Thinking of selling your used car and wanting to get the highest possible price?
For first-time car sellers, this can be a tough and difficult decision.
How do you go about selling a car?
What information will you need to provide?
Should you go on consignment or work with a dealer?
Unfortunately, the driving school has never prepared us for such situations and we’re sort of “forced” to learn this by trial and error. Thankfully, you can leverage our experience and expertise and avoid the “errors” and get the best possible price for your car.
We also provide advice on how not to be pressured into accepting an offer that may not be of great value and how to spot if someone is trying these tactics with you. Finally, we will give some useful tips for negotiating prices and getting the most out of your sale so please read on!
1. Know the market value of your used car
When it comes to selling a used car in Singapore, it’s important for the seller to know its current market value. This will give them a good idea as to what they can expect to get for the car. It will also help them in negotiations with potential buyers.
There are a few ways to find out the market value of your car. One way is to check online listings. Another is to contact dealers or car valuation services. You can also look at the “Trade-in” value of your car when you purchase a new one. This is usually about 10-20% lower than the market value.
Whatever method you choose, it’s important to have an idea of the market before selling your car. This will help you a great deal when it comes to accepting offers from potential buyers.
2. Provide information about the used car to potential buyers
When selling your car, it’s important to give potential buyers all the necessary information so that they can determine if they are interested in buying your car or not. Some buyers might pass up on your car simply because there wasn’t enough information for them to even consider your car. This could result in you losing a potential sale.
Some of the information that you will need to provide includes: the year, make and model of the car; kilometres driven; service history of the car (e.g. the number of times service, repairs done); any modification or additions made to the car; and the condition of the car.
It’s also a good idea to take photographs of the car so that potential buyers can see what they are buying.
3. Get an idea of what you want for your used car
Before you start negotiating with potential buyers, it’s important to have an idea of what you want for your car. This will help you in negotiations and avoid accepting offers that are lower than what you’re expecting.
It’s also a good idea to research the going rate for your car. This will give you an idea as to what is a reasonable price to ask for your car.
From there, have a maximum and minimum price you’re willing to drop to in mind. This gives you negotiating power when you’re talking to a potential buyer. Your goal isn’t to get the “maximum” amount out of the sale. No doubt that would be nice but as with any sale, it’s about making it a win-win situation as much as possible so that both parties are happy with the deal.
4. Sell your used car through a dealer or on consignment
If negotiating and sales aren’t your forte, then an alternative is to get an expert or professional to help you.
There are two ways you can go about doing this: through a dealer or on consignment.
When selling through a dealer, the dealer will purchase your car and then resell it to a buyer. In most cases, the dealer will take a commission from the sale. This is usually around 10-15%.
When selling on consignment, you will be working with a dealer who will market and sell your car for you. The dealer will usually take a commission of around 20-30%.
Both methods have their own advantages and disadvantages. Selling through a dealer is more convenient as you don’t have to worry about marketing or selling the car yourself. However, you will usually get a lower price than if you sell on consignment.
Selling on consignment is more work as you have to do all the marketing and selling yourself. But, you will usually get a higher price than if you sell through a dealer.
5. Negotiate with potential buyers
Once you have an idea of what you want for your car and the market value, it’s time to start negotiating with potential buyers.
There are a few things that you can do to increase your chances of getting the price you’re asking for. These include:
Offer extra items
Offering something like an extra key or even the car manual can make your car stand out from the others. This is especially true if you are selling to a private buyer who isn’t knowledgeable about cars.
Try negotiating in person
Selling through an agent might be convenient but it usually results in getting lower prices. If possible, you should try to negotiate with potential buyers in person. This will give you the opportunity to explain the condition of your car and answer any questions they might have.
Be flexible with your price
No matter what, be willing to be flexible with your price. You don’t want to appear too desperate or uninterested in selling your car. By being flexible, you show the potential buyer that you are willing to work with them to come up with the best possible price.
