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Took me quite some time to piece all the information together for this thread, which I have wanted to start a few months back. No right or wrong here, just some personal opinions on why I think the AD plays an important role in determining the resale value of the model sold by them. Feel free to share your thoughts (a forum is meant for members to engage in meaningful discussion, isn't it?) Many ADs has been playing hard to maintain the sales price of new car sold by them, citing reasons such as protecting customer's interest (by not having an unusually wide price fluctuation from month to month), guarantee a good resale value in the used car market (used car price is tagged almost directly to new car pricing), better service if buying the car from them directly, etc. But is that always the case? It is an open secret that when ADs are not able to meet their sales target, they will register the new car and sold it as used car through their used car division of even 3rd parties. I am using PML and Wearnes as an example below, to highlight the adverse effects of doing so. PML (BMW) With the new X3 priced from $302,888 (xDrive20i) / $308,888 (xDrive20i M-Sport) before over trade, the profit margin is between $68K to $71K, which is almost 150% of their respective OMV! Even after an generous O/T of say ~$30K, the net car price will still be around $270K to $280K. Yet PML would rather sell brand new unit at a much lower price (estimated to be ~$250K+) every month to used car dealers, only for it to be listed as used car, than to price it down to similar level for genuine buyers (direct PML customer). This is the screen grab I have taken from sgcarmart.com and the list is not exhaustive. You can even find pre-facelift X3, which was registered exactly a year ago, on the list (there are actually several units available, but the dealer don't want to give potential buyer the impression that they have to lelong the car in their inventory)! Based on the info I have, used car dealers got these units last year at just $200K thereabout, so they can continue to hold and wait (for uninformed buyer). So what does it got to do with resale value? Well, we all know that in a few years time, when the owner want to sell their ride, used car dealers will probably offer PARF + remaining COE value + another few $$$K for the body, and given the record breaking COE premium currently, the owner is likely to burn >$150K in just <5 years (buy at $280K, sell at $105K - $120K max. at 5th year). That's when some will KPKB that BMW has low resale value, nope? Wearnes (Volvo) Let look at the total number of V60 Cross Country and V90 Cross Country registered in the first 5 month of this year, 13 units in total. Want to make a guess how many of this units are sold as brand new used car? 1, 2 or 3? Well, I found 5 units listed on sgcarmart.com (I have reasons to believe there are more units available but not advertised - 'cos I saw at least another 1 - 2 units parked outside Wearnes Pre-Owned, probably management unit, which will eventually be sold as used car). That translate to ~40 to 50% of the new car sold as used. Reason for doing that? Having to meet sales quota without lowering the new car price. BTW, the profits for both model range from ~$67K to >$100K (before O/T), I will leave it to the readers to decide if that is reasonable for the brand. In the case of Volvo, it is a double whammy for the owners (be it brand new from Wearnes or brand new used car / management unit), as not only they are experiencing paper lost as what I have described above, with many used car in the market with transfer count of more than 1, the resale value will be further suppressed. One just need to browse the used car list on sgcarmart.com for the earlier model, and some can be had for ~$14K annual depreciation (in the current climate of $100K COE, so I cannot imagine when the COE return to $50K, these used car will have <$9K depreciation??) One particular unit of V60 Cross Country has been put up for sales for at least 2 months, with asking price of <$190K (for a 6 months old car) till the owner gave up and sell it to Eurokars Pre-Owned, so does that paint a picture that matches what I have written so far?

Dear Car Owners and Car Buyers, Great news! We're proud to partner with Borneo Motors Singapore for their Centennial Celebrations! To mark this milestone, Sgcarmart users enjoy an exclusive reward, available only through our platform. ✅ Purchase any pre-owned Toyota passenger car via Sgcarmart between 1 Jan and 31 Dec 2025 and enjoy: 🎁 Free one-time standard servicing and additional perks valued up to $450 🛠️ Includes engine oil, oil filter, and drain plug gasket replacement 🔧 Fully redeemable at BMS authorised service centres Redeem your Free Servicing below: https://www.sgcarmart.com/campaign/bms100-toyota Log in using your Sgcarmart or Mycarforum account, both platforms use a dual login system! Know someone who just bought a Toyota? Share this offer with them! Psst: If you purchased your Toyota in 2024, you can still submit the form but it will be subject to approval by BMS.

