There is more than one way to sell your car in Singapore. In fact, did you know that there are actually four different ways you can do it. Find out what they are in the following article.
Featuring both traditional and unconventional selling methods, we have evaluated these four options for you. Here are the pros and cons of each, and how they might affect the price you will get at the end of the day.
1: Selling to a direct buyer
Advertising your car will be your first and essential step to a successful sale. There are many ways you can advertise, ranging from free domains like forums and classified pages, to paid sites like used car listing sites.
You will probably be able to get a higher price when selling to a direct buyer.
A huge amount of effort and patience is required. Once you start advertising, be prepared to receive numerous phone calls from used car dealers, pressuring you to sell your vehicle to them at a lower price. If you are lucky enough to have a couple of interested direct buyers, you will have to arrange and fix car viewing appointment requests, settle and complete paperwork that includes loan settlement and vehicle transfer. You will probably also need to repair your vehicle to ensure it is in a good condition at point of sale.
If you aren't sure of how the entire process works, it could be rather risky to sell to direct buyers on your own. At the end of the day, the trouble you've gone through to obtain that few extra thousand dollars might not be worth it. The entire process might take more than two months, not forgetting that during this waiting period, the value of your car is constantly depreciating.
2: Car consignment
Overwhelmed by the administration process, but you still want to obtain the highest value for your car? Getting a used car dealership to handle the sale of your vehicle and the necessary paperwork could be another possible solution. This would mean that a service fee of about one to two percent of the total vehicle selling price is payable to the used car dealers.
Minimize effort and maximize returns! There is no dealer profit margin incurred and you can save yourself both the time and hassle of trying to sell off the vehicle by yourself.
Due to low profits, the used car dealers might not focus on selling your car. Instead, they are more likely to push their own car sales. As such, there might not be a guarantee sale immediately or over a discussed duration.
Before you consign your car, you might want to find out its current value first. Click on the button below to receive a free online car valuation.
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When buying a new vehicle, car dealers will usually offer you an option to trade-in your current vehicle (if you have one) at an agreed price, which is based on various factors.
You could save yourself the hassle of looking for buyers to purchase your vehicle and the amount you get from the trade-in will be used to offset your new vehicle purchase.
You might not get a great trade-in price for your old vehicle, and dealers may fiddle with the numbers to make it look like you are getting a better deal. Most of the time, car dealers will simply contact their partners for an offer on your vehicle. This simple switch of hands will allow the dealers to pocket one to two thousand dollars, which could have been yours. In the scenario that you get a really good offer for your old vehicle, it could possibly mean that the profit margin on your new vehicle is really high.
4: Selling to a used car dealer
Selling your vehicle to a used car dealer is probably the most common selling method due to the amount of time saved and convenience. There are more than five car marts in Singapore and you will need patience and a steel will to visit every dealership to get the best offer for your vehicle.
A relatively simple and quick process, you will get an immediate sale and save a lot of time and effort. It will also be hassle-free as all the necessary paperwork will be handled and completed by the used car dealer.
Used car dealers will always try to offer your vehicle at the lowest price possible to achieve the maximum profit margin. Therefore, it is always wise to check with three to five different companies for the most competitive offer.
At Motorist, we offer a unique bidding system in which your car details will be sent to over 277 certified and reputable used car dealerships for the highest offer guaranteed. Click the button below to learn more.
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Each method has its own pros and cons. Selling to direct buyer remains the best option to obtain the highest possible price, provided you don't mind the hassle and are not in a hurry to sell your vehicle. However, if you find the whole process and paperwork to be too overwhelming, consignment could be an option. Lastly, if you have no time and wish to get rid of the vehicle ASAP your best option would be to sell it off to a used car dealership.
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Read more: 4 Questions to Ask Yourself Before Renewing the COE of Your Car
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