Here are some reasons why buying a pre-owned is the better money-smart option today.
Used Vehicle Prices Are More Stable
Dealers might adjust their prices in reaction to rising COE prices for new vehicles, but this increase will never be as significant as what you are paying for new COE.
Category C – Goods Vehicle & Bus
- July 2022 – $54,001
- July 2021 – $38,900
- July 2020 – $24,502
In 2 years, the COE price for Cat C has more than doubled from $24,502 to $54,001. In short, you are paying more than $29,499 for the same make and model but different facelifts and maybe slightly better features in 2022. The used vehicle market is extremely competitive, and dealers who overpriced themselves will find it difficult to find buyers.
Lower Maintenance Costs
Newer vehicles under warranty make it mandatory for servicing and repairs to be done ONLY at the authorised agent’s workshop, where the typical servicing or parts costs 40-60% more than 3rd party workshops. When you buy a pre-own vehicle, you have the option to pick between an authorised agent’s workshop or third-party workshops for regular servicing and repairs.
What-You-See-Is-What-You-Get (WYSIWYG). Slight scruff, and ding here and there are expected with pre-own, but there are real gems among used vehicles if you are lucky. New vehicles purchased from authorised dealers need to be shipped from their country of origin and then need to be registered for road use. It could be many weeks to months before you can drive one out from the dealership.
Even More Savings
If you are buying a COE vehicle, without financing, you can opt for cheaper insurance coverage such as (Third Party, Fire and Theft) policies that are most cost-effective, but with reduced coverage. These policies will only pay for damages caused to third parties – you’ll pay for your own damages.
Comes With Accessories
Did you know that all brand new trucks come in either chassis or deck only? You need to pay for add-ons such as a deck, box, canopy, side railing, tail-gate, etc. Buying pre-own means these are already paid-for, installed on, and ready-to-use accessories. Let us share the typical prices for some of these accessories.
Add-on Accessories for a 10ft Truck Price Range
10 ft Aluminium Box with 1 slide door, 2 swing doors (Cabin Height) : $2,300 – $2,800
800kg Powered Tailgate w/1.2m Aluminium Platform : $6,500 – $8,000
Canopy Attachment with roll-down canvas (Cabin Height) : $700 – $1,400