Selling your car is an exciting time, and it can also be a stressful one. While you’re eager to get a good price for your car, some buyers might try to take advantage of you if you’re not aware of the items to look out for before you make a sale.
In order, such incident doesn’t happen, check the following important elements when it comes time to put your used car for sale on the market.
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What to Do Before Selling Your Car in Singapore
1. Clean Your Vehicle
Before you show your car to a potential buyer, you might want to clean both the interior and exterior.
Take out all personal items and remove any aftermarket additions that you would not want be included in sale.
Deep clean or vacuum out the interior, if necessary, and consider to wash and wax the exterior of your car until it shines. You want to showcase your car in its best light and make it an easier, and more attractive car to sell.
2. Check for Damage and Make Necessary Repairs
Before selling your car, be sure to check both the interior and exterior of the vehicle for any cosmetic damage or worn components like tires or headlights.
Make a list of anything that needs repair and estimate how much it will cost. If you decide to make any repairs, be sure to save all receipts. If possible, consider having a professional inspect the vehicle prior to sale.
Plus, if you have the inspection already done and can show the report, it may help set your car apart from other offerings on the market.
3. Get a Free Car Valuation
Before you set your asking price, make sure you have an idea of the car’s market value. You can find trusted free car valuation services online, like Carsnap, that can help you understand what price range is fair for your particular car.
Then, look at similar cars for sale and use those prices as a base to inform how much you should ask for yours. But remember, be realistic — buyers are unlikely to pay a premium unless your car offers something special — so don’t set it too high or else people may overlook it when they search.
Next, decide, how much time do you want to invest in selling your car, when you want to sell your car by and where do you want to sell your car to, is it directly to another car buyer, to a second hand car dealer or via a car consignment agent?
4. Gather the Needed Paperwork
After deciding on how you want to sell your car, you’ll need to prepare the paperwork. If you choose to sell your car to a dealer or consignment agent, they’ll take care of the paperwork for you.
However, if you selling the car yourself, do gather your vehicle necessary information and prepare the necessary paperwork, such as Sales and Purchase Agreement, an indemnity form, vehicle handover form, payment receipt, amongst other documents. You can find out more information about your car via your vehicle log card.
A reminder to ensure that your car have a valid road tax before it gets sold.
Fortunately, if you’ve chosen to sell your car through Carsnap, our team take care of everything for you while ensuring your car gets the best price possible as fast as within 24 hours.
What to Do After Selling a Car in Singapore
After closing the sale, you will want to make sure the following things are done to ensure a proper handover of your vehicle.
1. Remove Personal Information
Before handing over your car key, be sure to disconnect your phone from the car’s pairing system and delete any information that may be left behind. Information that may be stored in the car:
- GPS maps history and addresses
- Phone’s contacts names and numbers
- Any mobile app or digital content subscriptions
2. Repay Your Car Loan
After selling your car, you must first pay the outstanding loan amount that is due to the bank. The usual procedure that sellers follow is to authorise the dealer (buyer) to handle this payment on their behalf. Consequently, the sale price that you receive will be reduced by the amount of loan still owed.
As a rule of thumb, do check with the bank to confirm that the loan has been settled off by the dealer before finalising your sale.
3. Cancellation of Car Insurance and Refund
When you sell a car, it is crucial to remember to cancel the insurance. The insurance on your car is tied to the vehicle and associated with who owns the vehicle.
Therefore, when you transfer ownership of the car, it is necessary to cancel the insurance in order for the new owner to insure their own coverage.
Failing to do cancel your insurance policy as soon as possible after the sale of your car can result in lesser refunds (usually prorated based on the unexpired period of insurance days x % of premium).
Most cancellation of policy can be done easily online at the insurance company website.
4. HDB Season Parking Cancellation and Refund
Remember to terminate your HDB season parking after selling your car. Request for a refund must be made prior to the termination and HDB will refund you the unexpired season parking charges to you.
5. Transfer Ownership
A transfer of vehicle ownership must be completed by the buyer and seller within seven days of a second-hand vehicle sale or a changing of hands. This is necessary in order to officially document the new owner of the vehicle.
You can apply to transfer the ownership of your vehicle online using Singpass 2FA at the LTA OneMotoring’s website.
When it comes to the transfer of a vehicle, taxes already paid and any applicable rebates will be passed on to the new owner. This includes outstanding road tax, Off-Peak Car cash rebates, as well as PARF/COE rebates that may be associated with the vehicle.
6. Keeping Your Car Number Plate
If you have grown particularly fond of your car plate number, you can choose to apply for its retention. You can retain the Vehicle Registration Number of your vehicle before it is transferred or deregistered, or after you have deregistered it. You have 1 month to retain the VRN after you deregister a vehicle.
Depending on whether or not the number is used for an existing vehicle registered under your name, the application fee starts from:
- $100 – number plate is used to register a new vehicle under your name
- $1,300 – if the number is used on an existing vehicle belonging to you
Once successful, the number plate’s validity period is set at twelve months. Additionally, if you’d like to extend its validity beyond this time frame, you will need to pay an additional fee.
You can use your retained Vehicle Registration Number (VRN) to replace the VRN of your existing vehicle online.
Prepare Your Car For Sale
In conclusion, car selling doesn’t need to be complicated. Follow the necessary guidelines, decide on the best method of selling and negotiate a fair price with all parties involved, to get the most out of your vehicle sale.
With these points in mind, you can rest assured that you will find be able to sell your car quickly and easily.
How to sell a car in Singapore?
Step 1: Decide on your selling price
Step 2: Submit your car at Carsnap for a free valuation
Step 3: Receive the best offer from Carsnap within 24 hours
Step 4: Set up a car viewing session with buyers at your preferred location and timing
Step 5: Agree on the selling price and hand over the vehicle. All paperwork will be done on your behalf
How honest should you be when selling a car?
When selling a car, honesty is key. If omitting any information about the car’s condition or features, prospective buyers could potentially bring legal action against the seller. Being up front and honest can help prevent any surprises after the sale is complete and ensure a fair deal for both parties.
Should you repair a car before selling it?
Selling a car can be a great financial choice if the cost of repairs is higher than the value of the car. Calculating your vehicle’s worth will help you determine whether to repair or sell it. If there is still life left in the car and its current value is high, then repairing it might make sense. On the other hand, if its worth is low, then selling it to an interested party may be more beneficial in the long run.
How do I prepare my car for sale?
First, have it inspected by a professional for any mechanical issues that could make it difficult to sell. Next, service the car and give it a thorough cleaning inside and out. Once these steps are done, determine where you want to list the car for sale.
