It’s normal for you to feel apprehensive when buying or selling a big-ticket item like a car. So many questions will be running through your mind, particularly around the pricing. Is this a good deal? Am I paying more than the market rate? What goes into the valuation of my car? Am I getting a lowball offer? And the list goes on.
With all these concerns in mind, wouldn’t it be great if companies adopted a transparent pricing approach?
Essentially, it boils down to the fear that it’ll hurt their profit margins and lose out on potential customers if the information provided by the dealers are not attractive to them.
There are many reasons why these car companies and dealers would not adopt this transparent pricing model. But there are as many reasons for them to do so, from building trust among consumers and simplifying the car buying and selling process, there’s more good than harm with a transparent pricing approach.
Benefits of Transparent Pricing
Despite the obvious benefits to the consumer, price transparency in Singapore’s automotive industry is rare. But there are some places that offer transparent pricing in both buying and selling of cars.
When you understand exactly what you’re paying for, from top to toe, you’ll feel assured with the information provided. There’s also an added convenience when you get to see the absolute prices online in the comfort of your home. Additionally, some sites let you calculate monthly repayments, give you an estimated trade-in value for your car and even apply for loans online.
These points certainly make the transparent pricing model a huge plus for consumers and even the companies themselves.
But… What is Transparent Pricing?
To put it in simple terms, transparent pricing means that the price you see is the price you’ll pay. No hidden fees, no guesswork, no fine print or hidden clauses in the contract and no ifs or buts. It means that the company will be presenting to you the car at the best deal they can offer, all upfront.
When a company incorporates transparent pricing, there’s minimum negotiation. There will be no headaches or surprises throughout the process. You’ll be empowered with the necessary information which makes the purchase process smooth.
And ultimately, you’ll probably enjoy the experience because you know you’re paying a fair price for your new car.
Or if you’re selling your car, then it means you’re getting a fair quote!
Let’s take a closer look at how transparent pricing makes it safer to sell your car.
Transparent pricing when you sell your car can come in many forms. One way to integrate this model is through the valuation process for your car.
Traditionally, getting a valuation for your car is pretty tough. The process is time-consuming, tedious and can be very dubious. Despite the apparent struggles, the valuation process is one that you can’t skip. You need to know how much your car is worth before you sell it.
So you’re forced to go to a dealer, try to get a good valuation for your car, haggle for a better price and even after doing all these, you’ll probably still be left with a valuation that you’re not happy with. Tough life, eh?
There has always been a sense of distrust surrounding the valuation process. Out of nowhere, random car problems start to pop up. These problems will eat into your car’s valuation. How can you trust the valuation when you don’t even believe it?
With a transparent pricing model in place, the process will be really quick, credible and fair!
A fully transparent valuation consists of a couple of things. You must first understand what affects your car’s valuation. And this should come from the dealers themselves. This means that when you head down to get a valuation, all of your car’s problems and the different things that affect your valuation should be laid out to you instantly.
It shouldn’t be an experience that’s vague and shady. If your car has a tyre issue, the company should tell you why they have to lower the price and by how much etc.
With a clear and transparent valuation process, there’s no need to guess the issues and think about your car’s problems. You’ll understand what’s wrong, how much it costs to fix and get a fair valuation.
You’ll learn about the different things that affect your car’s valuation, the different numbers (mileage, previous owners etc.) to look out for and much more useful information.
Basically, you won’t feel like you’re getting cheated and that’s probably the most important thing to note. You must feel like you’re getting a fair deal and understanding the valuation will get you there.
The most common question that pops up when you’re selling your car is – am I getting a good deal? It’s a tough one to answer and you can never be 100% certain of the offer you’re getting. Is the offer too low? How much will I get if I sell my car to AA Dealer compared to CC Dealer or VV Dealer? How much will dealers sell my car for? What about if I sell my car to a direct buyer?
With so many questions running through your mind, it is no wonder that most Singaporeans dread the car selling process.
To promote a transparent pricing model, companies should offer reports that compare the prices between all the different options to sell your car. Whether you choose to sell your car to a dealer or directly to a buyer, you should be empowered with the information that helps you make an informed choice.
Because with a transparent pricing model in place, you will know exactly which method of selling your car is best for you.
No Hidden Fees
It’s common to hear about customers finding extra charges in their invoice, without even realising that they were there in the first place. These hidden fees are quite common and have spoiled the reputation of the automotive industry.
That’s why it’s extra important for you to understand the steps you should be taking to avoid getting tricked!
While taking these steps to avoid getting tricked is important, that’s not all that can be done.
Companies can offer a full breakdown of charges that accompany your purchase or sale of your car.
“But isn’t the full breakdown of charges in the invoice itself?”
Well, that’s not always the case. Many times, additional charges or hidden fees are added to certain areas of your invoice. And you won’t even realise that they’re there! So, better be careful, check your invoice and ask questions if you’re unsure about charges.
Safest Place to Sell Your Car
When you’re thinking of selling your car, you should definitely consider selling it with Carro!
Carro lets you sell your car quickly at the best price possible. The entire process makes selling your car quick and hassle-free! Plus, Carro’s transparent pricing model gives you a sense of assurance that you are getting a fair price with no hidden fees and no guesswork!