Buying new vs used cars in Malaysia – pros and cons – paultan.org12/20/2021
It’s the age-old question that has (and will continue to) befuddle countless motorists – should I buy a new car, or should I go used? For most people, the appeal of a factory-fresh vehicle that has belonged to nobody but themselves is irresistible, but there will be those who will be swayed by some of the pre-owned offers out there. Here, we list some of the pros and cons of each.
Box-fresh car with full manufacturer support, but at a cost
Let’s start with the most obvious benefit of buying new – you’ll be the first owner of the car and receive the full manufacturer warranty (and, in some cases, free servicing) that goes with it. This is the period where the car is least likely to go wrong: there are no hidden surprises from past owners, and if an issue does arise, you can send it back to the dealer to get it sorted for free. It’s the ultimate safety net, which is particularly important if you’re a first-time car buyer or someone who is less mechanically inclined.
Buying a new car also affords you the latest in in-car technology – including the most advanced safety equipment available today – plus the all-important ability to show off to your friends and family the next time you balik kampung. All this comes at a (literal) cost, however, as the price of the car will be at its highest; you will also face a precipitous drop in resale value the second the car leaves the showroom, no matter the brand.
Cheaper used cars, more variety, no wait time
You’ll be able to avoid all of that by purchasing a used car. By its very nature, it will be cheaper to buy – someone else has already shouldered the bulk of the vehicle’s depreciation for you. This means it will be less of a burden for you financially, and if you decide to sell the car eventually, you will often be able to recoup most of the money you put into it.
The used car market is also awash with diverse options, including vehicles that have long been discontinued. Hankering after a sports car that was unaffordable a few years ago? Always thinking that they “don’t make cars like they used to?” Now you can put your money where your mouth is!
And then we come to the biggest upside of buying a used car in 2021. Demand for new cars has skyrocketed this year, thanks to easing COVID-19 restrictions and the government’s sales and service tax (SST) rebate. But while this has been good for the automotive industry, it is also putting a huge strain on factories already battered by the ongoing chip shortage. Waiting lists now stretch to months and even years as a result.
You won’t have to wait when it comes to a used car. The inventory is already there – all you have to do is provide the documents, sign some forms and, if you’re planning to take out a loan, await the bank’s approval. If you pay by cash, you could even drive out the lot the same day!
Higher interest, maintenance costs; unseen issues
There are, of course, the usual used car pitfalls. If you do decide on a loan, you will in all likelihood not only have to stomach a higher downpayment (there’s no “full loan” here, no matter what the salesperson says), but also a higher interest rate. Depending on the tenure of the loan, you may be paying more than what you would’ve paid for a new car in the long run.
You also won’t be able to ascertain the true condition of the car unless you bring along an experienced mechanic – even then, there may be issues that won’t show up during a short test drive or inspection. Also potentially hiding are parts that are on the cusp of failing, and if they do, you won’t have the manufacturer’s warranty to fall back on if the latter has already expired. Used cars are also harder to insure, especially if they are more than ten years old – in that case, you will almost certainly not be able to get first-party coverage.
myTukar Auto Fair 2022 – benefits of used cars with fewer drawbacks
Thankfully, you’ll be able to stay clear of most of the risks of a used car if you buy one from at the myTukar Auto Fair 2022 – held from January 7 to 9, 2022 at the myTukar Retail Experience Centre Puchong South. This is set to be Malaysia’s largest used car event with over 1,000 pre-owned vehicles available, ranging from a Perodua Myvi to a Mercedes-Benz E 350 AMG Line.
Every myTukar purchase includes a one-year extended warranty (on top of the remainder of the factory warranty) and one year of free service – rare for a used car purchase. And if encounter an issue or simply change your mind about a vehicle, you can just return it thanks to the company’s five-day money-back guarantee – no questions asked.
If you purchase a car at the event, you will also receive an additional year of free service, loan interest rates as low as 1.68%, same-day loan approval and car collection and Trapo floor mats for all cars. myTukar will also be able to provide you with an on-the-spot trade-in offer for your current vehicle at the event.
Buyers will also be entered into the myTukar Lucky Spin Wheel promo to win one of six prizes, including a ninth-generation iPad; they’ll also be in the running to drive home in a Proton X70 Premium with myTukar’s 4th Anniversary Giveaway contest.
Visitors at the event will be able to enjoy refreshments and visit partner brand booths, among other attractions. There will also be strict COVID-19 prevention procedures enforced, including contactless payments and mandatory masks, full vaccination and social distancing. More information can be found at the official myTukar website.
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