Celebrate Borneo Motors’ 100 years with complimentary servicing for pre-owned Toyota & Lexus bought from Sgcarmart. Enjoy authorised distributor care. If you think Singapore has been around longer than Borneo Motors, you might be surprised to learn it's actually the other way around. While Singapore gained independence in 1965, Borneo Motors opened its first showroom in Singapore back in 1925, located along Orchard Road. Having been in Singapore for a century, Borneo Motors - which merged with Inchcape Group in 1967 to become the official retailer and distributor of Toyota, Lexus, and Hino - possesses unparalleled expertise in vehicle servicing, repair, and maintenance. The firm certainly knew what it was doing; by 1968, it had sold over 3,000 Toyota passenger cars and commercial vehicles. Today, its 100-year legacy is a testament to not just hard work, but also consistently doing things right. Sweet deals for all customers When it comes to caring for Toyota and Lexus vehicles, Borneo Motors' expertise is second to none. As the sole distributor in Singapore, its mechanics and technicians receive the latest training and service bulletins, ensuring their unmatched expertise provides the best quality care for your car. As part of Borneo Motors' 100th anniversary celebrations, customers who bought a pre-owned Toyota or Lexus model sold on Sgcarmart between 1 January 2025 and 31 December 2025 will be entitled to one complimentary car servicing at Borneo Motors' authorised service centres. What's more, customers can enjoy additional perks valued at up to $450! Beyond the complimentary servicing, Toyota owners (even those with pre-owned Toyotas) are eligible to be part of Toyota Assure*. It offers a range of benefits designed to give drivers peace of-mind throughout their ownership journey. Toyota Assure extends the warranty for the vehicle's engine and transmission up to 10 years. That's not all. Under Toyota Assure, owners of vehicles that have reached their sixth and seventh years will enjoy 35% off Toyota genuine parts, while owners of Toyotas that are eight years and older will receive 50% off Toyota genuine parts. These substantial discounts significantly reduce the potential escalating costs of maintenance as the vehicle ages, allowing you to save money for more important things, such as family holidays. When you purchase a Toyota or Lexus, you're buying into unsurpassed quality. Both brands are renowned for being the benchmark for reliability, which, together with superb aftersales, keeps drivers coming back through the years. So, when it comes to caring for and protecting these exceptional cars, trust the experts at Borneo Motors. After all, with over a century of experience under its belt, it is truly the one-stop-shop for Toyota and Lexus owners. *Terms and conditions apply. See if your car meets the full conditions to be protected with Toyota Assure here.

Dear Car Owners and Car Buyers, Great news! We're proud to partner with Borneo Motors Singapore for their Centennial Celebrations! To mark this milestone, Sgcarmart users enjoy an exclusive reward, available only through our platform. ✅ Purchase any pre-owned Lexus passenger car via Sgcarmart between 1 Jan and 31 Dec 2025 and enjoy: 🎁 Complimentary one-time standard servicing and additional perks valued up to $450 🛠️ Includes engine oil, oil filter, and drain plug gasket replacement 🔧 Fully redeemable at BMS authorised service centre Redeem your Complimentary Servicing below: https://www.sgcarmart.com/campaign/bms100-lexus Log in using your Sgcarmart or Mycarforum account, both platforms use a dual login system! Know someone who just bought a Lexus? Share this offer with them! Psst: If you purchased your Lexus in 2024, you can still submit the form but it will be subject to approval by BMS.

