The average cost of a compact car was about S$100,000 in 2019—that’s ridiculously expensive. Regardless, there’s no denying the convenience of owning a vehicle, especially if you have young children or elderly parents to ferry around. Enter, second-hand cars, which cost a fraction compared to a brand-new vehicle. Despite the cost savings associated with used cars, it’s no secret that the used car industry (dealerships, especially) has gained somewhat of a notorious reputation for being a financial minefield. So how do you ensure that you’re getting the most bang for your buck on a second-hand car? We discuss 3 mistakes you should avoid if you are in the market for a used car.
Mistake 1: Not Comparing All the Car Loans Available
Despite the lower price point, forking out roughly S$30,000 upfront for a used, compact car is still extremely difficult for an average Singaporean consumer. This is where vehicle financing comes into