is it more economical to buy a 3 year old used car (less than 1600cc) or a new car in Singapore?

Question

given than the depreciation is the deepest during the first 2 years?

Answer 1

With current COE price of about $12,000, it's more economical than buying a 3 years old car as the COE at that time is about $25,000. And don't forget, for a new car, first 3 years is normally still under warranty. Of course, if possible, don't buy a car in Singapore. Think of the upfront "tax" you need to pay to the Governement. (Eg: a car of $18,000 OMV: ARF + Duty = $23,400; COE = $12,000, Road Tax = $800. Total = $36,200 excluding GST).

Answer 2

It is more economical to buy a new car if you talk about a car which is nearing 3 years old. If you get a second-hand car that is younger, it is more economical than one almost 3. This is because the almost-3 year old car had a higher COE price than more recent cars and you end up paying a higher price for it, with the same bank interest rate on your loan. So in order of choice, it's a new car, followed by a young second hand car, lastly a car almost 3 years.

Answer 3

I didn't think it was economical to own any car in Singapore due to the taxes and it is mandatory to get rid of the car after 10 years. Aren't the taxes really high on cars?

Answer 4

I used to purchase a sparkling truck each 4 years - not anymore. i'm now unlikely to paintings my existence away paying monetary corporation interest. I pay funds now for automobiles. do not enable funds burn a hollow on your pocket.... go searching, examine with used automobile sellers, run a automobile wanted upload in the paper and hit upon a deal..... My toddler necessary a automobile 2 years in the past. I were given a avert Neon 3 years old with 32000 miles on it with a dented hood and a cracked headlight (NO different harm) ---- I paid $3900 - A used hood refinished and a sparkling headlight put in and that i imagine we had no more beneficial than $4400 invested..... he remains using the vehicle and has positioned more beneficial than 30000 miles on it in view that devoid of issues..... The Honda broking wanted $16000 for a sparkling Civic! Screw that! he receives yet another 2 to three years out of it and could genuinely have way more beneficial earnings the monetary corporation that way....... deals are round - i'm not suggesting get a Neon yet be opened minded even as a automobile deal comes up! perhaps you want an Accord yet when a 2 365 days old Malibu comes up then take it ---- 3 years in the past i purchased a automobile from a fellow for the soundness of his funds --- He lost his pastime and couldnt manage to pay for it. It turned right into a a million 365 days old 2004 Toyota Camry -- he necessary out now and undesirable! I grabbed it for $11000. for sure make sensible you help him get his lien launch so that you'll be able to sign up it.... My cousin begged to purchase it from me for $14000 so I helped her out! There are deals ya in basic terms were given to look!

Answer 5

depends where you are now. any car in Singapore is very expensive compared with most other places....