Beside the costing / loan concern, the most issue with 2nd hand car is:
1) if is too long, say 10 years, not advisable. My friend last time bought a 10 year toyota, repainted. Look ok engine ok. First month all alright. 2nd months onwards, everything started falling apart, one by one engine parts spoil, so he end up just sell the whole car again at a lost, of course this is by pure bad luck but worth noting it.
2) The next round, he got a 2 year old Lancer, so quite alright and use it for another 8 years. The only grip he has is at the end don't get back much $. No chocie cos this is SG and COE scheme issue. A total liabliities if you were to ask me.
3) Finally, if you wish to get a 2nd hand car, if you have mechanic friends, or pay somene to go check the car with you after you're ok with the 2nd hand car, to see the engine and parts. Engine part is the most costly to repair, 5 years Toyota car may have gearbox issue that may cost 10k to replace the gearbox (beacause cannot repair).
if you cost savings for 2nd hard car is much more, then get one between 2 to 3 years should be the safest bet. Take into considerations that you'll have to change more parts than a brand new car since it's already 3 years old, but usually not gonna cost much.
Can google more 3 year car maintenace cost, parts costing etc
I think it depends on ur personal preference ad how much money u have on hand that u can spend so that u still live comfortably afterwards. Personally i got a used car instead of new car from https://www.motorist.sg/used-cars after talking to them. u can talk to them to see which choice is better for you
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