Hi everyone! It's time again! We're looking for devoted and obsessed users of Sgcarmart who cant stop browsing the used car pages even when you're not actually looking to buy a a car. If that's you, you'd probably have realised that our used car pages recently went through a revamp. For this round, we're specifically looking for mobile users - those who primarily browse Sgcarmart's Used Car pages on our mobile site or app. If you fit the description below, we neeeeed you! You browse like a pro but still can't find what you want on the mobile site/app You've sworn at your phone at least once while searching for a car Using the app sometimes leave you feeling a bit.. angry.. but you keep coming back anw lol You're familiar with the site/app but you're not a car dealer Or you just have thoughts on how the used car pages could be better If you have strong opinions and don't mind dragging your ass down to our office on a weekday to tell us how much we suck (in a constructive way, of course), please leave a message below or PM me with your name and mobile number and we'll contact you to arrange a session if you're shortlisted. More Details Who: Informal/casual session with our UX team Where: Sgcarmart office @ 151 Lorong Chuan Lobby D #04-04 New Tech Park S(556741) When: Weekdays, office hours (Likely within the next two weeks) How long: Approx. 45 mins

The BIGGEST Black Friday car deals are around the corner—and with the recent drop in COE premiums, there’s no better time to buy your dream car with @SGCarChoice ! Event Details 📍 Where: Punggol Oasis Terraces 📅 When: 29 Nov – 1 Dec 2024 | 10 AM – 10 PM Event highlights not to be missed: ✅FREE SK Magic Mini water purifier (worth $1,099) with every purchase ✅ Warranty till end of drive ✅ 2 years of FREE servicing ✅ $800 on-site discount ✅ Special 1.48% interest rate ✅ Sure-win Spin Wheel—NO purchase needed, just visit! Share with your friends, spread the word, and take advantage of these amazing deals this weekend! 👉 RSVP on Facebook: https://www.facebook.com/events/8867345240022381 👉 For more info: https://www.sgcarmart.com/events

From the latest COE results (April 1st Bidding), COE prices are sky-high right now! CAT A: $72,996 🔼 $1,440 CAT B: $98,389 🔽 $500 CAT C: $54,901 🔼 $3,397 CAT E: $99,999 🔼 $989 And that's a good $100,000 for an intangible item! IMO, I would absolutely hate to drop $140k just to purchase a brand new Toyota Corolla Altis. It is just not worthwhile to me. And don't forget our high petrol prices! A full tank of RON95 for your Toyota Corolla Altis will easily cost you approximately SGD$110 after a 21% discount. Yup, petrol in Singapore has never been more expensive. I am sure after reading this, you wouldn't be surprised either - You would have been fully aware of the cost of living in one of the world's most expensive cities! Regardless of how expensive owning a car and living in Singapore is, there are always some individuals who would benefit from the convenience of owning a car. And these individuals include but are not limited to salespeople and individuals with young kids and/or aged parents. Now, if you are looking to buy your next car, why not consider a used car instead? After all, it serves the same purpose of transporting you from Point A to Point B and lightens the burden of a brand new car's hefty annual depreciation! Let us know your thoughts in our survey here! We would like to see how we can improve your used car buying experience! Be the first to get the latest road/ COE news, and get first dibs on exclusive promos and giveaways in our Telegram SGCM Community. Join us today!

Hi all, I'm a newbie here first time buying car. Im interested at elantra, avante, vios and shuttle. What's the reasonable price for the cars and how much depre to look at? My wife prefer PARF Car but yet to view any yet. Im OK with COE car. But now COE damn high, Used Car also follow COE price.

thinking of changing from a coe jazz to a parf golf. my coe for my jazz is till 2024 april. been searching on sgcarmart and carousell almost every other day. im aware volkswagens have a spotty reputation for longevity especially used ones but i've done my calculations and im prepared to set aside a budget to repair some concerns, other than possible chance of a failing mechatronic, clutch, water pump, leaks, anything else to look out for? looking at this particular consignment unit, with the intention to renew for another 10 years but pqp might be too crazy then https://www.sgcarmart.com/used_cars/info.php?ID=1123969&DL=3414

