S1E8: How used car dealers make money; tips for selling your car

  • 30 Jan 2024

As it turns out, it is not from the mark-up on the car itself that pays the bulk of the bills for used car dealerships

Synopsis: In this new podcast, The Straits Times offers expert insights if you are in the market for a new vehicle or are tracking transportation trends.

Almost 60 per cent of those who sell their cars, are looking for another one. This means that the business of used cars will continue. 

ST's senior transport correspondent Lee Nian Tjoe speaks with Mr Kuanyu Tan, the country manager of Carro, a used car dealership that buys and claims to sell 6,000 cars a year, to understand the business and what it means to the car buyer. 

Highlights (click/tap above):

2:20 Where do used cars go? How do used car dealers get inventory financing?

6:10 Are used cars really more affordable than new cars? Price trends in relation to COE prices

17:36 Top two tips for car owners to get the best deal when selling their vehicles

20:48 How long is too long for a car dealer to hold on to their stock?

26:30 Carro's scheme to “test-own” electric vehicles in Singapore, to help educate consumers about EVs

29:40 Why used car dealers are not making offers for electric vehicles

32:26 The impact of the Lemon Law on used cars

Produced by: Lee Nian Tjoe (niantjoel@sph.com.sg), Ernest Luis and Teo Tong Kai

Edited by: Teo Tong Kai

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