Which 2nd hand car dealer is good?

[Xers007]

What Bicolor said about the loan.

 

Make sure you negotiate based on the price alone. Ignore other factors, negotiate based solely on price. Afterwards, make sure everything in writing, and the price there written is NETT.

 

They get commission from loan, from insurance, from basically everything that they sell to you.

 

In the sales agreement, make sure to state if that the car got problems (excluding wear and tear for older cars), that if the engine / gb faulty, you will get refunded.

 

Check out sgcarmart's entire selection first. Know what car you want, know the price for the model / age you're looking for, and which other dealers have similar car. Best if you bring iPad, so can check and show them in front of them. Else they bullcrap til the moon or Mars. Always be prepared to walk away.

 

Also, during test drive, just test everything. Brakes, steering, just don't crash. Rev til max if you like. Coz test drive is to hear the specific car everything. If you brake and it doesn't brake well, then something wrong already. (E-brake, but please, do it in a safe environment and not main roads.) This is the one time for you to test everything. If no mechanic, just bring to AA or Viacom. Make sure the cost is included in the car already. Usually, they will ask for deposit before inspection, so make note of the following: if Gearbox or Engine faulty, refund, if chassis show signs of welding or damage / collision, refund. Any more, you go think up yourself.

 

Yah buying a used car with no experience is not an easy task... so much things need to take note of, so many calculations, so much research and also need some luck... if can really must get someone with experience to go with you...

[Ooosh]

heard that some car dealers purposely markup the price of the car so the buyer can get more loan from the Bank. Is this legal for both the car dealer and buyer? How does it work? Thanks...

[Forte3737]

very simple.

Test drive the car. If you like, offer a price and

 

Tell the dealer you will only pay for

1. The car price (you will need to pay for the 1st instalment if you are taking loan)

2. The transfer fee ($11)

3. The insurance

 

no admin fee

no GST

no processing fee

 

I am driving my 5th second hand car till date.

 

 

majprity of dealers do not allow test drive. u go and test water before posting ok

[Felipe]

I always find its more of the salesperson than the company. I dealt with one recently in sin Ming but his inventory not many cars

[Cook123]

if dun allow test drive, then how to decide to buy the car?

[TVT]

majprity of dealers do not allow test drive. u go and test water before posting ok

Did you personally met dealers who do not allow any test drive?

[Hydrocarbon]

Yah buying a used car with no experience is not an easy task... so much things need to take note of, so many calculations, so much research and also need some luck... if can really must get someone with experience to go with you...

 

Haha, I offer my service! But only looking for cars that I ownself also like.. [laugh]

 

heard that some car dealers purposely markup the price of the car so the buyer can get more loan from the Bank. Is this legal for both the car dealer and buyer? How does it work? Thanks...

 

This means that the buyer already cannot afford the car.

 

Firstly, it's under fraud, for cheating the bank on the value of an asset.

 

How it works is like this:

Car price 100K (example), Applicable OMV under 20K, so can take a 60% loan = 60K.

Buyer needs to fork out 40K, and repay the 60K loan.

Buyer only has 30K. Buyer needs a 70K loan. So 70K / 60% X 100% = 116,667 (marked up car price)

New car price 116.7K (round up), buyer needs to put down 46.7K, and gets a 70K loan from the bank to be able to pay for the car. But since the actual selling price is 100K, the buyer only needs to put down 30K with his 70K loan.

 

I'm excluding the amount for insurance and everything else, just say for the car price alone.

 

So, instead of paying 40K and servicing a 60K loan, the buyer pays 30K and services a 70K loan. The dealer gets a faster sale at the same price, the buyer incurs higher installment, due to more interest on the higher loan.

 

This is a simplified example.

[Hydrocarbon]

majprity of dealers do not allow test drive. u go and test water before posting ok

 

May I know which dealer don't allow test drive? Unless you're talking about the exotics dealer and they see you coming in bus and look poor.

 

Otherwise, for most of the normal range of cars, dealers will allow test drive if you're a serious buyer.

[Fcw75]

Most dealers allow test drive la. No test drive how to confirm deal?

[Leslielai]

Try Henly Enterprise. Had good experience from there.

 

I second this.

 

Their prices may not be the best but they are open and honest.

 

Got my ride from Henly.

[Ooosh]

majprity of dealers do not allow test drive. u go and test water before posting ok

both my car current and previous are 2nd hand cars and i test drove them before buying...

 

Also test drove a few cars before that...

[CYHew]

Look for low mileage

[Ooosh]

Firstly, it's under fraud, for cheating the bank on the value of an asset.

 

How it works is like this:

Car price 100K (example), Applicable OMV under 20K, so can take a 60% loan = 60K.

Buyer needs to fork out 40K, and repay the 60K loan.

Buyer only has 30K. Buyer needs a 70K loan. So 70K / 60% X 100% = 116,667 (marked up car price)

New car price 116.7K (round up), buyer needs to put down 46.7K, and gets a 70K loan from the bank to be able to pay for the car. But since the actual selling price is 100K, the buyer only needs to put down 30K with his 70K loan.

 

I'm excluding the amount for insurance and everything else, just say for the car price alone.

 

So, instead of paying 40K and servicing a 60K loan, the buyer pays 30K and services a 70K loan. The dealer gets a faster sale at the same price, the buyer incurs higher installment, due to more interest on the higher loan.

 

This is a simplified example.

 

Another question i would like to ask in this case, will the dealer be charged by the law because he is letting this happen? Or only the buyer will be charged?

 

I know alot of car dealers are doing this but really no one will know?

 

Got a friend who is buying a car and dealer advises him to go this route...

 

Thanks

 

[Fcw75]

Look for low mileage

 

No way! Most of the time it's tampered.

[Fcw75]

I second this.

 

Their prices may not be the best but they are open and honest.

 

Got my ride from Henly.

 

 

Yep, me and my friend both got a car from there. Price not the cheapest but they do not tamper the mileage.

 

Who did u liaise with? I with Kenneth and my friend with Francis.

[Hydrocarbon]

Another question i would like to ask in this case, will the dealer be charged by the law because he is letting this happen? Or only the buyer will be charged?

 

I know alot of car dealers are doing this but really no one will know?

 

Got a friend who is buying a car and dealer advises him to go this route...

 

Thanks

 

This I don't know.. I'm not in the car trade, I only like shopping for cars when my friends are buying..

 

It's an open secret in the car industry. The term "Overtrade" also means something similar, and while the dealers are advertising about it, they still can get loan from banks and what not. So, I think the banks know, but close one eye.

[CamholicX]

So how the process like ?

 

Buy insurance, loan from bank or inspection at AA?

 

Which to go first?

 

And as for inspection, which to opt for , vicom, AA or STA? Approx how much

[Hydrocarbon]

So how the process like ?

 

Buy insurance, loan from bank or inspection at AA?

 

Which to go first?

 

And as for inspection, which to opt for , vicom, AA or STA? Approx how much

 

Hey, be careful, you double posted threads for your beetle. Wait later get warning again...

 

Anyway, if you know you wanna get those beetles, the price already there, info also there. Can self apply for loan from bank, see how much interest rate you'll need to pay. Just call the bank, get the info from them, then get insurance quotes.

 

For inspection, it's after you go down to the dealer. A lot of MCF bros recommend not to use STA. The other two, just toss coin, ask the dealer to bring to the nearest inspection centre with you. Or without you, ask to see a copy of the inspection reports after.

 

Edit: Cost for inspection - http://www.vicom.com.sg/inspectionprice.htm

Not 100% sure of it, coz my friend went own mechanic.

Edited July 12, 2013 by Hydrocarbon