In Singapore, owning a car is a big deal for one simple reason, it is expensive. And the biggest problem for car owners (like myself) is when the car’s COE is almost up (10 years), you know you have to search for the next better car. However, do you know how much your car or your future pre-owned car is worth (without asking any agent)?
Has there been a time when you question yourself if you have sold the car at a good price or if you have bought a pre-owned car at a reasonable price? I am sure most will have (unless you have cash to burn).
Now, back to the burning question, how much is your car worth? To answer that, you should check out the website carcalc.sg by DP Information Group (DP Info). Buyers and sellers of pre-owned vehicles can easily check the value of a vehicle using their data analytics service.
I have not tried it but I am going to. How accurate it is, I am not sure. You can read the Press Release for an example of how they populate the worth of a pre-owned car.
If you want to give it a try at their website, you should prepare these information about the vehicle:
- Engine Capacity
- Vehicle Type
- Registration Date
You can easily get these answers from your vehicle log card. They are needed to get the value of the vehicle.
The Pre-owned Car Reference Price System will be available to consumers and each search costs 50 cents. There are package deals too. However, for the first 30 days of its launch, consumers may use the online system for FREE.
You hear it, free for now. Have fun at the site. Read the Press Release for more details.
PRE-OWNED CAR REFERENCE PRICE CALCULATOR
A FIRST FOR SINGAPORE
Whether buying or selling, you can now find out what a used car is worth
Affordable online service at www.carcalc.sg
21 May, 2014 [Singapore]: It is the question every used car buyer or seller wants to know – what is this car worth?
Now buyers and sellers of pre-owned vehicles can easily check the value of a vehicle using a new data analytics service developed by DP Information Group (DP Info), Singapore’s leading provider of business and credit information.
The Pre-owned Car Reference Calculator provides an instant price range for a pre-owned car after answering a few questions about the vehicle. The service is available online (www.carcalc.sg) and is the first of its kind in Singapore.
The calculator is based on a robust statistical model that that takes into account historical and current market conditions, including fluctuating COE prices.
In building the calculator, DP Info consulted a range of interested parties including the motor financing community, consumer advocacy groups and consumers. The data used in the calculator comes from a range of reliable sources including published data on resale cars, car websites, and advertisements in newspapers and other channels.
Testing of the calculator showed its predications were consistent with actual sale prices achieved for used cars. For example in Figure 1, the range of actual sale prices fall within a narrow range of the predicted price.
Ms Ong Siew Kim, Senior General Manager of DP Info, said the reference price system is a powerful tool for understanding used car prices in Singapore.
“The Pre-owned Car Reference Price System should be the first stop for any consumer interested in buying or selling a pre-owned car.”
“The number of vehicles transferred has trebled in the last seven years , from 20,809 in 2006 to more than 63,000 last year. This growing demand for used vehicles is why DP Info developed this calculator.
“The calculator arms consumers with relevant price information and protects them from making hasty, and often costly, purchase decisions.”
“The calculator is a predictive tool, so there will always be prices that fall above or below the estimated range. This is because the final sale price takes into account a large number of other factors such as kilometres travelled, how well the car has been maintained, as well as accessories or modifications that can add value,” Ms Ong said.
The Pre-owned Car Reference Price Calculator requires the user to enter six variables in order to generate a price range. These variables are:
- Brand – car brands are available from the drop down menu for all the popular car manufacturers. Collectable cars such as vintage and high-end sports cars (such as Lamborghini, Porsche, Ferrari) are not included due to the lack of data on which to base a prediction using the quantitative analysisapproach.
- Model – after selecting the car brand, users will be prompted with the different car models to choose from.
- Engine Capacity – according to the car model, the type of engine capacity will be displayed. If the particular car model has only one engine capacity, the system will auto populate and guide the user to the next field.
- Vehicle Type – there are 10 body types to choose from, namely Hatchback, Hybrid, MPV, Sedan or Luxury, Sports, Station wagon, SUV, Truck, Van and Bus. If the particular car model has only one vehicle type, the system will auto-populate and guide the user into the next field.
- Registration Date – Users next choose the registration month and year from drop down list. Cars less than nine months old are excluded due to the lack of data available to generate an accurate price indication.
- COE – the depreciated COE Price will be displayed.
The Pre-owned Car Reference Price System will be available to consumers via www.carcalc.sg and each search costs 50 cents, with further packaged deals. For the first 30 days of its launch, consumers may use the online system for FREE.
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DP Information Group (DP Info) is Singapore’s leading credit and business information bureau. A veteran of over 3 decades, it currently serves 98% of Singapore’s financial institutions and 75% of its leading law firms. Through its online information portal, QuestNet, DP Info enables clients to make confident credit management decisions everyday based on comprehensive, accurate and reliable information.
DP Info offers a credit scoring solution for the national credit consumer market and is also a developer of DP Credit Ratings, a proprietary corporate credit ratings model based on the probability of default.
DP Info is an advocate of the SME and entrepreneurial communities. Through its ACRA-appointed service bureau, DP Bureau, it assists these 2 segments in starting their business and operating them effectively and efficiently through their initial years.
DP Info Group is part of the Experian® Group, one of the world’s largest credit reference agencies. Experian delivers global technical and developmental expertise in a wealth of areas including consumer and corporate credit analytics. Additionally, it enhances DP Info’s existing services and enables the implementation of international best practices to meet the demands of a global economy. Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index.
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Certification No. SG07/00012
 “Type and Number of Vehicles Transferred”, Annual Vehicle Statistics 2013, Land Transport Authority
 A business or financial analysis technique that seeks to understand behavior by using complex mathematical and statistical modeling, measurement and research. By assigning a numerical value to variables, quantitative analysts try to replicate reality mathematically. Quantitative analysis can be done for a number of reasons such as measurement, performance evaluation or valuation of a financial instrument. It can also be used to predict real world events such as changes in a share price.