Excellent used cars you can consider buying that are under an annual depreciation of $12k

We all know used cars are the way to go now if we really need to get one, considering the madness of COE prices. At time of writing, Cat A COE premium is at $88k, while both Cat B and Cat E premiums are both at $112k respectively. If this isn't madness, I genuinely do not know what is.

But I digress.

The point here is about giving you, our dear readers, options of used cars you can consider getting. This list is filled with several used but very decent cars - cars that are registered no earlier than 2020. This means you'll still have about good eight years to own the car.

Best part of all, they all cost under an annual depreciation of $12k. So if you really need one, you'll still be able to own something really good despite mad COE prices.

1. Honda Fit

Getting a Honda Fit (or a Honda Jazz from the AD) is like getting a T-Shirt from Uniqlo. It's a good fit, affordable, reliable and you won't be getting weird stares from casual observers on the road.

Of course, it also means there will be many other drivers who are driving the same car as you. Is that a bad thing? Nope, not at all. There's a good and logical reason why there are so many Honda Fit cars on the road.

Reg Year: 2020

Depreciation: ~ $9.5k - 10.5k

Road Tax: $578/year

Power output: 98bhp and 119Nm of torque

2. Hyundai Avante

Don't mistake the Korean carmaker for anything less than a capable one. Over the past five years, Hyundai has been churning out cars that are nothing short of capable, and the Avante is no exception.

Fitted with a 1.6-litre engine that's paired to a six-speeder, you can also expect this Korean sedan to come equipped with ample features such as ventilated seats, wireless charging pad, memory seats and rear air-con vents.

Reg Year: 2020

Depreciation: ~ $10.7k - 11.5k

Road Tax: $738/year

Power output: 126bhp and 155Nm of torque

3. Kia Cerato

If the Hyundai Avante just isn't your cup of tea, you may want to consider the Kia Cerato then. Just like its Korean counterpart, the Cerato comes with ample features (depending on which trim you decide to get), similar output and a reasonable fuel consumption.

More importantly, this car will also come with a generous boot space of 502 litres, which is one of the biggest in its class.

Reg Year: 2020

Depreciation: ~ $10.6k - 11.6k

Road Tax: $738/year

Power output: 126bhp and 155Nm of torque

4. Mazda3 Sedan

Probably one of the sleekest and most premium in its class, the Mazda3 Sedan can be yours at an annual depreciation of close to $12k.

However, you will have to act fast considering many of these cars have been snapped up quickly due to its attractive price. If a nice blend of sportiness, style and comfort is what you want, then this may well be your answer.

Reg Year: 2021

Depreciation: ~ $11.7k - 11.9k

Road Tax: $682/year

Power output: 118bhp and 153Nm of torque

5. Seat Ibiza 1.0

There's just nothing like an affordable pocket rocket. The Seat Ibiza, with its punchy 1.0-litre engine, doesn't just give you driving thrills and spills, it will also go easy on your wallet. During our time with the car, we managed a decent 14.7km/L.

Plus, road tax for a 1.0-litre car is certainly more affordable. With this car, you're not going to lose out on modern features, too. You can expect an infotainment that delivers colourful graphics and a beautiful font, as well as solid fit and finish that will last you a long time.

Reg Year: 2020/2021

Depreciation: ~ $10k - 10.3k

Road Tax: $392/year

Power output: 114bhp and 200Nm of torque

6. Toyota Corolla Altis

Contrary to what many think, the Toyota Corolla Altis was never the most affordable car in its class. As a matter of fact, it's always priced higher than most, but there's a good reason for that.

The Altis has been known for its solid fit and finish, tough reliability and, of course, the well-working air-con system. It's pretty much a car that will never go bust and yet it's easy on the wallet to maintain.

Reg Year: 2021

Depreciation: ~ $11.5k - 12k

Road Tax: $742/year

Power output: 129bhp and 159Nm of torque

7. Volkswagen Polo

If you're not so keen on the Seat Ibiza, you can still consider the Volkswagen Polo. It's punchy, stylish and the latest model is relatively spacious, which is a good thing if you're starting a family.

Plus, it's compact dimensions also translate to the fact that you can zip in and out of traffic without breaking a sweat. Best part of all, you won't have to worry about any resale value of the Polo should you decide to upgrade to a bigger car in the future when COE prices drop.

Reg Year: 2021

Depreciation: ~ $11k - 11.4k

Road Tax: $392/year

Power output: 114bhp and 200Nm of torque

This article was first published in sgCarMart.