4 Ways You Can Sell Your Car In Singapore

clifford chow
3 Nov 2017
 

It is something we will experience during our course of car ownership. But not all of us are familiar with the different ways of having our precious cars sold.

In Singapore, we do experience a high volume of movement, all thanks to the ten-year validity of the COE. The knock-on effect is one where cars are let go of even earlier.

Here are a few methods which you are able to sell your car.

Trading-In

If you are a (seasoned) car owner, this is likely one of the most heard-of terms you’d come across. Trading-in your vehicle allows you to free up your cash flow, with the intent of purchasing another vehicle from either a new or used car dealer you are letting your existing car go to. Since there is trading-in is in-view of another transaction (buying), dealers are willing to work with sellers for a win-win situation.
Trading-in your car certainly saves you the hassle of hunting down a reliable used car dealer, or even doing the deal on your own, by posting your ad on sites like ours.

While trading-in earns you less, the ease-of process makes this a popular choice for many-an-owner.

If the overall deal sounds great, it is likely because there is already a high profit margin from the purchase of your new car, and the sales representative utilises a portion of this margin for the overtrade of your existing car.

Selling to a Used Car Dealer

Dealers not only help to bridge sellers with buyers, they also help in complexities of the required paperwork. Portals like Oneshift Swiftquote helps owners like you to sell your car, through a network of more than a hundred dealers, enabling you to quickly obtain a higher price for your vehicle.

As a plus, the hassles of clearing your loan settlement, and more importantly, opportunity cost are issues you need not worry about.

Transactions are near-immediate, once the date of releasing the car is agreed upon. Payments to owners can come in the form of cashier’s order, cheque or even cash.

In some cases, an earlier handover might even be to a seller’s advantage, for-instance if the car comes close to crossing another year of age. Sellers can choose in the interim to take a cab, or even do a rental, before taking delivery of the next car.

Just a little insight, after buying your car, dealers would typically do a mark-up about $5,000 for Japanese or Korean  cars and about $8,000 or more for Continental brands on the classified listings. This is generally a fair deal as the dealer will need to to do repairs,  and some touching up of your car to near-showroom condition.

Certain models may take more time to find a buyer. And for cars which are no longer on agent warranty, the dealer will need to provide a six-month warranty under the Lemon Law which came into effect from 1 Sep 2012.

Read also: How to sell my car to a used car dealer?

Selling Directly to Another Car Buyer

In many cases, selling a car directly to a buyer results in the best price you can get. No brainer right? With some effort you are able to do so. To make it really easy for you, we have a detail guide on how to sell directly to a buyer, with steps and forms to ensure a good transaction and selling experience. While buyers are attracted to the possible lower selling price, as a direct seller, you will have to make provisions to deal with issues like test driving, negative remarks made, with the intent for you to reduce your selling price and you will also need to qualify who are the potential buyers with real intent of buying, and beyond this, the ones who have the financial capacity. Paperwork is one of the pressing things buyers and sellers will need to deal with, from drafting up simple sales agreements, to applying to transfer the vehicle at LTA.

How quickly the car sells, would depend on its popularity, and visibility. Posting the car up online is one of the quickest ways to get yourself a response.

Sell a Car by Consignment

Similar to selling your car direct, selling by consignment could potentially fetch a higher price, since you would be the one setting preferred price to sell your vehicle, while still offering the convenience of working with a dealer as they will handle all the paperwork.

Dealers will assist in marketing your car in used car listings, as-well-as their own buyer network; and selling the car at the agreed price. Our consignment dealer will advise you on the current market condition and how to price your car correctly in-order to get the best results. Since your car will be advertised and sold in the as-is condition, without any repairs done, re-spray of bodywork, or protecting the buyer under the lemon law etc. The pricing should be somewhere between dealer buy-in price and dealer listing price.

Some consignment dealers even offer the option for you have your car placed in the showroom, so that potential walk-in customers are able to view your car. Walk-in customers who may originally have another model in-mind, may get your car recommended by the dealer, effectively doubling the success rate. You can alternatively choose to keep driving your car until a viewing can be arranged.

You can employ the services of online portals to assist you in a consignment arrangement.
Oneshift Swiftquote provides car consignment service targeted specifically to your needs and requirements.

Read also: Everything you need to know about consigning a car.

Tips and Strategies

And finally, just a few tips to help you along your way!

  1. Pick the best selling option depending on your needs. If there is no hurry, selling direct, or via consignment would often fetch you a very good price. There is however the risk of not being to sell your car if it is not priced correctly against the market. 

  2. The value for your car is based on the current market condition. The latest COE pricing and fluctuations have a greater effect on newer cars e.g. cars less than 1 year old. Future policies e.g. zero vehicle growth rate which only comes into effect Feb 2018 will have a negligible affect now on the market price at the time of this writing.

  3. Cars with lesser previous owners and mileage would tend to command a better price. The value of your car will depreciate over time, hence the longer you hold on to your car, the lower the price offered. It is good practice to get a feel of how much your car really is worth by checking cars similar to yours, keep in mind important details like mileage, number of owners and age.

  4. Keep your car in good condition by maintaining regular servicing intervals. A service history also helps, as would-be buyers will be more receptive to your vehicle. Keeping your car clean and attractive for the next buyer also raises your chances.

  5. It helps a great deal if you are pleasant to the dealer, as the dealer wants to have a good relationship with you.

  6. Seize a good opportunity when you have one. E.g. good market condition, dealer has a ready buyer etc.

Good Luck!


Sell Fast With Ease - SwiftQuote

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  Best value for your car    A peace of mind when selling    Fast sale from start to end

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I agree to the collection, use and disclosure of my personal data by Carousell and/or such other third party (as may be necessary) and to be contacted (via email, phone call and/or text message) for any purposes in connection with the application of and transaction of the vehicle, in accordance with the Personal Data Protection Act 2012 and Carousell's Privacy Policy.

The Swiftquote team (Charlie & Justin) have been very helpful & professional and the transaction of selling my 7-year old car has been completed successfully. Kudos to the team. Russell Lim

Russell Lim - 2 days ago

Great platform to sell cars , I had my car viewed by 3 agents and decided on the sale , which was fast, smooth and efficient. Simply Love it .... great job keep it up .

Mohamed ali gafoor - 4 days ago

Thanks for your help in assisting in the process throughout, Swiftquote a great help in this whole procedure!

Zoe Yeoh - 5 days ago

Received speedy replies from the Dealer in regards of responding time and also my inquiries which was solved within a day!

Doreen Wee - 1 week ago

Easy to transact via swiftcode. Customer service is efficient and updates me regularly. Highly recommend to sell your car via this platform

pansy - 1 week ago

Friendly and really swift. Recommended dealer was also accommodating to my schedule. Overall A+ experience.

Ng Yong Mao - 1 week ago

Thank you SWIFTQUOTE! I found a buyer for my car within 1 week of posting online. Will recommend my friends to do so too!

Celine Cheng - 1 week ago

A very good platform to sell your car. Service is excellent. No hassle. fast and easy. Thank you SwiftQuote

Liew Chin Leong - 2 weeks ago

Very efficient. Obtained good offers from your dealers. Will definitely recommend to my friends. Dennis.

Quek cheng huat - 2 weeks ago

Swiftquote enabled me to sell my car at a good price, with a very little effort being required on my part. I would recommend the service to others!

Andrew McIntosh Soutar - 2 weeks ago