The word on the street is that now is a good time to buy a brand new car.
In case you didn’t know why – it’s because COE is low (and people speculate that it’s going to get even lower once COE bidding resumes), and dealers are hungry for sales since they had to close their showrooms for 2 months during the circuit breaker.
That being said – here are some value for money cars that you can get in Singapore. I didn’t list all of them, just the ones that caught my attention/or are worth mentioning.
Some of these cars were chosen because if you buy them brand new, their depreciation is about the same or even lower than used cars of similar make and model.
E.g a brand new Honda Civic 1.6 from Kah Motor has a depre of around $8k, while a used one, around 2 to 4 years old has a depre of $8k onwards, with one model going as high as $14k!!
There aren’t too many used FC Civic 1.6 models with a depre lower than $8k from what i saw. But the point I’m trying to make is you should compare the depre of a new and used car, and see what offers the dealers are giving you to make a smarter decision.
Note: the prices below are the manufacturer’s listed price. I am very sure, given the economic climate, that you can negotiate for a lower price than what is stated here. You can even do that in ‘normal’ market conditions. Again, remember that dealers are hungry to sell after 2 months of almost no activity.
I am not encouraging you to overspend, but I think that given the situation now and how cheap COEs are, you can aim to get a more expensive car since they don’t cost as much as they used to before COVID-19 struck. E.g getting the highest trim of a car instead of a base model or going for a car that was previously slightly out of budget.
In most cases, the depre stated below is for the base model of the car.
Ok enough talk, let’s get right into it!
1. Toyota Corolla Altis 1.6 Standard ($8.3k/year depre)
This is a car I think most Singaporeans will be familiar with. If you know nothing about cars, and just want a point A to point B car that can fit your entire family, then this is kind of the default car you would go for.
As one of the best selling sedans in the world, the Altis sells itself.
2. Skoda Octavia 1.4 Ambition ($8.2k/year)
If you want a unique and uncommon car, the Octavia is a car you can consider. It has a pretty responsive engine that can give you a more exciting driving experience vs the other cars on this list.
But in other areas such as interior material quality – you may have to forgive it. But hey, for this price, you still are getting a fun, conti car to drive.
You may also wanna hold back on your purchase because the new Octavia has already been announced late last year and is expected to be released here later this year.
3. Kia Cerato 1.6 L ($7.5k/year)
The above depre is for the base model Cerato.
If i were buying a Cerato, I would personally go for the highest trim which is the Cerato GT. It costs $13k more, but I think it’s worth it given the fact that the depre for the GT trim is a reasonable $8.4k/year.
You also get alot of nice features in the Cerato GT as compared to the base Cerato (sunroof, paddle shifters, LEDs, electric driver seats, rear aircon and lots more).
And I believe in a sea of base Ceratos that will eventually flood the resale market down the line, your higher trim Cerato GT would stand out more.
4. Honda Jazz 1.3 ($6.7k/year depre)
This is the Honda Jazz from Kah Motor. And since ADs sell cars at higher prices than PIs (parallel importer), you can get a Honda Fit for lesser from a PI, which is essentially the same car.
As of the writing of this article, a Honda Jazz from Kah Motor which is Honda’s AD ranges from $70k – $90k. A Honda Fit from a PI costs $70k at most (for a non-hybrid version).
Do also note that the latest generation of the Honda Jazz has been announced and some parallel importers have already started advertising it :
5. Hyundai Venue ($7.6k/year depre)
For a cheap, practical and boxy looking compact SUV, the Hyundai Venue is a car you can consider. Go for the “S” trim if you can, since it is only a few thousand dollars more, but comes with extra features like auto cruise control and day time running lights (DRL).
6. Hyundai Avante ($7.3k/year depre)
The previous generation Avante is pretty popular in Singapore, and I think it has to do with the price. The new Avante looks better and has a whole lot nicer interior as well, coming with features like Apple CarPlay and Android Auto.
7. Kia Stonic ($7.9k/year depre)
With a small but punchy 1 litre turbo engine, this is a good car to consider if naturally aspirated engines simply do not excite you enough. Plus – having a small engine means your road tax is only $392/year!
8. Toyota Vios ($7k/year depre)
Like the Honda Jazz/Fit, the Vios has a strong history and is a car that you can’t go wrong with. Simple, cheap and most importantly – reliable.
9. Suzuki Swift ($6.5k/year depre)
The new Swift has a gorgeous interior (for it’s price). It is also equipped with a 1 litre turbocharged BOOSTERJET engine – which means road tax is cheap, and you get decent performance (0 to 100km/h takes 10 seconds according to Suzuki) which is nothing to brag about – but those who buy the Swift aren’t exactly looking to go fast anyway.
10. Honda City ($7.5k/year depre)
Best you hold off your purchase – because the new City was unveiled, and it’s only a matter of time before it reaches our shores.
And the last car to wrap this all up…..
11. VW Golf 1.4
Yes, this iconic car can now be had for under $9k depre ($8.9k/year) to be exact.
But note that the new 2021 Golf Mark 8 has been announced, and we can expect it to come to Singapore not too long from now.
Notable mentions :
Subaru Impreza ($8.8k/year)
Honda Civic 1.6 ($8.1k/year)
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