Sharing this because it's sgCarMart. 😍 Before I got my car, I was mostly on the Swift and Fit pages. Right now I mostly browse the Rare & Exotic category although I cannot afford anything there, but because it's the category with the most interesting finds: https://www.sgcarmart.com/used_cars/listing.php?BRSR=20&CAT=4&RPG=20&CTS[]=4 💲

I am planning to buy a used Mercedes in Singapore and I think I have already shortlisted one. But I thought of purchasing the Carly obd car scanner to check on the car that I’m planning to get. Ordering thru the website will get me months to get the device as I am in need of it quite urgently. Any advise ? Appreciate in advance😊

Hi friends As above. I'm considering a BMW 740i 3-litre or a Porsche Panamera 3-litre. Any comments? I also welcome any other suggestions. Thank you in advance.

Due to the COE climate now, i'm looking at a used car instead of a new car currently due to limited budget.. Any advice from the pros here on what to look out for when i visit used car dealers? I might also look at buying directly from someone through an sgcarmart listing. Any tips before meeting an owner for a test drive?

I'm getting my first car, due to family needs. What are the pros and cons of a new car vs used car? and should i take into account the current COE prices?

Steven Lim should come mcf more often... he earned his own money so not goin comment on that but with 78k, steven lim will be better off with a cheap japanese car do a quick random search for ferrari on sgcm, 78k puts most ferrari out of his reach. https://www.sgcarmart.com/used_cars/listing.php?MOD=ferrari&PRC=0&DEP=0&RGD=0&VEH=0&AVL=2 Lim is considering two ways to spend the cash: 1. Buying a car Lim, however, is not sure if he should make a downpayment with the sum for a pre-owned Ferrari and take up a loan for the balance, or buy a second-hand car for S$18,000. The personality also referenced influencer Naomi Neo's purchase of a Lamborghini, both in the current post and an earlier post. "Recently, I see a very successful young 20 plus years old Chio Bu Youtuber bought herself a Lamborghini Huracan. I grasped my hands like an angel and was very envious and very proud of her! Her Lambo is so nice lor! N it is very cool purple! I immediately told myself, when I grow up I definitely wanna be like her!" Lim has set his sights on a Ferrari instead of Lamborghini as he wants to avoid copying Neo. https://mothership.sg/2020/10/steven-lim-want-buy-ferrari/

Hope to ease the search for Bros looking for used cars during this HIGH COE climate. Can discuss and quarrel here..no problem one😂… Let me start first … https://m.sgcarmart.com/used_cars/info.php?ID=1132066

https://mothership.sg/2022/10/jianhao-tan-hypecars/ YouTuber JianHao Tan, 29, starts S$3 million business selling cars at Bukit Batok Hyped for cars. YouTube isn't the end of the line for JianHao Tan, who recently revealed that he's started his own car dealership. Called HypeCars, the 29-year-old brought followers around the showroom in a short TikTok video. Unexpected venture Tan told Mothership that never imagined himself venturing into the business, considering how different it is from the creative industry of producing videos. "To be honest, if you asked me a few years ago, I wouldn’t have expected myself starting a car business. It’s completely different to what I do daily in a creative agency like Titan as a YouTuber." However, Tan has always "really liked cars", and considers it his hobby. He thus partnered several friends and fellow car enthusiasts to start HypeCars, with the business costing around S$3 million in total. Reflecting on his first big purchase in his earlier years as a YouTuber—his dream car, a yellow Maserati GranTurismo—Tan shares that he was very young and uncertain of the proper procedures to purchase a vehicle. As such, HypeCar's mission is to be "effective and helpful to car buyers and sellers." "These days, I see a lot of my peers and friends my age getting cars. So hopefully we can service these people and make it a smooth, fun and easy experience," he elaborates. He also hopes to be able to work with influencers in this venture, as well as to "make videos and just enjoy cars together". Looking to expand Considering that Tan is still running Titan Digital Media and regularly pushing out videos on his YouTube channel, Tan has been multi-tasking while starting this new business. Renovations for the showroom were recently completed, and the company is currently building up its team of staff. He adds that thankfully, he has great partners who are understanding of his commitments and are able to share the workload. Tan's goal for HypeCars is pragmatic: to buy and sell as many cars as possible, and to meet the changing needs of consumers. Already, the team is looking for another unit to expand the business. Tan reveals that they might also be bringing in electric models into the market, and has hopes that HypeCars "can play a big part in EV (electric vehicle) adoption in Singapore". Currently, the HypeCars Instagram page displays a variety of car models, from a Nissan Sylphy and Honda Civic, to a BMW M4 and Audi R8. https://vt.tiktok.com/ZSRVXQHaV/ Don't see it on Sgcarmart. Now the question is, will Jianhao advertise his used cars on Sgcarmart? And will his legion of young fans support him by buying cars? Heh.

