How to Get the Best Deal on a New Car
When it comes to buying a new car in Singapore, the costs may seem daunting especially with the Certificate of Entitlement (COE) and various taxes imposed. However, by knowing how to get the best deal on a new car, owning one may no longer seem so insurmountable.
1. Choosing Parallel Importers or Authorised Car Dealers
Choosing where to buy your car can make lots of difference in cost savings. Consider parallel importers whose cars are usually cheaper and where there is always room for price negotiations and flexibility of different loan packages. Also, parallel importers usually carry models where the authorised car dealers do not, so know exactly the car model you would want to get your hands on.
2. Follow Social Media Accounts and Subscribe to Emails
Make sure to always follow social media accounts of your favourite parallel importers and subscribe to their emails. This way, you will always be informed whenever new car deals and packages are offered. MHG Cars shares interesting updates as well as our best new car deals on social media and to our email subscribers. Do not miss out – subscribe to our email and follow us on Facebook and Instagram now.
3. Strategising your COE Bidding
The best time to buy a car will be when the COE is in low demand and prices are low. Look out for monthly trends and make a gauge of the COE price in the subsequent months. Alternatively, you can fix a budget for the COE with your car dealer and this way, you will be able to keep the COE price within your budget. Check out News and Events for the latest COE rates.
4. Buy when Interest Rates are Low
5. Understand what you are Paying for
There are various components that constitute a car package. To know if you have a good deal, you should be aware of what is included in the car package, its worth and how it benefits your new ride. A basic car package should include:
- COE package – Do check if it is guaranteed or not guaranteed, and whether there are any top-ups to be made
- Road Tax and Registration Costs
- Goods and Services Tax (GST)
- Warranty and Servicing package
MHG Cars has a team of friendly and dedicated salesmen who are well equipped with the knowledge of cars and current market trends to assist you to make an informed decision.
6. Look out for Optional Add-ons you do not need
After checking that the basics of a car package are included, do look out for expensive add-ons. Read the contract thoroughly to avoid unreasonable terms and conditions that may increase the price. Know exactly what you are paying for and get your salesman to remove any items that you do not want.
7. Financing Options
Ensure that you know your own financing needs and what the various options are. Know your own financial limitations and you will be able to determine which options offer better value to you. MHG Cars is able to offer our customers full flexibility on their Autoloan packages, via major banks and in-house financing, from low downpayment schemes to full cash schemes.
8. Vehicle Insurance
Understanding your own needs and wants from a vehicle insurance policy can help you avoid paying more for items that you do not need.
9. Vehicular Emissions Scheme Rebates
Choosing to buy eco-friendly vehicles can save you money through Vehicular Emissions Scheme (VES) rebates that can be offset from the Additional Registration Fee (ARF). Not choosing to do so can even result in a VES surcharge of $10,000 and $20,000 in addition to your ARF.
10. Use Cryptocurrency when the Market is Good
One last tip, if you have cryptocurrency on hand, you may want to consider using it when the market is good. MHG Cars is proud to be the first ever automobile dealer in Singapore to have transacted a vehicle with cryptocurrency as payment. Check out our first car transaction using cryptocurrency.
If you like this article, Share this Post on Facebook! Now that you know how to get the best deal on a new car, be sure to check out our other articles on Parallel Importers and Authorised Car Dealers – What are the Pros and Cons and How to Calculate ARF.
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