5 Convenient Ways to Sell Your Car in Singapore
Having to sell away a used car is inevitable in Singapore – COE is ending, a new car model is released, upgrading to a bigger car for the family, etc. There are many ways to sell a used car in Singapore so let us break it down for you so that you can choose the best option for yourself!
1) Selling used car in Singapore via Consignment
How it works:
Consigning your vehicle means allowing a dealer to sell the vehicle on your behalf, but retaining legal ownership of the vehicle until it is sold.
Convenience and service?
It really depends on the dealer whether you need to leave your vehicle in the showroom. Leaving it there would speed up the sale process as interested buyers can view it whenever they want. However, this will not benefit you if you do not have a spare vehicle to use. The key benefit of consigning your vehicle to a dealer is having someone experienced to handle the entire sale process for you, from photo-taking to uploading of advertisement, handling of enquiries from potential buyers and eventually handling all documentation when a sale is made.
Price?
Dealers usually take a cut from the sale of the vehicle, ranging from a flat fee of $500 – 1% of the final selling price, depending on the consignment agreement. Touch-ups to the vehicle such as painting and maintenance are usually by the buyer’s request and will most probably knock a few dollars off your asking price.
2) Selling used car in Singapore via Trade-in for Another Car at a Used Car Dealership
How it works:
Found something you like at a used car dealership or an authorised dealer? You can trade-in your existing car to offset the cost of your next car.
Convenience and service?
The process is quick and easy simply because the dealer can handle all the loans, paperwork and transfers. Since the car is already there, the transfer can be completed very quickly.
Price?
The convenience comes at the cost of getting less for your car as compared to selling it yourself.
3. Selling used car in Singapore via Direct Owners
How it works:
This method requires the most effort since most of the work has to be done by you. However, it gives you the best price. The first step is to get your car noticed and to do that, you have to post advertisements on websites such as Sgcarmart. Most people ignore the importance of good quality pictures but a good shot of your car is half the sale made.
Convenience and service?
Meet up with your direct buyer whenever both of you are free. It is really up to your schedule but past experience tells us that it is not as easy as it seems as Singaporeans are always busy people. Three words for you. Do It Yourself. Everything has to be done by you, from the LTA transfer documents, handover documents, invoices, etc. It is easy to get lost and give up after thinking about the pile of paperwork that you have to do.
Price?
Direct selling in our opinion is a way to get the best price for your vehicle. Not only do you get more from it than selling it to a dealer but in a way, you get to pick the future owner of your car. Pretty sure nobody wants to see their car on the road in bad condition after the sale. Do note that there is a cost needed to advertise your car as well. The cost ranges from $58-$98.
4. Selling used car in Singapore via Dealers
How it works:
Just simply sell your car through a dealer by handling it over to them. It is the fastest and most convenient way.
Convenience and service?
Just pass them the car and all the other paperwork will be done for you.
Price?
However, you are paying for convenience. Dealers need to make a profit to cover their overhead costs. The offer you receive might well be below the market rate. Dealers will nitpick and slash their offering price according to the condition of the paintwork, interior, etc. Don’t be surprised to see an advertisement for your car with a new coat of paint and for a price much more than what you got for it.
5. Selling used car in Singapore via CARRO
How it works:
CARRO provides you with a transparent and hassle-free way of selling your car. You simply have to submit a form on CARRO and one of the friendly CARRO reps will be in touch to provide you with a complimentary valuation!
Convenience and service?
Selling your car at CARRO is super convenient. All the paperwork will be settled for you and the best part? There is absolutely no admin fee! Not only that, the process is very transparent – all the vehicles will be subjected to a fair evaluation by our expert mechanics so that you know you are not being low-balled. Read this article to find out more about the experience of selling a car at CARRO!
Price?
As mentioned above, there is no admin fee to pay (as opposed to other third-party platforms that charge $100) and getting a quote from us is complimentary and there is no obligation. However, if you have an outstanding loan for your car, then we will charge a small paperwork fee of $200 (w/o GST).
So, which is your preferred way to sell your used cars?
