Selling your car in Singapore can be an overwhelming task, especially if it’s your first time.
From setting the right price to handling the paperwork, there are many things to keep in mind. But don’t worry, we’re here to help!
In this article, we’ll answer all your burning questions about selling your car in Singapore and provide practical tips to make it a hassle-free experience. So, let’s get started!
Table of Contents
1. What paperwork do I need for selling a car in Singapore?
The paperwork you’ll need to complete will depends on which route you choose to sell your car.
Sell your car to a direct car dealer
- Purchase Agreement
- Full Settlement Form (if you have an outstanding loan that needs to be settled)
- Transfer of Vehicle Ownership (Online)
Sell your car to a direct buyer
- Indemnity Form
- Sales Agreement between the buyer and seller
- Transfer of Vehicle Ownership (Online)
Sell your car to a consignment or Car Selling platform
None as all the paperwork will be settled for you.
It’s important to note that the seller has to ensure that all outstanding payments on the vehicle, including traffic offence summons, road tax and insurance, are settled before transferring ownership.
2. How do I determine the value of my car?
When it comes to selling our cars, we all want to get the best possible price. However, sometimes we may overvalue our car and ask for more than it’s actually worth.
It’s important to do research and get an accurate estimate of our car’s value to ensure a fair and reasonable price.
To determine the value of your car, you can use online free car valuation tools such as the one provided by Carsnap.
These tools may take into account factors such as the make and model of the car, its age, mileage, and condition, to provide the best estimated value.
3. Can I sell my car with an outstanding loan?
If you’re wondering how to sell a car that still has an outstanding loan, the answer is simple: you’ll need to pay off the loan before selling it.
However, if you’re selling to a used car dealer, they may be able to assist in settling the loan for an admin fee, typically ranging from $200 to $350.
It’s important to ensure that the dealer actually settles the loan, as otherwise the outstanding amount will remain in your name and you’ll still owe the banks or financial institutions. To protect yourself, check with the bank to confirm that the loan has been paid off before finalising the sale.
4. What is the best way to sell a car in Singapore?
There are several ways to sell your car in Singapore:
- a) Sell directly to a dealer: This is the quickest and most hassle-free option, as the dealer will handle all the paperwork and transfer procedures. However, you may not get the best price for your car.
- b) Sell to a consignment dealer: This option involves leaving your car with a consignment dealer, who will sell it on your behalf. You will have to pay a commission fee, but you may get a better price for your car.
- c) Sell through an online car selling platform: You can sell your car through online platforms such as Carsnap. The platform allow you to list your car for sale and connect with potential buyers. Moreover, all your paperwork and transfer procedures will be handled for you.
5. Can I retain my number plate after selling my car?
If you’re attached to your car’s number plate, you can keep it even after selling your car. All you need to do is apply to retain it through LTA’s OneMotoring website before the car is transferred or deregistered.
You can even apply after deregistering your car! The cost of the application is $1,300 if the number is used on an existing vehicle belonging to you, but only $100 if it’s used to register a new vehicle under your name.
Once your application is approved, your car plate number will be valid for up to 12 months. This means you can reserve the number plate for a future car or simply hold onto it. If you want to extend its validity for more than 12 months, you can do so for an additional fee.
For more information on car plates in Singapore, check out our full article.
6. How do I advertise my car for sale?
If you choose to sell your car on your own, you need to create an attractive and detailed advertisement to attract potential buyers. Here are some tips:
- Take clear and high-quality photos of your car from different angles, including the interior and exterior.
- Provide a detailed description of the car, including its make and model, age, mileage, condition, and any additional features.
- State the price and any negotiable terms clearly.
- Highlight any recent repairs or upgrades, as well as any outstanding warranties or guarantees.
7. How do I negotiate with potential buyers?
When negotiating with potential buyers, it’s important to be firm but reasonable. Set a realistic price for your car, based on its value and condition, and be prepared to negotiate within a reasonable range.
Here are some tips for negotiating:
- Be upfront about any defects or issues with the car, and be willing to negotiate on price accordingly.
- Be prepared to counter-offer if the buyer suggests a lower price than you’re willing to accept.
