Selling Your Car in Singapore – Things to Know
If you are an original resident or expat in Singapore, you know quite well that owning a car in Singapore is one of the ultimate luxuries since cars are expensive here, both to own and to maintain. Apart from registration fees and vehicle taxes, there is also something called the Certificate of Entitlement that you should bid for so as to own the car. It’s also not a secret that car maintenance in Singapore is very costly. In such a scenario, a car naturally depreciates in value within a couple of years, and you need to look for ways to sell it at a maximum cost.
There are two conventional ways to sell car in Singapore:
- Sell to dealers of used cars
- Sell directly to private buyers
Selling to Dealers of Used Cars
This is the simplest way to sell a used car, because a dealer buys almost any car even if it is dented, scratched or smashed. A car dealer has specific ways to recondition and sell any car.
If you are planning to sell to a dealer, don’t sell it to the first dealer you come across; instead, visit a few more to check the price. Dealers always use many tricks to lure sellers. A common among them is quoting a price much higher than the market price. Once the seller rejects all other reasonable quotes from other dealers, this dealer comes down from his initial quote and the seller has to accept a lousy offer.
Selling to a dealer has some benefits. Firstly selling is hassle-free as you won’t have to do anything to find a buyer. All the formalities and documentations are handled by the dealer and you get cash payment. Selling your car to a dealer is safe and easy. You just have to make a few phone calls and your vehicle is sold.
However, it has a disadvantage too and it’s the lowest price. Dealers of course want to make profit on your car; otherwise the deal will be uneconomical to the dealer. This profit is essential for the dealer to bear the costs of overheads, and also to face the risk of shaky market conditions.
You should be careful while signing any document with a dealer and should insist for a written documentation of all verbal agreements.
Selling Directly to Private Buyers
As the Singapore Government has implemented more automated filling systems, selling cars to private buyers is increasing, because the process of legal documentation has been streamlined and you can now connect directly to buyers without the need of middlemen, courtesy to online platforms like Motorist.sg.
For such a sale, you will have to advertise your car, arrange viewing and test drives and then do documentation for transferring the car ownership.
Selling car directly to an end-buyer has one great benefit over selling it to a dealer, i.e. you get a much higher price. Its disadvantage is that you and your buyer have to complete all the procedures. If no one responds to your ad, you money and time are wasted. And even if you get many responses, you may not end up into selling your car. Selling a car on your own is not easy.
Motorist.sg connects you to their network of over 100 used car dealers and private buyers. They revert to you within just 1 working day with the most competitive quote without any obligation. Visit their website for more information.