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03 Jul 2015 | Text by Nigel Yong, Photos by Low Fai Ming | Category: Car Selling Advice
When it comes to selling your car in Singapore, what do you do and which gets you most money back? We take a look at car consignment and other options.
The sale process can be time consuming due to amount of paperwork involved and with the introduction of the new Monetary Authority of Singapore (MAS) rulings that require a minimum down payment of fifty percent in order to purchase a car, it might cause some of us a few sleepless nights.
In order for a successful transfer of vehicle ownership, all financials have to be settled, meaning that there cannot be an existing outstanding loan on the car.
Either buyer or seller, depending on the agreement made, has to ensure that the car has a valid road tax and the insurance policy of the new owner has to be activated. Only then will the Land Transport Authority (LTA) approve of the transfer.
For first-time sellers, it might seem like rocket science but fret not. Our guide on how to sell your pre-loved machine will help you understand the system of how things work, without getting ripped off.
Selling via consignment
Consigning your vehicle is allowing a dealer to sell the vehicle on your behalf, but retaining legal ownership of the vehicle until it is sold.
You can check out the List of Consignment Agents that's available here.
Depending on the modus operandi of the dealers, you may or may not have to leave your vehicle at their showroom. Leaving your vehicle at the showroom would allow the sale process to be faster as interested buyers who have seen the advertisement can go down and have a look at it whenever they can. It will however, inconvenience you if you do not have a spare vehicle to use. Putting your vehicle at the dealership also exposes it to walk in customers.
The benefits of consigning your vehicle to a dealer is having someone experienced handle the entire sale process for you. From the photo-taking to uploading of advertisement, handling of enquiries from potential buyers and eventually handling all documentations when a sale is made.
Dealers usually take a cut from the sale of the vehicle, ranging from a flat fee of $500 - 1% of the final selling price, depending on the consignment agreement. Also depending on the arrangement made, the consignment dealer may or may not assist in touching up of your vehicles paintwork and grooming before handing the car over to the new owner.
Touch ups to the vehicle are usually by the buyer's request and will most probably knock a few dollars off your asking price. Apart from the financial, insurance and paperwork support, it is such repair and grooming work a dealer is able to assist with that makes the sale of your vehicle much easier. After all, nobody wants to purchase a car that would require the hassle of wear and tear rectifications.
Most sellers forget that on top of their consigned vehicle, dealers have a fleet of cars that need to be sold too. So if you do decide to consign your vehicle for sale. Don't be too hard on your dealer, they too are trying to get the best price at the shortest possible time for you.
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