Part 1 of The Lionheart Guide to Buying Used Cars
In Singapore, owning a car means paying for much more than the car itself. The COE, registration fees and taxes often add up to more than the car is worth. That's why many smart buyers skip new and go for a good used car. Here's why.
A car loses value fastest in its first few years on the road. When you buy new, you absorb that drop. When you buy used, the first owner already has. The car that cost them a lot in year one costs you much less. What really matters is annual depreciation: what you pay, minus what you'd get back at the end, spread over the years you own the car. On that measure, a well-chosen used car often costs much less per year than a new one.
The same money goes further with used. A budget that gets you an entry-level new car might get you a better-equipped, more comfortable or higher-end used model: a bigger family MPV, a Continental sedan, or a car with the features you actually want. You trade a few COE years for a lot more car.
COE prices move with every bidding exercise, and a new car locks you into whatever the premium is that month. A used car comes with its COE already paid. You simply choose how many years you need:
Every car on our stock list shows its COE expiry date upfront, so you can compare like for like.
Many used cars still qualify for a PARF rebate if they're deregistered within 10 years of first registration, and the unused part of the COE is refunded too. These rebates lower your true cost of ownership. LTA's rules depend on when the car got its COE. Cars with COEs from February 2026 onwards get a smaller PARF rebate, so check the figures for any car you're considering. You can look up the figures for any car on OneMotoring.
Premiums depend on many things: your age, driving record, No-Claim Discount and the car's value. A lower-value used car can mean a lower premium than the same model bought new. It varies by insurer and driver, so get a quote. Your NCD belongs to you, not the car, so it usually carries over.
A note on road tax: it's based on engine size, not age, so a used car pays the same road tax as a new one of the same engine size. After 10 years, a yearly surcharge applies. What you save with used comes from depreciation and purchase price, not road tax.
A model that's been on Singapore roads for a few years has a track record. Owners have shared their experiences, common issues are well known, and parts and workshops are easy to find. You aren't the first to find out how a car copes with our heat, rain and stop-start traffic.
With a used car, there's no waiting for delivery and no guessing from a brochure. You can see, sit in and test drive the actual car. You can also arrange an independent evaluation from STA, AA Singapore or VICOM before you commit.
Buying used works best when you buy from a dealer who is upfront with you. Look for a clear COE expiry date, an honest history and fees spelled out in writing. At Lionheart Motors our fees are transparent, with no surprises, and we'll go through the numbers with you before you sign. Ask us about our warranty too.
Browse our current stock at Mega@Woodlands. Tap Enquire on any car to WhatsApp us, or come by for a look and a test drive. Have a car to sell or trade in? Use our trade-in form for a quote.