How To Sell Your Car To Used Car Dealers
When it comes to selling your car, many of us turn to used car dealers for a hassle-free process which saves us the time and energy to have it advertised online and managed by ourselves. To make your journey of selling your car an even more breezy one, we share with you how to sell your car to used car dealers.
1. Get The Best Price
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To ensure that you are offered the best price, it is recommended for you to obtain quotes from 3 to 5 used car dealers. You may do so by calling them over the phone or driving down to the dealership for them to give you a more definite quote.
Do note that dealers would typically quote you less than the market rate as touch-ups and repairs will be done to your car before reselling.
2. Vehicle Reviewing
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After obtaining a quotation that you are satisfied with, you will have to drive your vehicle down to the dealership to allow them to inspect your car to give you a more accurate offer.
To make the best out of your trip there, ensure that you are well-prepared with precise information about your car, such as defects, previous accidents and maintenance records. Such information provided will have an effect on your car valuation.
This does not mean that you should withhold information on your car’s defects as you will be liable to deductions from the initially offered price should defects be found. Having full knowledge of your car’s condition ensures that you will not see a huge difference in the finalised offer.
3. Paperworks
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Upon mutual agreement on the offered price, various documents will be handed to you. They include:
- Deposit placement – The deposit amount required from you.
- Purchase agreement – The signed agreement which mandates you to sell your car to the dealer. Ensure that the handover date is clearly stated to protect yourself against any disputes.
- Full settlement form – If you have an outstanding loan, the dealer will require this document from you in order to clear the loan.
Do take note that Transaction PINs (TPINs) have been done away by the Land Transport Authority (LTA) since November 2018. You may do the ownership transfer of your vehicle to the dealer on OneMotoring with your SingPass or CorpPass, or by filling a form at the LTA customer service centre.
(Related Story: LTA Vehicle Ownership Transfer And Deregistration: A Step-By-Step-Guide)
4. Prior To Handover
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With the short period of time left to be spent with your companion car before the official handover, you should take extra precaution when driving your vehicle around. It is vital to have your vehicle in the same condition that it was when inspected.
5. Handover
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D-day – On the day you part with your car and hand it over to the dealer, payment will be issued to you via a cheque. Do check that the outstanding loan has been cleared, or if it has not been done so, it will most likely be reflected as a reduced cheque amount. Lastly, remember to phone up your car insurance company to cancel your policy or process for any rebates.
Though it may not be easy to bid adieu to your vehicle that has followed you for a period of time, at least now you can safely say that you have made the most out of what it was worth at the end of the road.
Alternatively, if you are unsatisfied with the selling price that dealers have offered you and you want to receive a better quote, you can consider selling your car directly on our marketplace completely for free!