In current economic conditions, there are plenty of benefits of purchasing a used or pre-loved car. The factors are plenty from a myriad of car models or brands to a much lower financial obligation.
For starters, a new car would cost more along with a 10 percent downpayment as prerequisite. A prime example; a new Proton Saga could cost between 30k – 50k, but a pre-owned Saga is possibly attained at half the new car’s price. You then have the option to choose to pay it off full or pay a downpayment to lower car loan amount. Either way, it’s simply smarter, financial planning wise. Aside from the actual car price, there’s also a little thing called insurance. A pre-owned car’s insurance is way more feasible than a new car’s insurance sum, especially if you’re out of NCB value and have to pay the first’s year full amount, which would certainly put a dent in your wallet.
The other good thing to acquire a pre-owned car is the choice to pick a car or model that’s no longer in production. But, the most pertinent advantage of a pre-owned car is that it doesn’t drop in value as fast as a new car would. This applies to most brands, although certain bands and models hold up pretty well in terms of 2nd-hand value.
For example; A Proton Saga registered in 2008 valued at RM38k, sold off in 2014 was worth RM19k. That meant, depreciation of 48%. Now, a 2008 BMW 320i at RM246k (original price), would only be worth RM119k with a depreciation of 52%. And let’s not forget that maintenance costs for a Saga is way more feasible than a Continental like a BMW.
Second-hand car demand rising
It is obvious that new cars come with a depreciating value, import duties and taxes, hence purchasing a new car requires rather elaborated financial planning The answer: Is getting a second-hand, used or pre-owned car instead. There are a myriad of 2nd-hand car dealerships in the Klang Valley, offering everything from daily commute cars to special, vintage models. If you do plan to purchase a pre-pwned car, do conduct some research about the model you’re interested and understand the process of purchasing a used car. You should be able to determine your requirements:
- whether you’re getting a car to go from point A to point B or do you drive outstation frequently?
- do you have a vehicle type preference i.e. Sedan, SUV or Pick-up?
- choose a fuel efficient or performance car ?
However, a trip to a second-hand car dealer could be a bit intimidating, but there is now a user-friendly, easy-to-access online platform for everyone to trade-in with the least hassle – myTukar.com. Selling your car with myTukar.com is fast and effective as the site offers a one-stop solution.
When you decide to purchase a new ride, be it new or used, do take the time to view options available. Rushing into a car purchase might not be such a good idea. Always try your best to find trustworthy sources. Don't put too much trust in advertisements and always try to run a background check on your seller or dealership for credibility purposes.
Last but not least, cross reference on multiple sources with regards to the model you intend to purchase or the best deals for that particular model you’re interested. You don’t want to end up regretting a car purchase which you thought was a great deal, only to find out that there were far better deals out there. Beware of scams, if prices are too good to be true; they’re probably Not!
If you do find the used car you desired at a comfortable price point, it’s good to get a second opinion and go to the dealership to check out the car. If necessary test drive it and get a friend who’s well-versed with cars to accompany you.
Several tips when browsing the car you’ve your eyes on:
- Check for Cleanliness
- Air-Conditioning Faults
- Check Engine for Leaks, Oil Level, Head Gasket condition and Exhaust Smoke.
- Gearbox and Clutch, Try listening to the gears, feeling how they change and the smoothness of each transition. Test the clutch biting point.
- Bodywork, Check the outside and underneath, use a torch to see through dark spots.
- Wheels and Tyres, Take note of the tread depth, rubber condition and makes of each tyre.
- Interior, Check the boot, dash (for mileage and warning lights), aircon, signal lights, sunroof and other electronics thoroughly.
- Documents, Service history, Puspakom inspection and any other relevant paperwork.