Pre-Owned Cars, Auction Cars, Repossessed Cars, etc

[Kohck]

I was looking at the used car section for Auction Cars......

 

I wonder what is the definition of pre-owned car? I believe it is different from Auction Car. Auction Car will be repossessed car from the finance companies, right?

 

I believe pre-owned car are previously test-drive vehicles at showrooms or leased car that is more than 6 years old from the AD. Am i right?

 

I noticed there is another category of car that is only for Business Entities To Tender. It is not repossessed car. Why only business entities can tender? special COE?

 

I ever saw a car own by a business with a COE value of $0. The COE still have few years left. I wonder why the COE value is $0.

[Lucky888]

Good Questions.... I was wondering myself

[ChickenMob]

I tot pre-owned cars means 2nd hands cars?

auction cars means those that are repossessed by the finance coy or banks.

showroom cars used for test drive I think are called Demo units ba.

[Fiskikenzie]

Pretty much the same when you mean that the car has been used already. Auction cars are those that has been pulled from the owners because they failed to pay the bank for their loans.

[S4vtec]

auction cars i would stay away from... logically to assume the car would be in bad mechanical shape since the ex owners already have difficulty in paying the insallments, let alone upkeep the mechanicals.

 

 

Those that know the car will be repossed will strip out the car if can.. Saw an S204 auction car... without the carbon fiber recaro and the Brembos and the S204 signature Enkei rims and the S204 wing.... just became a very expensive WRX...

[nizmo89]

Those car on auction is those that the owners cant pay the loan is it?

[Glyuen]

 

Anyone can help answer this ?

7% gst ?Any other requirements ?

 

i guess biz entities easier to deal with than direct owners.

[Fastfive1]

Auction Car

http://www.sgcarmart.com/used_cars/info.php?ID=459805&DL=514

 

Dealer Car

http://www.sgcarmart.com/used_cars/info.php?ID=465532&DL=1034

 

It's interesting to see how they can make a beat up looking car look Wonder why the owner decided to stop making payments after the car turned 7 years old.

[Karoon]

I promise u I've not seen a more honest (if true), sympathy-inducing car ad in SG

 

http://www.sgcarmart.com/used_cars/info.php?ID=554837&DL=1000

 

 

 

Accessories Big Rims But Now Can't Afford To Pay For 2nd Tyres. Road Tax Also Due Soon. Can't Pay. Worth $800 Now 2 Months Left. Description Need To Sell Car. Can't Afford Installment Anymore. Car Got No Place To Hide. Due To Repo. Slow Reply As Need Find Free Wifi To Check Respond.

 

 

Edited May 7, 2016 by Karoon

[flashbang]

Auction Car

http://www.sgcarmart.com/used_cars/info.php?ID=459805&DL=514

 

Dealer Car

http://www.sgcarmart.com/used_cars/info.php?ID=465532&DL=1034

 

It's interesting to see how they can make a beat up looking car look Wonder why the owner decided to stop making payments after the car turned 7 years old. 

 

It's hard to say. Did they really make it look good, or did they do a simple wash, apply tyre shine, and do some photoshop? 

I promise u I've not seen a more honest (if true), sympathy-inducing car ad in SG

 

http://www.sgcarmart.com/used_cars/info.php?ID=554837&DL=1000

 

Some sellers very good in creative writing...

[Toeknee_33]

I'd like to share my recent experience.

 

I participated in a car auction on SGCM, conducted by a big local bank. The ad appeared on a Monday afternoon, and closed at 3pm on the same Wednesday, hardly 48 hrs later. Little time to given to look at the car and decide on a price. Nevertheless I submitted the bid by hand before the appointed time.

 

Subsequently I called every day to follow up. Most calls went unanswered, and when I do get through, I was told it was under review. Of course I didn't understand why comparing the bids can take days; I thought highest bids secures. In my previous experiences, the result would be known in 24 hours. I continued to hold my breath and keep the pause button pressed in my car search.

 

8 days after the close of the auction, I was told that I was unsuccessful. I don't know if my bid was competitive or not, they wouldn't say, BUT they said that the same car would be put on auction again, and told me I can participate again.

 

Of course I find the situation ridiculous and I was furious for having to go through so many days of waiting just to receive a nonsensical outcome (in my opinion). I may not have been the highest bidder, but I had assumed that ethically the bank is obligated to conclude a public auction and release the car. I'm sure the bank is legally well protected by their T&Cs in their tender form though.

 

Is the bank expecting to secure a higher price in a 2nd round of auction, when the car value and road tax is depreciating by the hundreds every week? Not to mention that they are also incurring storage costs?

 

Any comments from other experienced people here, or someone in the know?

[cmcex]

I'd like to share my recent experience.

