While many Singaporeans know the meaning of acronyms like LTA, COE & OPC, many still get stumped when they see unfamiliar ones like QP, OMV, ARF, PARF and CEVS. Hence when it comes to DIY for sale and purchase of cars, motorbikes and other vehicles, only the brave and fearless dare to take this challenge. Let EverythingBoleh! guide you through the simple yet confusing procedures to sell your car yourself in Singapore (and give car dealers a run for their money).
Car Dealer
To begin with, seeking the "experts" in the industry may seem like the most logical and easiest option when one decides to sell his vehicle. While there are many good car dealers and salespersons earning a honest living, there are just as many black sheep in this industry that can't wait to squeeze every single cent out from you. One word of caution: DO YOUR HOMEWORK FIRST by checking current asking prices on the internet and newspapers classified advertisement. It's easy and fast. For an average sedan car like Toyota Vios, simply minus off two to five thousand dollars from the asking price (depending on brand and overall cost, deduct more for more expensive cars) and that is the estimated market rate dealers will offer for the vehicle after negotiation (assuming car has no major defect or touch up required by dealer).
Calling the dealer hotline often ends up with dealer asking you for the price you want, rather than what they can offer to you. Even if dealers do quote you a high price over the phone, they will surely find some ways to reduce their offer after inspecting your vehicle unless your vehicle is in a perfect 10/10 mint condition.
A common quote used by car dealers when you reject their offer is:" Let's say you don't accept my offer price now, but after comparing around, you realizes my offer is the best and come back to me again, I will not offer the same price anymore because nobody dare to offer that price. Why should I still offer you the same price knowing i'm overpaying for your sale?"
It is up to you to decide how genuine that sentence is and some people may fear losing an offer that is close to what they wanted even though it may not sufficient. Do your homework and always have the mind-set to walk away from low offers, after all, there's thousands of car dealers in Singapore.
Some car dealers may even tell you that since you are already here, might as well sell for the convenience of not needing to come back again and go through all the negotiation and comparison.
Good & honest dealers will test & inspect your vehicle for real problems and highlight them to you. Whereas unscrupulous dealers will also do the same but highlight to you the problems that may not exist at all or make a minor problem like a big issue to reduce your selling price greatly.
As per all products, the greater the number of times it changes hand, the higher the cost that is added to it. Dealers need to earn a profit, and at the same time they need a decent buffer to cater for unexpected market downturn which will affect their selling price to next buyer. Thus the lower they purchase it from you, the lesser the exposure to risks. And of course, the fatter their pockets are.
Choose this option only if you need to sell off your vehicle fast, especially when market is bad, demand for your vehicle is low or and prices are falling fast. The advantage is after the painful ordeal of agreeing to a selling price, dealers will also assist you to redeem your car loan (if any), process your insurance refund and go to LTA on your behalf, which can be quite a hassle if you do it on your own. Use a dealer you know or recommended by people you know.
Note: Dealer's profit buffer for an average sedan car can range from 1000 to 5000. And if they need to do up your vehicle (new paintwork, change/repair faulty components, fix dents, etc), their profit margin would be much lesser while exposed to higher risk.
Updates coming soon: 4 other ways to sell your car in Singapore.
Dealer Bidding System
Consignment
Do-It-Yourself Seller
Do-It-Yourself + Dealer assistance to handle paper work
Other than the condition of your car itself, the price and demand for vehicles of different brands and models can be affected by a lot of external variables such as COE prices, COE quota, ease of securing loan, remaining lifespan of vehicle, mileage, popularity of car model, government's policy, etc. Hence there isn't a one-size-fits-all perfect way for everyone to sell your vehicle. Understand each choice and make your best decision. Please share your personal experience with our readers and learn together.
Sell your car? BOLEH!
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