Premium Warranty Services Philippines, Inc. (PWSPI) aims to transform the country’s pre-owned car market. It noted that buying a used car in the Philippines is fraught with many challenges, especially for the uninitiated. Usually, the purchase is on an “as-is-where-is” basis and buyers are left to fend for themselves after that.
“Many Filipinos are in the market for used cars as an alternative to public transport or as an additional option for personal mobility,” Vince Socco, Chairman of PWSPI and GT Capital Auto & Mobility (GT CAM), said. “By providing top-quality inspection and warranty services, PWSPI is able to bring a new level of transparency to the second-hand car market and help provide buyers with added peace of mind in both the buying and ownership experience,” he added.
PWSPI sees a clear opportunity to provide sellers and buyers with a convenient solution to trade in used cars. With PWSPI’s inspection services, buying used cars is worry-free and reassuring as warranty coverage may be availed through used car dealers.
Finding a quality PWSPI-inspected vehicle
To elevate the buy-and-sell experience of used cars, PWSPI is partnering with financial institutions and second-hand car dealers that supply pre-owned cars to the market and online portals. PWSPI inspects their inventory of vehicles to provide buyers with transparency on the cars they are considering to acquire.
Once PWSPI completes its 188-point vehicle inspection, it issues a certification on the car’s condition. Vehicles listed online will carry an “Inspected” badge with a link that’ll take an interested buyer directly to a copy of the inspection certificate. In the dealer showrooms, vehicle surveyors will affix a sticker on the windshield attesting to the inspection by PWSPI. A copy of the inspection certificate is available upon request.
Currently, PWSPI is ironing plans with Carousell, to have PWSPI inspect and certify all used car that are listed on their online platform.
“We want to make PWSPI inspection and warranty services easy to find and avail. Partnering with used car dealers and online autoportals in offering these services is the natural place to start,” Socco says. “They know their customers and the market best and our role is to help them provide better value and a better purchasing experience,” Socco added.
In addition to the inspection certification, PWSPI will also provide photos of the vehicle, highlighting the significant findings on the condition of the car.
Japanese Quality Inspection Services
PWSPI fields its team of qualified vehicle surveyors to used car dealers to conduct inspection of vehicles. Using an array of tools and equipment, the evaluators apply 360o inspection of the exterior, interior, undercarriage, engine and on-board devices (OBD).
Aside from looking for dents and scratches, paint thickness is also measured to detect any potential repainting resulting from an accident. The cross-member, pillars and welding spots are checked for integrity. The car’s OBD is electronically scanned for fault codes to uncover hidden issues. Suspension is also checked to determine if shock absorbers, ball joints and other related parts are in good condition.
Worry-free used car ownership
The peace of mind provided by PWSPI goes beyond its certification of the vehicle condition. Buyers of pre-owned cars can also elevate their ownership experience by purchasing a vehicle warranty from the used car dealer, backed by the experience and technical expertise of Premium Warranty Services.
Pre-owned car dealers are able to offer warranties on vehicles aged 10 years below or with mileage of 150,000 kms or less. One-year or two-year warranties are available – a benefit that used to be enjoyed only by brand new vehicle buyers. Buyers of second hand cars can opt from either an Engine & Transmission Warranty or a Comprehensive Warranty that covers over 200 parts, depending on their budget or personal preference. A basic one-year Engine & Transmission coverage on a three-year-old used car starts at Php 5,100.00 which is a very reasonable investment in exchange for the added security it offers. A full two-year Comprehensive Warranty on a three-year old vehicle, on the other hand, is available for Php 13,300.00.
Warranties are offered for used cars that are certified as eligible by PWSPI Vehicle Surveyors. It is available for major Japanese, American, and Korean car brands except for grey market parallel imports, modified or commercial vehicles. In the event of a warrantable part failure, a claim can be conveniently filed through PWSPI. PWSPI will evaluate the claim and, if approved, will refer the owner to one of its accredited repair shops. An owner can make claims up to a maximum accumulated repair cost between Php 250,000.00 and Php500,000.00 over the length of the warranty period, depending on the type of warranty.
The Philippines is the third foray of Premium Warranty into the Asian market after Thailand and Indonesia. It sees that motorization in the country will continue to drive the growth of the used car markets. “The second hand car market – even during the pandemic – has been quite resilient. We believe that the Filipino car buyer – new or pre-owned – demands a better experience that is consistent with more developed markets,” Socco also noted.
