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HomeInsightGuide To Selling Your Car

Guide To Selling Your Car

3 min read
Ready to part with your car? Do so painlessly with our seven-step process.

You have had a good run with Ruby — or whatever you’ve named your trusty ride these past years — but you could definitely do with some extra cash right now. Selling your car in Singapore does not have to be back-breaking work. Keep the process simple with these easy steps.

Step 1: Know the ways of selling your car
Most drivers in Singapore either organise their own sale on an online platform or engage a car dealer. For instance, you may list your car on trading sites such as SGCarMart, STCars and Carousell Motors, or auction sites such as UCARS and Carsome. If you are in a hurry to sell and do not mind a relatively lower price, sell your car to a used car dealer. Alternatively, consign your vehicle to a dealer who will then look out for buyers while you retain legal ownership.

Step 2: Know your car’s market value
Avoid accepting an offer without first knowing your car’s market value. The easiest way is to search through online listings for cars of similar make, specifications and date of registration. Monitor the listings for a couple of days to assess whether your car is in demand. Alternatively, obtain a free valuation from algorithm-based platforms such as Quotz to know how much your car is worth.

Step 3: Know your PARF and COE rebates
You may be entitled to Preferential Additional Registration Fee (PARF) rebate and Certificate of Entitlement (COE) rebate upon deregistering your car. PARF rebates apply only if your car is not more than 10 years old. The newer your car is, the higher your PARF rebates. The longer the duration remaining in your COE, the higher your COE rebates. To view your balance, visit OneMotoring.com.sg

Tip: If you are offered an amount that is lower than your PARF or COE rebates, do not take the deal. You are better off deregistering the car on your own.

Step 4: Set up a test drive
Whatever your selling method, you can expect to receive requests from interested buyers to test drive Ruby. They may meet you near your home or at an agreed venue. Avoid squabbles by agreeing on a test drive route, but get the potential buyer to sign an indemnity form before setting off. This prevents you from being liable in the event of a road accident. From faulty brake pads to rusty frames, disclose all your car’s flaws to the buyer in an email to avoid future disputes.

Step 5: Get a sales agreement signed
Once your buyer is ready to commit to the purchase, both you and your buyer may sign a sales agreement. This agreement allows you to collect a deposit from the buyer while confirming that the buyer will foot all the necessary transfer fees and be responsible for his or her motor insurance. If you are engaging a used-car dealer or an online trading platform, they will settle all the paperwork — such as car loans, motor insurance, payments and ownership transfer — on your behalf.

Step 6: Car loan
Before transferring ownership of the car, you must have paid off the remainder of your car loan. As your buyer will need to submit your vehicle’s log card when applying for a car loan, log onto OneMotoring.com.sg to download your vehicle’s log card.

Step 7: Transfer of car ownership
Once your loan has been paid back completely, you and your buyer may transfer ownership at the Land Transport Authority. Have your personal identification and a signed transfer form ready; the buyer should have in his or her hand an original motor insurance certificate. Once you have submitted these documents, you would have officially sold your car. Congratulations!

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