- Don’t be afraid to walk away from a potential deal if the buyer is not willing to meet your price.
8. How do I transfer ownership of the car?
Transferring ownership of a car can be done easily online. However, before doing so, the seller must ensure that all outstanding payments on the vehicle, such as road tax and insurance, are settled. The buyer will also need to pay a transfer fee of $25.
Once the transfer is complete, the buyer will be responsible for all costs associated with the vehicle, including maintenance, insurance, and road tax.
For a more detailed guide on how to transfer ownership of a car, check out our comprehensive article.
9. What are the common mistakes to avoid when selling a car?
Here are some common mistakes to avoid when selling a car:
- Overpricing or underpricing the car: Overpricing the car may deter potential buyers, while underpricing it may lead to a loss.
- Failing to disclose all relevant information: Be upfront about any defects or issues with the car to avoid disputes later on.
- Not conducting a thorough inspection of the car: Ensure that the car is in good condition and all necessary repairs have been made before listing it for sale.
- Not handling paperwork and transfer procedures properly: Ensure that all required documents are in order and that the transfer of ownership is done properly to avoid any legal issues later on.
10. What do I know if a car buyer is weird?
Unfortunately, there are scammers who prey on unsuspecting car sellers. Here are some red flags to watch out for:
- Offers to buy the car without inspecting it first
- Requests for payment before transfer of ownership
- Offers to pay a higher price than the advertised price
- Requests for personal information such as NRIC or bank account details
If you encounter a scammer, do not engage with them and report the incident to the authorities.
11. When is the best time to sell your car in Singapore?
Determining the best time to sell your car in Singapore can be a tricky task as it depends on various factors unique to your vehicle. Factors such as mileage, COE, and depreciation all play a role in determining the value of your car.
To get a better understanding of when to sell your car for the best price possible, check out our guide where we explore whether should you sell your car now based on how your car’s depreciation and current COE prices impact its value.
With this information, you can make an informed decision on when to sell your car for maximum profit.
In conclusion, selling a car in Singapore can be a straightforward process if you follow the necessary steps and precautions.
Determine the value of your car, advertise it effectively, negotiate fairly, and ensure that all paperwork and transfer procedures are done properly. With these tips, you can sell your car with confidence and ease.
More questions answered for selling your car in Singapore
Where can I sell my car in Singapore?
To sell your car in Singapore, consider listing it on an online car auction platform like Carsnap. They offer a free service for sellers to submit their cars for sale, and potential buyers can bid on your vehicle, giving you the chance to get the highest offers possible.
How to sell my car at the highest price in Singapore?
To get the best price when selling your car in Singapore, start by getting a free car valuation to understand its current market value. Consider selling during a period of high COE prices, and choose a reputable platform like Carsnap to reach a wider audience and get more competitive offers.
When should I sell my COE car?
For maximum value and to avoid costly repairs, consider selling your COE car when there are only 2 to 3 years left on the COE. This is because there is still some residual value on the COE, and you can also receive a 50% PARF rebate, adding to the overall value of your car.
How soon can I sell my car after buying it Singapore?
For COE category E cars, you can sell it after 3 months without any issues. However, for COE category A or B cars, the Land Transport Authority (LTA) imposes a levy charge if you decide to sell it within 3 months of purchase. Check your car’s COE category before making any plans to sell it.
Can I sell my new car within 6 months?
Selling a new car within the first 6 months of ownership may be challenging, as consumers may prefer to buy a brand new car instead of a used one. Expect potential buyers to offer a lower price than the original cost.
Should I sell my petrol car and switch to an EV now?
With Singapore offering tax rebates and incentives for electric vehicles, consider switching to an electric car for long-term savings and a reduced carbon footprint. However, weigh the pros and cons before making the decision.
Can I sell a car that has been in an accident?
It’s possible to sell a car that has been in an accident, but it may be more difficult to find a buyer. Be prepared to disclose any accident history and expect a lower selling price, as most direct car buyers are not interested in purchasing damaged vehicles. Some used car dealerships may offer a trade-in value for an accident car, but determining the true value can be challenging.