Hawai Finance

Mar 11 2018

5 Answers – Why are there virtually no classic cars in Singapore, singapore second hand cars.#Singapore #second #hand #cars

singapore second hand cars

As the COE costs for renewal grow, it becomes obvious that unless you own something very special or unique or of great sentimental value, it will be difficult to justify renewing the COE of say something like a Datsun 100A from the 70 s (no offence to Datsun enthusiasts out there. I just needed a budget everyday car example). Also if older cars were a way for a young person with little money to get around, coughing up COE renewal money in cash would be a mouthful.

Also due to our small population of cars and high land costs, companies supplying parts for the cars also stop bringing in slower moving parts and cater mostly to what is in demand from the market. Storage is expensive so just what is needed is brought in. Additionally in the years prior to the internet it would have been difficult to source parts from overseas.

In other neighbouring countries with cheaper labour (and cheaper cost of living) mechanics may be inclined to fabricate or modify parts to let these old cars keep going. Locally this is a time/cost issue and mechanics are not inclined to do the same.

With most Singaporeans living in apartment buildings, car collecting and or having a second classic car means problems finding a parking lot for it. Many new condominiums are built with just enough parking for residents with sometimes nothing available for visitors. So unless you stayed in a landed house or used your classic car as a sole vehicle, parking would be a woe.

As a culture, there is also a tendency to steer towards the latest and the newest. Its a sign that your re doing ok financially and that you re doing well for yourself. Whilst some old cars have a prestige cachet.. many old cars are just that . old cars. I recall back in the day when I just started working, my grandmother expressed to me that she thought i should buy a newer car since I had a good job. At that time I drove a 25 year old faded red Mazda RX2

As it started to become clearer that the COE s and hence car prices moved like the tide of the stock market, car ownership and acquisition became a highly calculated pragmatic process. often purchasing is based on the annual devaluation and not what the car does. When the COE drops dramatically like it did in mid 2005, many scrapped their cars and got refunds on their residual COE values and went out and bought new cars with lower COEs

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