“Selling your car is easy and worry-free,” said no one ever. The automotive market in Singapore can be quite complicated if you are unfamiliar with the selling process.
Unlike other countries, it can be especially difficult to sell your car here. The myriad of regulations in Singapore makes owning a car difficult, much less selling it. Coupled with our busy schedules and shady practices in the used car industry, concerns when selling a car are, therefore, ripe.
After all, selling a car is a process that involves a huge stack of money with legal procedures on top. But with the right amount of knowledge, the process can become smoother.
With that in mind, here are three common concerns when selling cars in Singapore.
When talking about selling a car, paperwork is a topic you will not be able to escape from. It's a huge bane, but a necessary one at that.
That said, there are concerns about the paperwork process being unfamiliar. "What happens if I sign here?" you might ask, as sometimes signing off can mean losing your hard-earned money unknowingly.
Yes, the paperwork process is indeed complicated. With many steps to go through, it is easy to lose track of where you are at.
However, to make things simpler, we can subdivide the many steps into just four processes.
Test drive indemnity; This form allows the seller to be indemnified should the car sustain damage, or should there be any harm or death caused by the test driver.
Sales agreement; Should the buyer be interested in your vehicle, he or she should sign this form to make sure the agreement is in black and white. Paying a deposit would come right after this, of which, a receipt would be issued.
Payment; This would include proof of loan, insurance documents and fully settling the outstanding loan. The buyer can use cash or a cashier's order if he wants to settle it in full. After which, you need to produce a receipt for proof. Do note that the seller has to clear the existing bank loan before the transfer of ownership.
- Transfer of ownership; Thankfully, this entire process has been simplified with the use of SingPass via the LTA portal. Read our guide on how to go about doing so!
Do take note that if you are selling to a used car dealer, they will take care of the process for you.
Finding The Best Offer
One of the most tedious processes when selling a car is sourcing for the best offer be it from a used car dealer, or for a private buyer.
Many sellers have anecdotes of looking around for days in order to find the best offer for their car. That is a lot of wasted time which could have been used doing something else.
But there are some tricks to know whether you'll actually find a decent offer for your car. The current value of the car is integral as well as its demand.
Going for car valuation would help gauge the current price of your car and chew out any lowball offers. Whether the car is popular or not would increase or decrease your cars' value too.
Similarly, if you bought your car when COE prices were low, you can take advantage of the recent COE hike to sell your car for more!
Car sales-related concerns aren’t limited to private sales. Even dealerships can effectively scam you. A dishonest dealer’s modus operandi is simple. Profit. Ultimately they would want to buy a car at the lowest price and flip it for a fat chunk of change.
Dishonest dealers use a multitude of scam tactics, however, one of the most effective ways is to nitpick at every little thing wrong with your car. Those most vulnerable would be owners who did not evaluate their cars beforehand or first-time car owners.
If everything goes their way, they can hack away at the price until your car is valued at an absurdly cheap price. Those none the wiser lose tens of thousands of dollars.
Sneaking in unfair clauses when discussing handover terms is another strategy that is surprisingly easy to fall for. As you read through long paragraphs of words and start to lose focus, you might eventually sign away at something that is unfavourable to you.
Dealers might also want owners to transfer the car to them before payment is secured, which can lead to them “owning” the car and disappearing before the full payment is complete.
Get a valuation for your car before you approach a dealer, read the fine print before signing anything, and most importantly, make sure every payment is accounted for before transferring ownership. Ultimately, you have to do your due diligence to ensure you don’t get fleeced.
“Caution” Is The Word Of The Day
The concerns of selling your car are very valid and most car owners would at one point face the same fears as you. Therefore, following some of these tips can prove useful in your bid to sell your car quickly and for the highest possible price.
If you want to simplify the entire car selling process, look no further than Motorist. Through our proprietary in-house bidding system, we guarantee to help you find the highest possible price for your car within 1 working day.
The best part of it, you won’t have to leave your house until the actual viewing and handover. Everything will be done conveniently for you, from the settling of outstanding loans to the clearing of the necessary paperwork from LTA.
I want to find the highest selling price for my car within 24 hours!
Read More: Tips for Saving On Your Car Insurance
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