6. Consider selling your used car privately
There are many benefits of selling your car through a dealer or on consignment however, there are also many benefits of selling it privately. These include: getting more money for your car; lower commission fees; the opportunity to sell your car without middlemen; and the chance to negotiate any time of day or at your convenience.
If you are confident in the condition of your car, it’s a good idea to try selling it privately first. This will help you establish a baseline for the value of your car. Sell your car without forking out additional fees on Carousell.
7. Always research similar cars to your own
This will help you be more prepared when it comes time to negotiate prices. It will also help you understand what a fair price is for your car.
Selling a car can be a daunting task, but by following these tips, you can make the process a bit easier. Remember to be patient and flexible with your price. And most importantly, have fun with it! After all, you’re getting rid of an old car and getting a new one.
8. Be patient and willing to wait for the best deal possible
If something seems too good to be true, it probably is!
Many people make the mistake of selling their car too quickly because they don’t want to wait for the perfect buyer. But, if you just wait it out a little on the right buyer, you might just end up with a better deal.
In some cases, it might be worth waiting a little longer in order to get a better price for your car. However, that doesn’t mean that you should let buyers take advantage of you! Be patient and ready to negotiate with potential buyers.
Your car ad takes time to reach the right amount of interested buyers, and if you sold your car too soon at a depressed price, you will be at the losing end! Of course, this also entails that you have the time to wait it out, cash flow wise.
It usually takes around two to four weeks to sell a used car in Singapore. This timeframe can vary depending on a number of factors, including the condition of the car, the price being asked, and the market conditions. So, avoid taking the first offer that comes in only after a couple of days! Let the interested parties know that you would take the offer under consideration and wait it out a little!
If you’re looking to get the best possible price for your car, it’s important to be patient and willing to wait for the right buyer. Remember, you want to find a buyer who is not only interested in the car but also willing to pay a fair price!
9. When in doubt, ask for an independent appraisal of your used car
A car appraisal is a report which includes a recommended guide price for your car. It can both show the current value of the vehicle and most times, these service providers are also able to get you real quotes and offers from a whole host of competitive used car dealers. To get an accurate appraisal of your car, it’s important to ensure that you have all the necessary documentation. This might include a detailed description of the vehicle, a picture, and even a video if possible.
To get a reliable, unbiased appraisal of your car’s value, we recommend getting it professionally inspected by someone who has no vested interest in your sale. This will ensure that you are able to sell your car without emotional attachment, so you know what you are getting out of it!”
Have a trusted mechanic or assessment centre inspect your vehicle
To give your buyer added peace of mind and thereby, give you a better bargaining chip, send your car to have it professionally inspected and assessed.
Vehicle assessment and evaluation centres in Singapore such as STA and VICOM are places where you can go for vehicle inspection, evaluation, assessment and valuation. They provide efficient inspection services that are accurate, professional and dependable. During an inspection, they typically have a checklist of more than 100 different checkpoints to make an assessment of the condition of your vehicle! At the end of the test, they provide a detailed report, a scorecard as well as a certificate.
Centres such as STA and VICOM offer a wide range of services that include pre-purchase car inspections to check the mileage, engine condition, bodywork condition, make or model authenticity or any other issue that may potentially affect future value. This will help you determine the true market value of your car. These centres also offer post-purchase car evaluations to evaluate aftermarket modifications like tinted windows or alarm system installation for increasing vehicle security.
Alternatively, many car workshops in Singapore also provide such services. Being technical experts who work on cars day in day out, workshops are often able to tell you many things about your car which the common folk will miss. Getting an assessment report from such workshops is also another great way to give your buyer peace of mind, and lets you have a slight edge over at the negotiation table!
Conclusion
So there you have it, our simple guide to getting to the best price for your car! Trying to sell your used car, especially for the first time, might seem like a daunting thing to do. However, with just a little research and reading, you will find that there are some basic steps you can easily take to maximise your car value.
So the next time you are sure about selling your used car in Singapore, be sure to revisit this article and not miss any of the pointers above before starting your selling journey!
Sell and buy a used car on Carousell!