 

I participated in a car auction on SGCM, conducted by a big local bank. The ad appeared on a Monday afternoon, and closed at 3pm on the same Wednesday, hardly 48 hrs later. Little time to given to look at the car and decide on a price. Nevertheless I submitted the bid by hand before the appointed time.

 

Subsequently I called every day to follow up. Most calls went unanswered, and when I do get through, I was told it was under review. Of course I didn't understand why comparing the bids can take days; I thought highest bids secures. In my previous experiences, the result would be known in 24 hours. I continued to hold my breath and keep the pause button pressed in my car search.

 

8 days after the close of the auction, I was told that I was unsuccessful. I don't know if my bid was competitive or not, they wouldn't say, BUT they said that the same car would be put on auction again, and told me I can participate again.

 

Of course I find the situation ridiculous and I was furious for having to go through so many days of waiting just to receive a nonsensical outcome (in my opinion). I may not have been the highest bidder, but I had assumed that ethically the bank is obligated to conclude a public auction and release the car. I'm sure the bank is legally well protected by their T&Cs in their tender form though.

 

Is the bank expecting to secure a higher price in a 2nd round of auction, when the car value and road tax is depreciating by the hundreds every week? Not to mention that they are also incurring storage costs?

 

Any comments from other experienced people here, or someone in the know?

Why u even bother? Only some "in-house" or "FI" are really open in the bddding. The rest already pre arranged who the cars will be going to.

 

As a dealer, i cannot even get into the "circle" tallk about beating it. They will not let you know whats the highest bid let alone tell u anything else. Side note, even u r the highest, like i said they already pre-arranged.

 

Even sgcm quotz alos the same, internal fixing, known secret, just dunno why CPIB dont come in and check thats all.

[Toeknee_33]

Why u even bother? Only some "in-house" or "FI" are really open in the bddding. The rest already pre arranged who the cars will be going to.

 

As a dealer, i cannot even get into the "circle" tallk about beating it. They will not let you know whats the highest bid let alone tell u anything else. Side note, even u r the highest, like i said they already pre-arranged.

 

Even sgcm quotz alos the same, internal fixing, known secret, just dunno why CPIB dont come in and check thats all.

 

I have been successful in one such auctions in the past, so I still hold a shred of belief that the car will go to the highest bidder. I must say that my dealer friends say the same thing as you, though.

 

But in this case, they say that the SAME car will be re-auctioned - and that is something I really don't understand.

 

If our big 3 bank does monkey business, i would certainly want them to be investigated.

[Vinceng]

Why u even bother? Only some "in-house" or "FI" are really open in the bddding. The rest already pre arranged who the cars will be going to.

 

As a dealer, i cannot even get into the "circle" tallk about beating it. They will not let you know whats the highest bid let alone tell u anything else. Side note, even u r the highest, like i said they already pre-arranged.

 

Even sgcm quotz alos the same, internal fixing, known secret, just dunno why CPIB dont come in and check thats all.

 

Reminds me of GeBIZ.

[cmcex]

I have been successful in one such auctions in the past, so I still hold a shred of belief that the car will go to the highest bidder. I must say that my dealer friends say the same thing as you, though.

 

But in this case, they say that the SAME car will be re-auctioned - and that is something I really don't understand.

 

If our big 3 bank does monkey business, i would certainly want them to be investigated.

 

Trust me, they DO! 100% just how rampant only.

 

The one u were successful was probably lucky one that they missed out or really ur price outshone the others by alot.

 

In the case of re-auctioned, could mean, the arranged dealer last minute backed out, then put up for auction again.

 

The one handling the auction/bidding has been "covered" and covered well from their ringfencing act, get it?

Edited April 26, 2019 by cmcex

[Toeknee_33]

Trust me, they DO! 100% just how rampant only.

 

The one u were successful was probably lucky one that they missed out or really ur price outshone the others by alot.

 

In the case of re-auctioned, could mean, the arranged dealer last minute backed out, then put up for auction again.

 

The one handling the auction/bidding has been "covered" and covered well from their ringfencing act, get it?

 

Then I am really surprised nobody blew whistle and blow this thing up.

Reminds me of GeBIZ.

 

What about GeBIZ? 

[cmcex]

Then I am really surprised nobody blew whistle and blow this thing up.

 

 

In fact if you asked the dealers out there, all of them knows. ask 10 and the 11th will tell u they know also.

[BanCoe]

I heard about it too but not very sure of the actual dynamics....... they told me inside all is "pakat pakat" one (as in fixed) but I don't understand the dynamics or rationale behind it too, must be a very closely guarded and knitted community of them out there with sort of  firewall , anyway was toying with this idea about 10 years back when the second hand car dealer told me as I compared his price selling price to auction price.... in the end just bought a new car 

 

In fact if you asked the dealers out there, all of them knows. ask 10 and the 11th will tell u they know also.

 

Edited April 26, 2019 by BanCoe