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Selling 101 - 6 ways to sell your used car

The rise of the internet has brought about many changes and disruptions to previously traditional businesses. With information and data at your fingertips, selling your car has never been easier. No l...

The rise of the internet has brought about many changes and disruptions to previously traditional businesses. With information and data at your fingertips, selling your car has never been easier. No longer are you confined to only selling your car to a used-car dealership. The whole process of Singapore car sales have evolved over the years, with the introduction of innovative solutions and interactive internet applications. Here are 6 ways you can sell your used car in Singapore:

 

1. Over-trading your car

Over-trading is essentially a practice where dealerships (usually new car dealerships) offer a "higher than market" offer for your used vehicle. Over-trading gained popularity during the 90's when loan restrictions were introduced.

 

Pros:
  • Over-trading offers by-far the highest value for your car
  • Usually no frills, but some dealerships might require you to send your car for an inspection
Cons:
  • Strictly available only if you purchase from the dealership that offers over-trades
  • More commonly found on Dealerships that specialize in Continental cars
  • Essentially, over-trading also meant that you are paying a "premium" for your next car

While over-trading does offer the highest value for your car, the trade-offs are the hefty premium that you have to pay for your purchase with the dealership. While this might seem exclusive to car buyers who have an existing car to trade in... it isn't true since the sales person will usually still give the "over-trade" portion as a discount to new car owners just to seal the deal.

 

2. Selling the car directly yourself

New online initiatives as well as information available readily at your fingertips meant that selling the car directly yourself is no longer as challenging as it used to be. There are many websites available that allow for the general consumer to attempt to sell the car directly themselves (Sgcarmart, Carro etc...)

 

Pros:
  • Almost guaranteed to fetch a higher price than selling to a dealer
  • Dealing directly with consumers who are looking to buy used cars helps to avoid the case of middlemen and any fees associated as such.
Cons:
  • While information is readily available, there are many finer nuances to documentation that you might not be prepared for (example: existing loan settlements etc)
  • Many used car buyers have an existing vehicle that they require trade-in and unfortunately, the typical direct seller will not be able to facilitate for it
  • Unless you have experience working in sales, selling a car is challenging and time consuming
  • Challenging to advertise the car yourself

While the only advantage is the higher price you can potentially fetch, it is an extremely significant one. Do note that selling a "big ticket item" like cars is extremely challenging for an individual without experience and we highly recommend you leave it to the "experts".

 

3. Selling through OTUA Connect! (Aka Consignment)

OTUA Connect! (aka consignment) is the successful fusion between selling direct yourself and to a dealer. Essentially, OTUA will promote and sell your vehicle on your behalf while you retain all legal ownership rights to your vehicle. OTUA provides an exemplary system to integrate the best practices of car sales to promote a used car for sale in Singapore.

 

Pros:
  • You are assisted in every step of the sales journey by a team of 6 experts
  • You continue to enjoy the use of your vehicle while we promote the car online
  • Since OTUA Connect! does not charge any fees, you will receive the same price as if you were to sell the car directly yourself
  • Any trade-ins, financial settlement and/or paperwork are fully covered and assisted by OTUA Connect!
  • Any repairs or replacement of parts required by the buyer can be done at OTUA Works! at special rates
Cons:
  • Not the fastest way to sell your car, it takes an average 3 weeks (Jap/Korean makes) to 5 week (continental make) to sell your car
  • Some make and models might require several trips and viewings before securing a deal
  • Consignment dealers usually charge a fee between $500 to $2000 for their service (but OTUA Connect! is entirely free!)

If you are looking for an easy way to sell your car for the highest value possible (also known as "at market value"), look no further. OTUA Connect ensures that every seller and buyer are treated fairly and every transaction smooth.

 

4. Selling/Trade-in your car to a dealer

The most common way Singaporeans sell their car. It is hassle-free and most dealerships will buy any car that is still in working condition. Technically one of the fastest ways to sell your car if you are not picky about prices.

 

Pros:
  • Fast if you are not picky about prices
  • Usually no frills, but some dealerships might require you to send your car for an inspection
Cons:
  • Unfortunately... you get literally peanuts for your car...
  • The purchasers are typically extremely experienced in the automotive trade and can easily sweet-talk or trick you into a bad deal

It is no secret that the automotive trade is extremely complex and for the general consumer, it is filled with potential traps and pitfalls that will result in a bad deal for you. Always be cautious when signing any documents and make sure all verbal agreements are penned down on the contracts to protect yourself.

 

5. Exporting/scraping your car

This sales method has traditionally been used only when the car is reaching its COE maturity. However, there are actually other instances where exporting/scraping your car makes more sense than other methods. One such situation is if your used vehicle is registered with a MUCH higher COE than current prevailing rates; the high total rebate amount + export value of your car can mean that you are able to sell higher than market

 

Pros:
  • Fast, most exporters are able to give you a price for your car within 2 to 3 hours
  • There are situations where exporting/scraping your car will reap you better returns
  • Usually no frills, but some dealerships might require you to send your car for an inspection
Cons:
  • Prices are generally low except for certain situations
  • Since we are dealing with foreign markets, prices can fluctuate greatly depending on many global economic factors

While largely kept to cars that are nearing its COE maturity, do keep in mind that there are also situations that exporting/scraping your car makes more sense than selling locally. If you need more information, our client advisors are always available to share more with you!

 

6. Sell through OTUA Flash-Sale! (Aka Auction)

Auction sales might seem like the latest fad for used car owners to sell their cars, however, this is a common method employed mostly by large new car dealerships and financial institutions to sell their "trade-in" or "re-possessed" inventory. It is an effective method of sale because the auction model ensures you always have the highest dealer offer price while still maintaining an extremely fast selling time. 

 

Pros:
  • Guarantees you have the highest dealer offer price (except for over-trades...)
  • Connects you to 300+ dealers, exporters and scrapyards under 1 platform
  • Fast - your sale should be completed within a day
  • Usually no frills, but some dealerships might require you to send your car for an inspection
Cons:
  • The price will technically still be lower than if you were to sell via OTUA Connect!
  • Dealerships usually expect you to handover the car as soon as possible

If you are not looking for the highest price possible but are looking for a fair price while enjoying a hassle-free and quick sales process, OTUA Flash-Sale! is one of the fastest and most effective way to sell your car. It is the platform preferred by customers awaiting to buy a second hand car.

 

Too long didn't read... (AKA Summary)  

Have some time (1 month) to sell your car: OTUA Connect!

Need a quick sell at the highest price: OTUA Flash-sale!

Buying a new car and want the highest price: Over-trade offered by your dealer

Worst way to sell your car (generally): Trade-in/Sell to a dealership

 

If you would like to speak to an expert to understand which method suits you betterBusiness Management Articles, feel free to contact us or drop by our lounge during operating hours. We are more than happy to assist you!

 

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


OTUA is a Singapore's premiere automotive match-making platform. At OTUA, we connect sellers to our network of 300+ dealers and more than 1000 potential direct buyers.



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