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Is Having a Second Hand Car in Singapore Worth it – Let’s Find Out!

Today, a substantial number of people buy a car for one or the other reason. Some folks own a car to commute to their workplace. Others intend to avoid the over-crowded public transports. Then a group of people buys a car to show off their status in society. No matter the reason, purchasing a car involves enough money. While you may go for car financing, you’ve to pay hefty monthly installments that can impact your monthly budget. In such a situation, choosing a used car tends to be a better bet. However, many individuals wonder – Is having a second hand car in Singapore worth it?

Why buy a used car?

When it comes down to buying a vehicle, buyers prefer a new model. The looks of a new car are something that can’t be described in words. However, not all of them have enough funds to own a dream car. Also, the prices of vehicles don’t seem to come down any time soon. So, seeking an alternative option looks like a better bet. Here are the popular perks of buying a second hand car in Singapore.

Enhanced status

People associate newer models with prestige. Most of them think that a used car might put a dent in their social status. However, that’s not the situation. It’s better to be a car owner instead of not owning a vehicle at all. Plus, many used cars come in good working conditions. You can shop around wisely and pick the best-looking car matching your specifics. Additionally, you can expend a small sum to fix the minor issues and enjoy a newer look. In the end, your status enhances with your used car.

Cuts down your investment

A new vehicle can cost you dearly. This is more so if the car in question is just introduced in the market. What if you’ve limited funds? If that’s the situation, you might be debarred from making a purchase. A second hand car cuts down your purchase cost. You can buy a used vehicle for less than half the price. If you land a good bargain, you could own a lovely car for around 25 percent of the original cost.

Depreciates slowly

The value of a car depreciates the moment you buy it. Even if you sell the vehicle the very next day, it’ll be considered a used model. So, the value of a new car comes down quickly. If you choose to trade your vehicle for cash to manage an emergency, you might incur heavy losses on the sale. The worth of a used car depreciates slowly. Why? Its value has already gone down. So, it’s likely to depreciate slowly. If you sell your second hand vehicle, you may not lose much.

Final thoughts

Buying a second hand car in Singapore comes with so many advantages. Improved status, low investment, and better resale value are the popular perks of owning a used vehicle. Just make certain you inspect the vehicle upside down to make the most out of your money.

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