What is the best way to Sell your Car?

What is the best way to Sell your Car?

The process of buying new car is time consuming, but selling your used car is easier. There are some options available; each with its own advantage and drawback. With COE prices reach a new height, used cars market has always been good option for both sellers and potential buyers. There is no COE bidding process when buying used car, and sellers have no obligation to renew the COE too.  Some options to sell you used car as outlined below.

•    Owner to Owner: selling to buyer gets you more money because there is no middleman service involved. Selling direct means you have to handle all the paperwork on your own such as indemnity, sales agreement, loan documents, hand-over form, and more. Similar to other merchandise, you can make use of the Internet or printed media to advertise your cars. The former is more affordable with an average price of less than $50 for six weeks on a full page in an online classified company. Paying less for advertisement means you get more money if the car gets bought.

•    Owner to Dealer: selling to dealer is a hassle-free process because all the documentations are handled by dealer. Because dealers also need to make profit out of your car, the price will be less than you get from selling direct to buyer. If the price difference is too high, you should avoid this method to get more money.

•    Auction: some companies allow you to sell your car in an eBay-like bidding process. Interested buyers place their bids within one working day. You can sell to the highest bidder without worrying about documentations too.

•    Consignment: this is the middle ground between selling direct to buyer and to dealer. You ask a dealer to sell your vehicle; when a sale goes through, the dealer takes a percentage of the price. Some companies offer “no sale no fee” business model, meaning you don’t have to pay anything unless your vehicle gets bought.

•    Trade-in: a dealer may ask you to trade-in your old car with the new one. Price negotiation can be tough, but you can get good deal if you are good negotiator.

The value of a car also depends on condition. Make some minor repairs and make sure the interior is clean to have more bargaining power. To anticipate bad circumstances or the possibility that you change your mind, go with consignment option. As long as your car stays in the dealer’s facility, you still keep the ownership.

Still not sure what is the best way to go about selling / disposing your car? Ask Wagon Mate at T:65 6659 7183 or Email  info@wagonmate.com , we are happy to help!

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