Second-hand car market boom boosts online car transactions

Written by Cheryl Tay on . Posted in Cheryl Tay News | Latest Industry News

Singapore’s largest online car portal sees 100 percent surge in direct owner listings as more choose to omit middleman hassle

 

Thursday, 19 January 2012, Singapore. Second-hand car dealers are not the only beneficiaries of rising COE prices in Singapore. Amid the buoyant market for used cars, Singapore’s largest online automotive portal, sgCarMart.com, is seeing a surge in direct owner listings.

 

sgCarMart.com has observed a 112 percent surge in direct owner used car listings from 7,213 to 15,269 over a two-year period.[1] Similarly, there was a 87 percent increase in vehicle ownership transfers over the same period.[2]

 

Apart from high, prohibitive COE prices, another reason for the spike is the trend of car owners selling directly so as to increase the returns on the value of their used cars. The increase in returns can range from $5,000 to $30,000 without going through a second-hand car dealer.

 

According to a recent survey conducted by sgCarMart.com [3], 94 percent of the respondents said they would buy or sell directly if there is a free service to help them settle the transaction paperwork from loan settlement to vehicle ownership transfer.

 

To meet the demand, sgCarMart.com has set up a free service, sgCarMart Connect, for direct car sellers and buyers to assist them in their transaction paperwork. To date, sgCarMart Connect has more than 10 direct car owners using its services since its launch less than a week ago.

 

sgCarMart.com projects that by next year, sgCarMart Connect will see a 30-40 percent growth in terms of direct vehicle ownership transfers in tandem with the positive second-hand car market outlook.

Cheryl Tay

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Singapore’s only female full-time motoring and motorsports photojournalist. Independent automotive consultant and prominent local motorsports personality Cheryl Tay is uniquely passionate about all things cars and motorsports. She also has a strong passion to share her interest and knowledge, hence having a dream to become the ‘Oprah Winfrey of cars and motorsports’ and create a multimedia platform for her sharing. - A female in a male-dominated world, Cheryl Tay is Singapore’s only female full-time motoring journalist and motorsports blogger and she regularly writes for prominent titles in Singapore, Asia and internationally. (See full list of titles that Cheryl Tay writes for here.)

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