SINGAPORE - Consumers hoping for used car bargains will likely have to wait longer to see prices easing. While used car prices have been rising along with certificate of entitlement (COE) premiums, industry players say there are early signs of the market weakening after large car COEs breached the $100,000 mark in June. However, dealers are unwilling to drop prices on cars they had bought when the market price was high. Dealers said they have been offering higher prices to buy over used cars as the supply of used cars from new car trade-ins falls. This, in turn, translates into higher resale prices, which benefits sellers. Depreciation value reflects the basic cost of owning a car when comparing its purchase price with what it is worth at the end of its COE lifespan. In June this year, an owner of a 2018 Volkswagen Golf was offered $5,800 more than what the car was worth just three months ago by dealers on Quotz, an online bidding platform. The biggest source of used cars are trade-ins that come with new car purchases. But dealers have been going directly to owners to source for used cars, as new car registrations have fallen significantly during the current period of tight COE supply. In the first six months of 2022, there were 16,567 new car registrations, down 35.7 per cent from the 25,777 registrations seen in the same period in 2021. While fewer new cars were sold, used car transactions have been stable, with 47,480 recorded in the first six months of this year, a 1.4 per cent dip from the 48,173 seen in 2021. Since January, used cars have been selling faster than they did a year ago. At a major used car dealership, it takes less than 30 days for a car to leave its lot. In 2021, the average duration was 60 days. This suggests that more consumers are shifting to the used car market as new cars become increasingly more expensive due to rising COE prices. Dealers seem more hesitant to make higher offers for used cars as COE premiums continue to rise. Dealers are also concerned about whether buyers would be able to accept the higher used car prices. They are also wary of the risk of being caught with overly expensive cars, should COE premiums fall. This is a likely explanation for the stock situation at Sgcarmart, which is the most established player among online used car marketplaces, with more than a thousand dealers. On average, 7,000 to 8,000 used car listings are added to the portal monthly. However, its spokesman said the overall stock of cars has come down slightly since June. That is to say, its dealers are not replenishing their stock of cars as quickly as they are sold. Mr Raymond Tang, honorary secretary of the Singapore Vehicle Traders Association, said dealers may be becoming more selective about the cars they want to sell and how much they are willing to pay for them, following a rush for stock to meet strong demand in the earlier part of the year. https://www.straitstimes.com/singapore/transport/used-car-prices-expected-to-stay-high-for-the-rest-of-2022 Used values of some car models may have also become too inflated to be resold easily, he added. Hence, some dealers are adjusting their valuation when making offers. Demand may also be starting to taper following record-breaking COE premiums. At the latest tender exercise that ended on July 20, the price of an Open category COE was $114,001 while the category for large cars was priced at $110,003. A salesman who has been in the trade for more than 20 years said showrooms for used cars at Automobile Megamart in Ubi have been much quieter in recent weekends. While used car prices rise quickly with new car prices, they tend to lag behind when the opposite happens. Industry watchers say it is unlikely for used car prices to come down in the near future - at least not for a while.

