With COE prices reaching new heights at time of writing, now might be an ideal time to either sell off or downsize your current vehicle. But, you could be a novice to car selling and are unsure of the available methods to trade-in/sell your car. This is exactly why this 101 guide has been prepared, to help find suitable options that help you sell your car with an ease of mind. For a more in-depth and updated piece, please refer to our 102 Guide.

Here are your options:


Option 1: Owner to Owner

Direct selling typically fetches you a higher selling price than any other methods. Anyone familiar with e-commerce site Amazon.com should be familiar with a direct owner sale. The seller, which is you, sells the vehicle, to an interested buyer. Simple and easy.

There are two main forms of media that sellers here utilise to get the job done. One is through print while the other is the Internet.

I'm sure all of us are familiar with the bulky Classifieds CATS section bundled with The Straits Times everyday. This is what we refer to as print. Among other things, it contains several pages of car listings from different sellers categorised by manufacturers. The Straits Times has a circulation of 365,800 copies and a readership of 1.43 million. However, not everyone who picks up the newspaper goes for the classifieds section. Target audience is typically the group of readers who aren't familiar with the Internet.

Online media, on the other hand, offers easier access for consumers. According to a poll conducted by Nielsen, Singaporeans spend the most amount of time on the Internet in South-East Asia. On average, 25 hours a week is spent surfing the internet, and about 80% of Singaporeans go online daily.

One of the differences between print and online media is the cost for advertising and media space. An advertisement on The Straits Times classifieds costs a minimum of $36 per day on weekends. The money you pay gets you four lines of text - definitely not enough to provide all the details required for a buyer.

On the other hand, online classifieds, example sgcarmart.com, charges $68 until it's sold with a full dedicated page - sufficient space for even the smallest of details. With online advertisements, you get more freedom to advertise your sale with attractive pictures that shows your car at its best and detailed descriptions that would enhance your vehicle's selling price. As people increasingly get connected through their gadgets whether at work, in transit or at home, chances of sealing a deal through online advertisements has improved exponentially in recent years.

One problem with direct selling is the large amount of paper work needed after sealing the deal. There will be multiple trips to banks and insurance companies even before the ownership transfer can be done.

Since 26 November 2018, LTA has digitalised the vehicle ownership transfer process. While it will potentially improve convenience by removing the need to head down to LTA to complete the paperwork, you need to understand the new process so as to proceed without any hiccups along the way.

If you are a first timer and unsure with the paperwork procedures, consider engaging in a one-stop vehicle transaction service. An example of such a company is sgCarMart Connect.

It assists car buyers and sellers in their transaction process. Its services include insurance sourcing, car loans and legal documentation.