Are you planning to buy a different car model? Are you stuck on whether to choose a new vehicle or a used one? Buying used cars can be an appealing substitute for buying a new car. Plus, it can save you thousands of dollars. Even you can choose a more expensive car model when you opt for a used car. However, buying used cars comes with more risks; that’s why most people want to buy certified pre-owned vehicles.
These vehicles offer the best of both worlds- give you peace of mind due to their factory-backed warranty and cost less than a new car. The best thing is that they choose low mileage and well-maintained vehicles for certification. So, owning a certified pre-owned vehicle means you’re starting with a great car. Here are the reasons why people buy used and certified pre-owned vehicles.
Why Do People Buy Certified Pre-Owned Vehicles And Used Cars?
If you’re on the market and torn between a new and a used vehicle model, then keep reading. Sure, you might be afraid to buy used cars with a mysterious past, and that’s understandable.
But to minimize the risks while maximizing the opportunities, choose a certified pre-owned (CPO) vehicle. Even the Department of Motor Vehicles acknowledges a CPO vehicle as a step toward protecting your investment and getting a car that will last. Here are the reasons why drivers buy CPO cars:
A used car can save you money and get you a luxurious car model you probably wouldn’t afford when new. Buying a used model can offer significant cost savings and do away with the mileage restrictions imposed on a car lease, according to Consumer Reports.
Typically, a two-year-old CPO can save you roughly 25% in comparison to the cost of buying the same brand new model. Four-year-old CPO vehicles can be marked at prices 40% lower than brand-new versions of the same model.
Vehicles Have Undergone Rigorous Inspection
Not all car models qualify for CPO. Certified used cars are selected from the recent models and must have low mileage. Besides, these cars must undergo a rigorous manufacturer inspection process to check physical condition, mileage, and mechanical quality. The only cars that Cars N U dealerships accept are the ones that will demand minimal repairs down the road.
Extended Warranty Protection
New cars come with warranty protection, but when it comes to buying 2nd hand car, you are not aware of the vehicle’s condition. However, certified pre-owned vehicles have extended warranty protection. It may not be equivalent to that of a new car, but the extended warranty protection will serve your vehicle for more years.
Another reason drivers choose certified pre-owned vehicles is that they come with an extended warranty. While some of these second-hand cars still have the previous factory warranty remaining, car dealerships extend the warranty, thereby covering your car for longer.
Certified pre-owned vehicles are more expensive than those cars that are not certified. These used cars qualify for a lower interest financing rate equal to car loans Singapore offered on new cars. It means lower interest financing will lower your monthly payment. This will enable you to get your dream car at an affordable price.
It’s true that all cars depreciate, but new car models have more depreciation rates than used cars. When you buy a new car, it may lose more than 40% of its initial value after some time. In this case, if you buy used cars or certified pre-owned cars, it will be a wise decision.
Due to your financial capability, you get a limited number of car models to select. With the same amount of money, you can buy your favorite car brand of a used car or certified pre-owned cars.
Vehicle History Reports
Excellent vehicle history reports from legal firms contain up-to-date information about a car. It includes its past owners, accident statistics, and repairs. If you are planning to buy a CPO vehicle, you can buy a vehicle with an excellent report.
Offer 24-Hour Road Assistance.
Some car dealerships also provide 24-hour road assistance in the purchase of a certified used car. That after-sale service, usually offered for the full duration of the warranty, provides the drivers with peace of mind when navigating the roads of Singapore.
In the event of a breakdown, blow out, locking yourself out of the car, or poor weather, the auto-traders offer free towing, a rental car, and in extreme cases, a reimbursement 24/7.
Use Genuine Vehicle Parts
In addition to the rigorous inspection process a used car goes through before it’s qualified as a certified pre-owned car, there’s more. CPO car dealerships use only genuine replacement parts for reconditioning pre-owned vehicles.
What to check out when buying used or CPO cars online.
Online car sales have increased significantly in recent years. As the number of everyday internet users keeps increasing, more people have gained confidence in online car selling websites. That alone has had the highest number of conversion rates. But then, this rise does not mean online car buying is a smooth endeavor. Some potential customers end up being conned thousands if not millions in the process. That said, before you opt for any of those used cars for sale in Singapore, you should keep certain things in mind.
One of the areas in which most online used car buyers are cheated on is in car history. While most car sellers will give you all the information you need to know about the history of your preferred car, some will hide most of the useful data. To extract all the necessary data you will need regarding your preferred used cars; you shouldn’t rely on the data given by the car seller alone. You need to dig deeper to make sure that you get full information.