SINGAPORE: The director of a used car dealership was convicted for understating more than S$6 million of company income, the Inland Revenue Authority of Singapore (IRAS) said on Friday (Jul 17). Low Soon Leong, 50, was given a S$1,006,122 penalty - two times the tax undercharged - or serve a jail term of 150 days. Low is the company director of BW Automobiles and had declared a total of S$1.24 million on income in company tax returns from the years of assessment 2011 to 2013. Investigations revealed that he did not look carefully at the financial statements given to him to check the revenue figures. Instead, he had accepted the company's returns prepared by the company's tax agent, a certified public accountant. "The understatement of income resulted in tax undercharged of over S$1 million," said IRAS. “Of the three charges, the prosecution proceeded with one charge against Low for abetting the company to omit income from its tax returns without reasonable excuse," it added. The remaining two charges were taken into consideration during sentencing. For this, he also received a fine of S$5,000. IRAS warns that it takes a serious view of non-compliance and tax evasion. “There will be severe penalties for those who willfully evade tax. Taxpayers are responsible for the information declared in their income tax returns,” it said. The authority will not hesitate to bring offenders to court, IRAS said, adding that penalties for tax evasion can be up to four times the amount of tax evaded. “In certain situations, jail terms may also be imposed.”

hi everyone, posting here since i can't start a new thread yet. im a first time buyer looking to get a COE honda fit/civic or any other COE car which gets me from A to B. my question is, should i get a COE car which has been renewed for 5 years or 10 years? my friend has told me that if i get a 5 year one, at the end of the 5 years i will have to scrap the car which leaves me no value, so basically i'll waste the $$. however if i get a 10 year one, at the end of the 10 years i still can have the option of renewing the COE or selling it altogether. any advice? thanks!

Hi all need to ask for opinion here. i sold off my car thru a consignment agent last month. Did the transfer of ownership on 28-Jan and was told I will get the rest of payment for my car in about 10 days time. 10 days passed money never come in. Tell me will transfer by 15-Feb cos CNY blah, blah, blah. 15-Feb passed again CNY , COVID blah blah blah.. I am getting a bit worry. I have buy and sell cars before but all thru AD. First time selling thru a consignment agent. Is it normal to take this long for the fund to be release? in case I don’t get my money back any channel I can pursuit to get back my money? TIA for the feedback and comments

Hey all, I'm looking for my first car due to the nature of my job (Travelling to different places a day to visit clients) Things I look out for (Ranked from top to bottom) 1. Budget specific for car: 10k-15k (I have set aside 1.5k a mth for all the car expenses) 2. COE duration: I want a 3 year COE car preferably (But now I can't find any such cars within my budget), will make do with 2 years COE. Why 2-3 years is by then I will decide whether to change career or not (Which may not need a car) I'm not particular about features or accessories, as long I can drive safely with the car. Currently eyeing these cars: https://www.sgcarmart.com/used_cars/info.php?ID=1069137: Chevrolet Aveo5, I think I can renew COE for this car after it expires right? https://www.sgcarmart.com/used_cars/info.php?ID=1058804&DL=1000: Mercedes-Benz 200E, the low price make me question the reliability of this car, and if I'm not wrong, the COE of this car cannot be renewed anymore? Any recommendations/ advice? Or any other things I should look out for when I get a car?

