1. Singapore sustains 1st rank in Asia in the World Bank’s Ease of Doing Business index 2020, ranked 2nd globally
In 2020, Singapore ranked 2nd out of 190 countries in the World Bank’s Ease of Doing Business Index. The country has maintained its second position for four consecutive years. In the Global Competitiveness Index ranking, Singapore stood in 5th position in 2021, down from 1st the year before on the basis of unfavorable geography. Presence of high investment and R&D expenditure. Automobile manufacturers are focusing on connected and autonomous driving vehicles to play a significant role over the coming years. Automobile companies in Singapore benefit from high exports to other countries. Being one of Asia’s primary hubs for wealth management and investments and home to one of the largest foreign exchange trading centers, Singapore fosters entrepreneurship.
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2. Social Media Platform is Widely Used for Used Car Sales as it Offers Free Ads for Dealers and Customers
Car dealers use blogs to generate traffic to their website from search engine results pages. They often put-up educational content related to cars maintenance, help guides, knowledge material in order to create a brand presence. Unlike online portals and market places, social media provides an opportunity to dealers to advertise their cars for free. This platform is also used by individuals involved in C2C purchases.
Also, major dealerships use this platform to announce promotional offers and local events. Partnership with online platforms to supply used cars to customers. Online portals follow lead generation process, sellers list cars and company facilitate the overall transaction of acquiring the vehicle. Other Services include providing car valuation and quality checks.
3. Age, Brand, Price Influence the buying decision of customers in Singapore’s Used Car Market
Consumers generally do not prefer to buy cars that more than 4-5 years old. They are willing to pay higher prices for newer cars.
Japanese cars are preferred to Continental cars due to longer durability and lower prices. Toyota and Honda are the most preferred brands in the country. Luxury brands are in demand. Difference between a luxury new car and a luxury used car is about 50%.
Buyers are looking for cheaper cars when buying pre-owned vehicles. Lower OMV value leads to lower ARF as it is a percentage of the same.
15,000 Km- 17,000 Km is considered best for the car. The mileage of the car along with the age of the vehicle, together affect the buying decision.
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4. Singapore Used Car Buyers Protected by the Lemon Law Against Car Defects For 6 Months From Purchase
- The Lemon Law protects consumers against defects of goods purchased within 6 months. Consumer can take action against the dealer if the good does not meet performance, safety and quality standards specified in sales contract at the time of purchase.
- The Standard Vehicle Assessment Report (SVTA) members perform 54 visual, road-test and equipment checks for the used car.
- When a fault is reported within 6 months, the dealer is legally bound to resolve the issue. If the repairs are not completed within a reasonable time period, the car buyer is entitled to a full or partial refund.
- The law does not cover wear and tear items. Consumer to Consumer transactions do not benefit from the lemon law. If a car is bought from a direct dealer or consignment dealer that will not be covered. If a defect was highlighted before in the (SVTA) vehicle report, then lemon law does not apply.
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