More buyers are considering purchasing pre-owned vehicles
Due to the increased challenges faced in attaining new vehicles, many may consider pre-owned vehicles as an alternative.
Various factors, such as the overall spikes in COE prices, delays in vehicle productions, and a shortage of new vehicles have contributed to the lack of new vehicles.1
Overall increase in COE prices
There is an overall increase in COE prices since the first bidding held in 2022 – from $42,200 on 5 January 2022 to $53,002 on 8 June 2022.2
Prices have hit the $50,000 mark on 23 March 2022, and have been hovering within its range since.
Delays in vehicle productions
Due to the pandemic and the war in Ukraine, there were obstructions such as plant closures and a shortage of labour.
As they are a major supplier of automotive parts, these factors led to a delay in vehicle production.3
Pre-owned vehicles options
If you are looking to purchase pre-owned vehicles, feel free to contact us at 6933 9417 or marketing@absgroup.sg.
You can also submit an inquiry here.
References
1 Christopher Tan, “Buyers in Singapore turn to used cars as supply of new cars constricts further”,
The Straits Time, May 16 2022
2 Motorist Singapore
3 Christopher Tan, “Car trade braces itself for deepening supply chain crisis amid Ukraine war”, The
Straits Time, May 16 2022