4 Misconceptions Of Buying A Second Hand Car

Thinking of getting a new car but plagued by financial constraints? Then maybe it is time to opt for a second hand car. While buying a used car can definitely help you to save costs, there are certain misconceptions regarding second hand car purchases. To ease your scepticism, this article will debunk four most common misconceptions surrounding buying a second-hand car.

1. Used cars lack necessary safety features

Most people may misperceive that used cars do not come with vital safety features such as rear mirror functions, airbags, etc. On the contrary, there are a number of used cars that feature advanced safety equipment now, ranging from Reverse Parking Sensor, Camera, to Anti-Lock Braking System, or ABS, to name a few. Moreover, many responsible drivers care for their cars and keep those safety features in a good condition. If you are looking for a used car for sale in Singapore, bear in mind to check for the availability of safety features in the specific second hand car. 

2. Used cars require high maintenance cost 

The notion of used cars requiring expensive maintenance costs is a common cliche. In fact, most things in our daily life need to be maintained for longevity and sustainability.  Even new cars require regular maintenance to ensure a longer lifespan, hence a used one is no exception. Before buying a second hand car, it is important to check its history for significant repairs of the vehicle. Go for a trusted mechanic to run the needed inspection. In addition, the majority of dealers of second hand cars in Singapore provide reconditioning service for used cars. Therefore, it will not cost you a large sum of money even if the pre-owned car requires some maintenance.

Learn more: 3 Tips for Used Car Buyers

3. Finding the right car is difficult 

Finding a suitable second hand car is not difficult if you are headed towards the right direction: knowing where to purchase one. Shake off the thought of used cars not coming in good quality and start looking for some of the top used car agencies in Singapore. Many of them only sell certified cars with little to no major technical defects. Besides, you are given an opportunity to choose from various car brands and specifications. This guarantees you to find an ideal used car in good condition at an affordable price. Like new cars for sale in Singapore, test drives are made available when you are buying a used car. On top of that, rest assured all the necessary proceedings are handled by the second hand car dealers appropriately for a smooth purchasing process.

4. Used cars do not provide financial benefits

This is one of the misconceptions that hinder most from buying a used car. Often, well-renowned second hand car agencies liaise with financial institutions that offer loans to the clients whom the dealers recommend to them. These institutions then work on the necessary processes and decide whether to approve or reject the loan. Apart from that, there are people who think refinancing car loans in Singapore is troublesome as it is time-consuming and tedious. This is not true as it is possible to find a reliable dealer to manage your used car refinancing, easing all the hassle. Before proceeding with the refinancing, here are four important things to take note of:

• Compare the offerings

Identify the types of refinancing packages offered by online lenders, auto finance firms, traditional banks and credit unions to get the best rate possible.

• Determine the amount of payment

Check if you would be charged with prepayment penalties, registration fee, re-registration fee for vehicles, application fee and other hidden costs.

• Find out the current value of the car 

Do a thorough research on the car’s worth currently. The payment usually depends on model, mileage and year.

• Understand the refinancing requirements

Each car refinancing company in Singapore offers certain refinancing requirements. It is vital to obtain sufficient information before proceeding to refinance. 

There are many more misconceptions regarding purchasing a used car, apart from the aforementioned ones and all of them can be debunked. Always be on the alert to find a reliable used car dealer and look for as many details on the vehicle as possible. 

Think One offers a one-stop service for hire purchase. We buy and sell vehicles, as well as provide services for renewing insurance and road tax. Call us today to find out more.