“I’ve sold many things online, selling a car shouldn’t be an issue.”
Wrong, unlike selling your old iPhone, there are many more factors and steps to consider when selling your car in Singapore. Cars are registered with the relevant local governing bodies such as the Land Transport Authority (LTA), which suggests that there are paperwork and steps to be taken in order to transfer the ownership. The fact that cars are costly also means that loan matters with financial institutions are usually involved – another red tape to overcome. Still not convinced that selling a car can be a huge hassle? Here are a few common problems that people face when trying to sell their cars.
Urgent sale, difficulty finding buyer in a short time span
Selling direct to a buyer (such as through listing your car on sgCarMart) is likely to be the option that nets the highest selling price as you are able to cut out any intermediaries.
However, as with any other for-sale listings, there is no definite time frame before potential buyers come knocking on your door. Afterwhich you will still need to spend time on each step of the selling process. As such, you may face difficulties if you need to get the car sold within a short time span.
Hassle of dealing with potential buyer(s)
When you plan to sell your car directly, you will inadvertently assume the role of a salesperson, which is not as simple as it seems.
Hence, it is now your job to liaise with the potential buyers, answer their questions, and set time aside for viewing and test-driving of your car. It may not sound that bad at first, but once you consider the fact that you will have to repeat the above with almost every single interested buyer, it can potentially add up to a considerable amount of time.
Buyer with issues securing a loan
You may think that your payday is finally here when you eventually meet the right buyer, but that may not be the case. As cars usually cost a significant sum of money, if your buyer does not have the full amount on hand, they will need to take out a loan.
Sourcing a loan is an additional hassle, there’s also no guarantee that it will go through as it depends on a variety of factors. Hence, no matter how sincere your potential buyer is, if they can’t secure a loan, the sale won’t be able to proceed and you would’ve wasted your time and effort.
Difficulty finding time for the process of selling your car
Some of us are already struggling to achieve work life balance in our day-to-day activities, who will have the time to deal with the process of selling a car?
Trying to accommodate to the potential buyers’ schedules for them to look at the car, and for the eventual transaction and transfer of vehicle ownership at LTA adds up to several meetings. This will definitely require you to make huge adjustments to your schedule in order to achieve.
Dealers offering unsatisfactory price for your car
If you want to avoid most of these issues, you will probably choose to sell your car to a used car dealer. Dealers will be able to handle the procedures for you, ensuring a buttery smooth handover process so that you can sell your car with ease.
However, dealers will usually offer a price that is lower than the market rate in order to maximise profit, which will be used cover their various overheads such as the rental of their shop space. Hence you may not get a satisfactory price even after spending days of searching for the right deal.
Lacking in understanding of procedure and paperwork
Unless you are a car dealer by trade, or have a penchant for administrative procedures, you will most probably not be well-versed with the required paperwork and procedures required to sell off your car.
As such, it can be a frustrating experience for you to sell your own car.
I still need to get my car sold… what should I do then?
These days, we have the technology to summon Private-Hire Vehicles (i.e. Grab, Uber) from across the island right to our doorstep at the tap of a finger – which makes us wonder why selling your used car needs to be so difficult. It doesn’t have to be! You can sell your car without all the hassle by putting it up for live auction through Quotz.
Quotz guarantees the highest selling price for your car by auctioning it to a network of over 500 dealers. It is also achieved in an hour, saving you precious time. Furthermore, Quotz also offers a seamless, worry-free experience – Quotz acts as an intermediary which will pay you the agreed price the moment you accept the offer, zero haggling involved! You get to enjoy more convenience while getting a higher selling price, a definite win-win situation in our books!