Prices of second hand cars up
It's a seller's market now for second-hand cars with high COE prices driving up the resale value of used cars.
Motor dealers in the used car market are reporting between a 20 and 50 percent increase in the number of people who are interested to upgrade their vehicles.
Sales of second hand cars have also gone up.
Prices of cars are up across the board - be it a used or new car - ever since the last round of knee-jerk bidding sent COE prices soaring.
Nonetheless, some consumers are still heading to the showroom - mostly for second hand cars.
While the sky high COE prices may be bad news for first-time car buyers, it may just be good news for those looking to sell their cars.
Car dealers say they are seeing more people who are willing to sell their cars in order to upgrade to another one.
Wang Weiye is the Sales Manager of Vegas Automobile.
" A BMW is the most classic example. A new car then was $108, 000. But in today's used car market, a car like that which is about a year old can go for $128, 000. Instead of losing money you have gained $20, 000 in returns. It is as if consumers are driving the car for free and taking in a profit."
Raymond Tang is from Yong Lee Seng Motor.
" Maybe about three to four months ago when they want to sell a car, they need to go top up the difference or maybe they will take lesser money back. But now, they do not need to top up and instead they can break even on the car price or they may even take more money back to put into their next car. Two years ago, if you buy a Toyota Altis, they will be paying around $50k. Now two years later, they can even sell out at around this range, 50 plus and they are not making a loss."
Dealers say there are plans to bring in more cars in anticipation of an increase in demand for used cars in the coming months.
They say sales have gone up by at least 30 percent over the last two weeks.
The results of the next round of COE bidding, which is the first after a supply cut, will be out this Wednesday.
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