Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/147507
Title: AN ANALYTICAL MODEL FOR USED-CAR PRICING IN SINGAPORE
Authors: CHUA HAN WEE
Issue Date: 2016
Citation: CHUA HAN WEE (2016). AN ANALYTICAL MODEL FOR USED-CAR PRICING IN SINGAPORE. ScholarBank@NUS Repository.
Abstract: With its distinctive Certificate of Entitlement (COE) scheme to control vehicle-ownership and the Additional Registration Fee (ARF) to deter the usage of old and inefficient vehicles, Singapore is home to the “world’s costliest cars”. The high prices of new cars have diverted a sizeable portion of buyers to the second hand market. However, despite the significance of the used automobile market in Singapore, stakeholders continue to grapple with pricing transparency challenges that impede decision making and policy implementation. This dissertation seeks to contribute to the literature by developing a unique pricing structure for used-cars in the context of Singapore’s specificities. Through the amalgamation of practical perspectives gathered from a series of field research and statistical evidence extracted from in-sample and out-of-sample used-car observations, this study establishes that with appropriate market value adjustments to depreciating components, the pricing structure underlying used-cars fundamentally mirrors that of new cars. The analytical model developed in the dissertation also evaluates the relevance and ubiquity of other ancillary factors that influence the prices of used automobiles in Singapore. Interestingly, it was uncovered that used-car prices were positively influenced by the number of same-model cars on sale and negatively influenced by mileage. Also, a preference for single-owner vehicles was observed for cars with engine sizes under 1,600cc while a price premium was observed for continental cars with engine capacities larger than 1,600cc. Rationales behind such phenomena are provided and the corresponding implications on various stakeholders are discussed in this dissertation.
URI: http://scholarbank.nus.edu.sg/handle/10635/147507
Appears in Collections:Bachelor's Theses (Restricted)

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