Talk with the Original Owner if Possible
Talking with the original owner of the car in question will be a great way out. While not all online car dealers will want to trust you with the contacts of the original owner of the cars they are selling to you, it will be great if you talk with the person who first owned the potential car for sale before you pay for it. If a car seller seems hesitant in providing you with all the details of the car you want to buy, you should avoid them by all means.
Know What You Want
One mistake most online car buyers make is to start shopping before they decide which car model and make to buy. By going to shop prior to making personal decisions on the sort of car you will want to buy, you are always risking making mistakes. Before you start searching for the best website that sells high-quality used cars, you ought to have decided the kind of car you will want to buy. This way, you won’t be cheated into buying something else.
Set Your Own Budget
Another serious mistake car buyers make when shopping is to start their search before they have decided how much they will want to invest. Not having a plan on the amount of money you would wish to invest to buy a car puts you at risk of being manipulated. Setting a budget enables you to stay strong and only opt for cars that range within your set budget.
Mistakes You Must Avoid When Buying Used Cars or CPO Cars
As car prices have increased, used cars or certified pre-owned vehicles are so much in demand. You can find almost all models of cars in Singapore, where there is a big market for pre-owned cars. In case you too are planning to buy a car in Singapore, it is advised that you practice some caution. Mentioned below are seven mistakes you must avoid when buying used or CPO cars. These will help you strike the best deal and get a car that is well maintained and affordable too.
Mistake 1 – Being undecided
It is important that you do your homework and decide which model you exactly wish to buy. All car brands offer cars in almost all segments, besides they have a huge range of models to choose from. You must have an idea about which model best qualifies your needs and affordability. This will make your decision-making easy and save you from being at the mercy of the dealer.
Mistake 2 – Being unrealistic
Do not buy a car; just be at par with your neighbor or your colleague. Decide to buy a car only if you need it. Also, make sure you are staying within your budget. Avoid big loans because it may become difficult for you to afford them. Car is for your convenience; don’t make it a cause of stress by being unrealistic in your selection.
Mistake 3 – Buying at the beginning of the month/year
Dealers don’t offer enticing incentives or deals at the beginning of the month. They usually save it for the end of the month, when they are under pressure to meet their targets. Similarly, you should try buying a car at the end of the year to get the best car deals.
Mistake 4 – Declaring your desperation
Never be too open about your desperation to buy a particular car, nor should you be too vocal about your budget. This seriously hampers your ability to negotiate with your used car dealers.
Mistake 5 – Believing everything that the dealer says
There are several fraud dealers of used cars in Singapore. A big mistake that you may commit is to completely trust the dealer’s words. Always remember to cross-check details even when you are dealing with a trusted car dealer. Check all the papers, inquire as much as you can, and take a test drive. Don’t take anything for granted when buying used or certified pre-owned cars.
Mistake 6 – Leasing a car instead of owning
The idea of leasing a luxury car looks attractive, as you don’t need to pay a down payment for the same; besides, they are comparatively cheaper per month than buying a car. But you must realize that at the end of the lease term, you’ll be left with no car. So lease a car in Singapore, only if you can afford it easily.
Mistake 7 – Being impatient
Even used cars require a lot of investment, so you can’t afford to be impatient and just buy anything that your dealer suggests. So stay calm and cool, weigh your decision, and in case you are not satisfied, consider visiting another dealer of used and certified pre-owned cars in Singapore or coming again after a few days. When buying used cars, always remember that patience pays in the long run while haste makes waste.
- Used and certified pre-owned cars cost less, and it is a low-risk purchase.
- CPO program offers extended warranty and road assistance that gives you peace and mind and costs less than a new car.
- CPO vehicles come with low mileage and age limits that give you a feel like a new car.
- You can buy expensive car models at affordable prices.
- Used and CPO vehicles have low depreciation as compared to new cars.
We understand it can be scary to purchase a used car whose history you have no clue. But with the certified pre-used cars, you can be sure to get the best bang for your cash. Most used cars in Singapore have a vast aftermarket community. Various forums offer genuine information about specific car models. It may help you to solve a particular mechanical problem. When shopping for a car, it’s advisable to conduct online research of various dealerships. It helps in making an informed decision when choosing a specific brand.
Keep these essential considerations in buying a used or CPO car in mind, and you won’t regret it.