t already in good condition, buying a used car doesn’t imply you’ll have nothing but cash and be under a lot of stress.
But are you really that narrow-minded to buy a used automobile that you know isn’t already in great condition? Because of this, you should think carefully about where or from whom you’ll be buying a secondhand automobile, as well as inspecting the vehicle itself.
We hope that by the time you have finished reading this post, you have gotten the assistance and knowledge you needed, particularly about used vehicle pricing in Singapore. We’re excited to see you in our next postings!
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