How to sell my car to a used car dealer?
When selling a used car, many car owners still turn to a used car dealer as it saves a lot of hassle from putting out an advertisement to carrying out the paperwork. Here, we’ll share a step-by-step guide on how you can sell your car to a used car dealer.
In the past, car owners often have to drive to the used car dealer for them to give a quote by looking at the OMV, ARF, COE, mileage, the age and condition of the car. Some people may also call used car dealers to get a quote over the phone. Do note that this quote may be reduced when they see the actual condition of the car. Used car dealers often quote you less than the market value because they will need to help to do touch-ups or repairs before reselling your cars, and to make a profit from the sale.
Now, with SwiftQuote, you’ll be able to get the best quote for your car with just one click from the comfort of your own home. Oneshift works with our curated pool of trusted dealers to get you the best price possible. Click here to get a non-obligatory quote to sell your car.
If you are happy with the quotation offered by the used car dealer, drive your vehicle down to the dealer for them to inspect your car before giving a more accurate offer for your car.
To find out how to improve your car valuation, read this article on: How is my car valuated in Singapore? – 6 tips to improve your car valuation.
In order to ensure that the quote that you receive does not differ much from the quotation received during the car viewing, ensure that you provide sufficient information when asking for the quote. For instance, let them know if there are any defects or if the car has any signs of previous accidents. It will also be good to inform them if you have proper maintenance records and especially if servicing is done at the authorised dealer from Day 1. These are all factors that may affect the valuation of the car.
When you and the used car dealer have come to a consensus regarding the price, you will need to come into contractual terms:
- – After signing this document, you will need to sell off the car to the dealer, otherwise you will forfeit your deposit
- – This document is required if you still have an outstanding loan on your vehicle. The dealer will require this document to settle the balance outstanding loan with the bank
- – Ensure that this date is written clearly on the purchase agreement to protect yourself from any disputes regarding fines, damages, or traffic offenses of the vehicle.
The following documents are also prepared but will only be used on handover day:
- – You will need your transaction pin. Request it by using this form. Nowadays, the transaction pin can also be obtained online by logging into LTA’s e-services at One.Motoring with your SingPass 2FA
- – This is required for you to transfer the ownership of your vehicle to the car dealer. You will also need to bring along your NRIC
This period takes about two to three working days, as the dealer will have to contact the bank and settle the outstanding loan. During this period, be ultra careful when driving your car to ensure it remains as the same condition it was previously when you brought it down to the dealer’s premise.
After the outstanding loan is completed, you will meet the used car dealer again with your car where they will issue you a cheque in payment of your car (less the outstanding loan). If you do not have an outstanding loan, you may also wish to request your used car dealer to issue you a banker’s cheque (cashier’s order).
Now, you can then handover the vehicle to the used car dealer, together with the completed transaction form and the transaction pin that you have obtained from LTA.
After all fees and transaction are completed with the used car dealer, you will still have to contact the insurance company to terminate your policy. At this juncture, you can also request for refunds or rebates from the insurance company.
If you are selling off your used car to purchase a new car, you may also want to take the opportunity to re-look at the car insurers in the market to get the best deal. Here at OneShift, we will help you source from dozens of car insurance companies to get you the lowest premiums!
So there you go, we hope that this step-by-step has been useful to help you better understand the process of selling your car to a used car dealer. Should you wish to skip the hassle, you may also want to use SwiftQuote where we help you source for the highest quote from our network of trustworthy car dealers. Our helpful and knowledgeable staff will also be happy to answer any of your questions.