So you’re ready to part with your trusty vehicle after a couple of years of it faithfully getting you to work and play. Treat the break-up with respect and avoid these mistakes.
Selling a used car is a common activity but it can be an intimidating experience, especially if it’s the first time you are doing it. Here is some simple and practical advice for you. For the more nitty-gritty financial aspects of doing the deal, please refer to our other article, Guide to Selling Your Car.
Showing A Dirty Vehicle
Some sellers don’t take the trouble to clean their car thoroughly before showing it to potential buyers. Appearance does count, even when it comes to cars. A bright, shiny vehicle undoubtedly makes a better impression than one covered in dirt and dust. Beyond that, a filthy car may lead the buyer to assume it has been poorly maintained in other ways. So, do give your car’s interior and exterior a clean-up before putting it on the market.
Being unresponsive or taking your time to reply to a prospect could lose you a sale as the buyer is likely to assume that your car has been sold and you are no longer interested. Worse, they may dismiss you as a scammer.
Some are of the view that it is a good idea to do extensive repairs or replacements on their car before putting it up for sale. Unfortunately, doing so does not necessarily add to the vehicle’s value. This is because cars depreciate in value and you are unlikely to get back the money you spent on rectifying certain issues.
Grabbing The First Offer
This is generally not a good idea. While it can be tempting to accept an offer that appears to be good, it’s better to give the buyer a counteroffer and see how he responds. Waiting — if you’re not in a hurry — may bring you a more lucrative deal.
Having Unrealistic Expectations
On the other hand, you shouldn’t have unrealistic expectations about the price or how quickly it can be sold. Your car’s value* depends on its condition as well as market factors. It also depends on how quickly you need to sell your car and whether you can wait to evaluate offers from various buyers. If you’ve put your car up for sale online, expect to wait a few weeks before the right buyer appears.
* AA Car Valuation Service
If you intend to sell your car and want to seek a fair and professional assessment of its current market value, AA Singapore provides such a service.
There are a number of scenarios why you may require such as service. For example, you may be relocating to another country, and wish to sell the company car back to your employer for a fair value or. If it turns out that the valuation of the car is $56,000 and your employer offers $50,000, you may want to accept the deal as it is quite near valuation and it may not be worth your while to put in the effort to look for a better offer.
Another example of when valuation is useful is car insurance claims. If you know the current valuation, you will have some basis for comparison when you are negotiating with the insurer the payout quantum for total loss (e.g. insurer proposes $50,000 based on OMV vs valuation of $56,000 based on fair value).
You can use our service even if you’re not a member. It costs $90 for AA Members, and $120 for non-AA Members. Speak to our Technical Services Division at 6389 4270 / 6333 8811. You may refer to our website for more information.
Mispricing Your Car
You should have your car’s value assessed before advertising it. Don’t price yourself out of the market by asking an exorbitant amount for it. At the same time, you shouldn’t price it too low just to get it sold. Do keep in mind market conditions as well**.
** Online Platforms
If you wish to advertise that your car is for sale on local online platforms, please refer our article, Selling Your Car in Singapore, for some options.
Maintaining an official record of all maintenance work and having them on hand will confirm your car’s roadworthiness and inspire confidence in your buyer. This in turn will help increase the value of your car. If your car has been in a road accident, make sure you include the professional repair reports. This will show your buyer you got the car repaired correctly.