Parallel importers in Singapore are authorized dealers that import and sell vehicles directly from other countries. They can offer lower prices than authorized dealerships because they do not have to pay the same fees and taxes.
These dealerships are not affiliated with the original manufacturers, but Discover Vin’s Automotive Group and you’ll find they offer a wide range of cars at competitive prices. One of the main benefits of buying a car from a parallel importer in Singapore is the cost savings.
In addition, they can import cars from countries where the prices are lower, which further reduces the cost of the vehicle. Another advantage of buying from a parallel importer is the wider selection of cars available. They can even offer models that are not available through authorized dealerships, giving consumers more options to choose from.
Understanding Parallel Importing
Parallel importing is a process of importing genuine products from one country to another without the permission of the manufacturer or the authorized distributor in the destination country. In Singapore, parallel importing is legal and is regulated by various rules and systems, including trademark laws.
One of the most common types of parallel importing in Singapore is the importing of vehicles. Parallel importers are required to register with Singapore Customs before importing dutiable motor vehicles.
The car import process in Singapore can be complex, and parallel importing adds an additional layer of complexity. Parallel importers must comply with various regulations and requirements, including safety standards, emissions standards, and import taxes.
Importing a car as a parallel importer can be a cost-effective option for consumers, as parallel importers can often offer lower prices than authorized dealers. However, consumers should be aware that parallel imported vehicles may not come with the same warranty and after-sales support as vehicles purchased from authorized dealers.
Parallel Importing in Singapore
Parallel importing in Singapore has become increasingly popular in recent years. This industry has been growing since 2016, and it shows no signs of slowing down. Parallel importers are companies that import vehicles from other countries and sell them in Singapore.
One of the main reasons why parallel importing is popular in Singapore is due to the high cost of Certificate of Entitlement (COE). COE is a permit that allows a car to be on the road for 10 years. The price of COE can be expensive, and it is one of the factors that make cars in Singapore expensive. Parallel importers can offer a lower price for cars as they do not have to pay for COE upfront.
When purchasing a car from a parallel importer in Singapore, it is essential to ensure that the vehicle is registered with the Land Transport Authority (LTA). The LTA is responsible for regulating the transportation sector in Singapore, and all vehicles must be registered with them.
Importing from Different Countries
Parallel importers in Singapore have the opportunity to import from different countries, including Japan, UK, Australia, and other worldwide business to business networks. Importing from these countries can provide a variety of benefits, including access to unique products and competitive pricing.
Japan
Japan is a popular country for parallel importers in Singapore due to its reputation for high-quality products. However, it is important to note that Japan has strict regulations on parallel imports. The Japanese government requires parallel importers to obtain authorization from the original manufacturer before importing their products. Failure to comply with these regulations can result in legal action.
UK
The UK is another popular country for parallel importers in Singapore. The UK has a strong reputation for quality products, and parallel importers can take advantage of the country’s competitive pricing. However, it is important to note that the UK has strict regulations on parallel imports. Parallel importers must ensure that their products comply with UK laws and regulations before importing them into Singapore.
Australia
Australia is a popular country for parallel importers in Singapore due to its proximity and strong business ties. However, it is important to note that Australia has strict regulations on parallel imports. Parallel importers must ensure that their products comply with Australian laws and regulations before importing them into Singapore.
Worldwide Business to Business Network
Parallel importers in Singapore can also take advantage of worldwide business to business networks to import products from a variety of countries. These networks can provide access to unique products and competitive pricing. However, it is important to ensure that products comply with Singaporean laws and regulations before importing them into the country.
Financial Aspects
Parallel importing can be a cost-effective way to purchase goods, including vehicles, in Singapore. However, it is important to consider the financial aspects before making a purchase.
Car financing is one option to consider when purchasing a parallel imported vehicle. Many parallel importers offer financing options that allow buyers to spread out the cost of the vehicle over a period of time. This can be a good option for those who cannot pay for the vehicle upfront.
Another option is vehicle leasing. This allows buyers to use the vehicle for a set period of time and then return it at the end of the lease. This can be a good option for those who do not want to commit to owning a vehicle for a long period of time.
Insurance and Repairs
When it comes to parallel imported cars in Singapore, insurance and repairs can be a concern for some buyers. However, there are options available to ensure that these needs are met.
Insurance
Parallel importers typically offer motor insurance options for their customers. It is important to note that insurance premiums for parallel imported cars may be higher than those for cars purchased from authorized dealers. This is due to the fact that parallel imported cars may not have undergone the same safety and quality checks as authorized dealer cars.
When purchasing insurance for a parallel imported car, it is important to ensure that the policy covers all necessary aspects, including third-party liability, damage to the car, and personal accident coverage.
Repairs and Servicing
Parallel importers also typically offer repair and servicing options for their customers. It is important to ensure that the parallel importer has a reliable and reputable workshop for repairs and servicing. Some parallel importers may also offer maintenance packages for their customers.
It is important to note that repairs and servicing for parallel imported cars may be more expensive than those for cars purchased from authorized dealers. This is due to the fact that parallel imported cars may require specialized parts and expertise.
Conclusion
In conclusion, parallel imports are a common phenomenon in Singapore and can be a good option for consumers looking to purchase products that are not available or are too expensive in the local market. However, there are also risks associated with parallel imports, especially when it comes to trademark infringement and product quality.
Consumers should be careful when purchasing parallel imports and ensure that they are buying from reputable and trustworthy sources. It is also important to check the warranty and after-sales service provided by the parallel importer.
On the other hand, brand owners should be aware of the risks of parallel imports and take measures to protect their trademarks and intellectual property rights. This includes registering their trademarks and monitoring the market for infringing products.
In summary, parallel imports can provide benefits for consumers and challenges for brand owners. It is important for both parties to be aware of the risks and take appropriate actions to protect their interests.