The convenience of having a car is a big allure in Singapore. You get the freedom and luxury of going wherever you want, when you want to without being caught up in peak hours crowds or paying high taxi fares. Here are some tips you have to know before buying a car in Singapore.
Costs you didn’t think of when buying a car
Here are some cost considerations that you should have in mind when calculating your expenses:
- Monthly instalment payment
- Fuel costs
- Parking (Season parking)
- ERP charges
We know these sound like a lot, but there are several fool-proof ways that can help you reduce these expenses. Firstly, use credit cards to get more savings at selected petrol stations. Read here to find out best credit cards for petrol discounts in 2021. Next, make use of free parking at these specific locations all around Singapore and plan your trip well to reap the most savings. Lastly, keep in mind the ERP rates and timings. Learn when to avoid the high-traffic roads at new timings in 2021.
These extra costs easily accumulate to around $1,000, depending on the car loan amount, which forms the bulk of the monthly expenses.
In addition, there are variable costs too, such as:
- Vehicle inspection
- Vehicle servicing
- Road tax
- Car washing and add-on services
- Miscellaneous parking and ERP charges
- Traffic fines
- Car accessories
Keep abreast of what needs to be done to preserve your vehicle’s condition and to prepare for all these costs.
Consider used cars
If you think buying a new car is too big of a strain on your wallet, used cars is a great substitute to a new one. Most used cars are thoroughly inspected before resold on the market. They are mostly well taken care of. In fact, you can usually test drive these pre-owned models yourself to check on its condition and performance. We recommend getting one that has a few remaining years on the Certificate of Entitlement. Check out our UCARS used cars marketplace for thousands of listings all at one place.
Beware of deals that sound far too good
However, we want to warn new buyers against the temptation of low prices from unestablished dealers. The deals may turn out to be unstable or unprofessional. Make sure to check for reviews of these dealers so that you are only buying from honest and transparent businesses. Read here for how to avoid being scammed by dealers. For a fool-proof way, search for dealers on our marketplace platform. Many are CaseTrust-SVTA accredited dealers. This means they are certified for their excellent sales practices and standards. Find the list of these dealers here.
First time car buyer Singapore
What are some things you didn’t know? Have these in mind when you plan for your first car purchase.