5 Important Things Parents Need to Consider when Buying a Car

Even though having a car in Singapore is five to six times the amount than in other countries ─ which makes it probably the most expensive in the world ─ many Singaporeans are still in the rush to buy one for their own. Because why not? Given the comfort and convenience of driving your vehicle, investing for such car is just worthy most especially if you just had a kid. Imagine the time and effort, not to mention the hassle of taking the public transports, which you could save in having your own car. Surely you wouldn’t want your kid(s) to experience what you had when taking MRT (which always has the tendency to break down) and buses, right? That is why a car makes a truly worthy investment if you are already a parent.

However, getting a car in Singapore isn’t like buying a piece of an appliance for it is way far from that. As a matter of fact, there are some things a parent should consider before purchasing a car.

1. Affordability

Since we are talking about a hefty amount of money that needs to be settled in purchasing a car, the first and the most important things that need to be considered is whether your budget can afford a car.

Aside from the substantial sum that you need to prepare as a down payment, be advised about the other taxes and duties that come along purchasing a vehicle. This includes the COE or the Certificate of Entitlement from the Land Transport Authority, which is a must first right to be able to use a vehicle for a period of 10 years.

2. PARF or COE Car

In Singapore, there are two classifications of a car which you need to choose smartly: PARF and COE. Although a PARF car relatively costs high than a COE one, you can be able to get a generous PARF rebate once the car is deregistered and you choose not to renew the COE.
On the other hand, a COE has had its COE renewed at least one and is usually cheaper, however, once the car is finally deregistered, no PARF rebate will be received.

3. Year

Given the hefty amount of money that comes along with purchasing a car, some buyers would probably take a bank loan to pursue their need of getting the vehicle of their dreams. That being said, the year the car was made is an important thing to note about due to the reason that some loan institutions will base the amount of money to lend to their client on the year of the vehicle.

4. New or Pre-Owned Car

Getting a brand new car is more expensive than a pre-owned one; however, these two has its own advantages and downsides. If you choose a used over a new car, the expenses would be less but it may not be a smart choice for those who look for something that could last long. In this point, buying a new vehicle is an ideal thing ─ just make sure to be ready about the high amount of money it may require.

5. Car Insurance

Without car insurance, one is not allowed to drive in Singapore roads, which is why in order to make the most of your car ownership, getting private car insurance is a must.
Since there are myriads of companies offering different kinds of car insurance premiums, it is important to be wise in choosing the best car insurance in the country. With this, let Autoshield be your partner. Reach us through our customer care hotline 6385 0777 or by sending SMS to 8588 9191, 8686 9991, 8688 9991, 8588 9991, 8866 9991, 8868 9991, 8668 9991.