Wearnes provides those looking for a pre-loved vehicle a worry-free car buying experience, as well as instantaneous delivery. With more than 100 years of experience in the automotive industry, Wearnes' long-standing presence in the sector is your trusted go-to when purchasing pre-owned vehicles. Shop from a wide selection of vehicles Besides providing those looking for a pre-owned vehicle a worry-free car buying experience and instantaneous delivery, Wearnes Pre-Owned offers buyers the opportunity to choose from a wide range of marques, and to do so with the highest levels of assurance! Whether you are looking for a car from a prestigious marque, or one from a more mainstream brand, Wearnes has a car that will suit you! But more than just shopping from a reputable dealer, Wearnes' long-standing presence in the sector also means that you're sure to find what you are looking for. Whether you are looking for a car from a prestigious marque, or one from a more mainstream brand, Wearnes has a car that will suit you! Exchange your vehicle if you're unsatisfied* And talking about getting the right car, there's no need to worry about leaving with the wrong vehicle when you shop at Wearnes Pre-Owned. This is thanks to its seven-day exchange policy, allowing you to exchange your purchase with another of similar value, should you decide that the car you chose initially is not the best for you! Get your car the next day* Need a car urgently or don't want to be left waiting for your new ride? You can actually start driving right away when you shop at Wearnes Pre-Owned, thanks to its next day delivery option, allowing you to get behind the wheel of your next car, as long as receipt of payment and approval of insurance application is processed! Your one-stop-shop for everything you need For those looking for a hassle-free buying experience, Wearnes Pre-Owned's team of experienced valuers will be able to provide a competitive price for your trade-in vehicle so you can get the most out of your trade-in car, without the need to travel across different dealers looking for quotations! And if you're unfamiliar with the documentation necessary to register your selected car, don't fret, at Wearnes, all of it will be done for you, without additional administrative charge! Wearnes' experience in the industry also means it can source for the most competitive interest rates on your car loan as well as your vehicle insurance! And thanks to its long working relationship with established agencies like Liberty and AIG you'll always be getting the best price for your insurance coverage. And there's one more added bonus: Those that shop from its in-house makes will also stand to benefit from the Wearnes Workshop Plan, ensuring that your vehicle receives quality repairs with genuine parts! Looking for the best pre-owned car shopping experience there is? Head on over to Wearnes Pre-Owned now to see just what is on offer! *Terms apply

Hi shifus. My sis just went to buy this fella. Any common problems to look out for?

https://www.straitstimes.com/singapore/courts-crime/car-dealership-manager-admits-to-cheating-buyers-of-over-222000-in-deposits SINGAPORE - A manager of a car dealership lied to sellers that he would pay their outstanding car loans so that he could buy their vehicles with a smaller outlay. He then cheated buyers of these used cars into paying him more than $222,000 in deposits, knowing full well that ownership could not be transferred because of the unpaid loans. Ng Leeson, 45, pleaded guilty to six counts of cheating and one of criminal breach of trust as an agent on Tuesday (Oct 5). The court heard that he was a manager at B Leasing, a company that bought and sold second-hand cars. He had oversight of the day-to-day operations. Between January and March 2015, Ng conspired with his colleague Chong Zhuang Jian, a 36-year-old salesman, to carry out the scheme. Chong was promised a commission of about $300 for each car he purchased and $500 for each sale. The pair sourced for cars with outstanding loans on motoring portal sgCarMart. They would offer to pay the seller's outstanding loan to the bank directly and thus obtain the car for a smaller sum. For instance, if the agreed sale price was $100,000 and the outstanding loan was $99,000, they would offer $1,000. Ng then advertised these cars for sale on the same portal at attractive prices and deceived buyers into thinking that they would be the registered owners after they had paid deposits. When sellers and buyers sensed that something was amiss and tried to reach the pair, they were not contactable. The duo purchased nine cars and sold seven of them between January and March 2015. On top of his managerial role at B Leasing, Ng was also the sole owner of Leeson Motors, a company that bought and sold used cars. His offences came to light when a seller lodged a police report against Leeson Motors in July 2015 because Ng failed to pay her over $41,000 for her car. A search on the Accounting and Corporate Regulatory Authority website showed that Leeson Motors is no longer in operation. No results were yielded for car dealerships with the name B Leasing. Ng is due to be sentenced on Oct 20. Chong had been sentenced to two years and three months' jail in February 2019 for his offences. No restitution has been made to the victims. For each count of cheating, Ng could be jailed up to 10 years and fined. The maximum penalty for criminal breach of trust as an agent carries a jail term of 20 years and a fine.