Sell car can be a very complicated process in Singapore as there a plenty of steps involved in it. The documentation process should be executed impeccably so that you can transfer the ownership of the car to the buyer in the records of LTA. Not only that, you need to ensure that you have paid the existing bank loan on that car you are going to sell before the registration process. It is true that the most difficult part of this process is to get the best price for your car. Either you should approach a dealership or sell it through consignment. Or you should sell your car directly to the buyer. Here are some useful tips for Singaporeans that are trying to sell their car successfully.
Set a price for your car
First off, you need to set the price of your car. The car model, age of your car, current condition, and the number of years left on the Certificate of Entitlement (COE) will determine the price of your car. In order to sell your car online, do some research on the same site to set a good price for your car. Check out the similar car models with the same number of years left on the Certificate of Entitlement and car age. This way, you will get an idea of how much price range will be acceptable for the potential buyers. Buyers are likely to negotiate on a set price. So you can set a slightly higher price than what you exactly want to accept.
Settle Your Loans and Insurance
When you are going to sell your car with the hope to sell it at the best possible price, then tie up all loose ends. Before selling your used car, make sure to settle all your car insurance and loans. Once you paid for loans and insurance, the ownership transfer will be approved by the LTA (Land Transport Authority). It must be shown that your vehicle has a valid road tax. Moreover, the new car owner should have a car insurance policy.
Sell Car by Consignment
You can sell your car in Singapore through consignment. It can be very beneficial for you because experienced car dealers are with you in the sale process. In this bewildering process, you will feel more secure when you know you have an expert by your side that helps you navigate through this cumbersome.
Selling Your Used Car Directly
You can sell your car directly and get the best price for your used car. But this is advisable for all car owners. If you sell your car on your own, you need to invest a lot of time in understanding the requirement and whole process that is required for transferring the vehicle. Moreover, if you have some car loan amount outstanding, you need to pay it yourself. In this case, a buyer will not take up the responsibility of paying the bank.
Sell Car to a Used Car Dealer
In Singapore, the most heard-of and conventional way to sell a used car is selling to used car dealers. However, you need to select the car dealer with great care. Most dealers are keen on closing more car deals to get as much commission as they can get. They are profit-motivated and not looking to give you a good deal for your used car. Of course, not all car dealers are shady. So, it is important to do your research and find the best dealer with CASETRUST-SVTA accreditation. These car dealers are certified by SVTA (Singapore Vehicle Traders Association) and CASE (Consumer Association of Singapore)-means your car is in good hands.
Trading in your car to get the best possible price
If you are in a hurry, then you can get the most from your sale by trading in your car. It is the most convenient way to sell your old car and get the best deal. All you need to negotiate an agreement with the dealer who is an expert and facilitate the process of paperwork. But in the case of trade-ins, you need to sell your car to the same car dealer you are buying your next car. So, you may have offered a price that is not true worth of your car and below the market rate.