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How difficult can selling your car in Singapore be? It's just a simple exchange of cash for car right? Let's find out just how frustrating it can be.
Category: Car Selling Advice
"I've sold many things online, selling a car shouldn't be an issue." Wrong, unlike selling your old iPhone, there are many more factors and steps to consider when selling your car in Singapore.
Cars are registered with the relevant local governing bodies such as the Land Transport Authority (LTA), which suggests that there are paperwork and steps to be taken in order to transfer the ownership. The fact that cars are costly also means that loan matters with financial institutions are usually involved - another red tape to overcome. Still not convinced that selling a car can be a huge hassle? Here are a few common problems that people face when trying to sell their cars.
Urgent sale, difficulty finding buyer in a short time span
Selling direct to a buyer (such as through listing your car on sgCarMart) is likely to be the option that nets the highest selling price as you are able to cut out any intermediaries.
However, as with any other for-sale listings, there is no definite time frame before potential buyers come knocking on your door. Afterwhich you will still need to spend time on each step of the selling process. As such, you may face difficulties if you need to get the car sold within a short time span.
Hassle of dealing with potential buyer(s)
When you plan to sell your car directly, you will inadvertently assume the role of a salesperson, which is not as simple as it seems.
Hence, it is now your job to liaise with the potential buyers, answer their questions, and set time aside for viewing and test-driving of your car. It may not sound that bad at first, but once you consider the fact that you will have to repeat the above with almost every single interested buyer, it can potentially add up to a considerable amount of time.
Buyer with issues securing a loan
You may think that your payday is finally here when you eventually meet the right buyer, but that may not be the case. As cars usually cost a significant sum of money, if your buyer does not have the full amount on hand, they will need to take out a loan.
Sourcing a loan is an additional hassle, there's also no guarantee that it will go through as it depends on a variety of factors. Hence, no matter how sincere your potential buyer is, if they can't secure a loan, the sale won't be able to proceed and you would've wasted your time and effort.
Difficulty finding time for the process of selling your car
Some of us are already struggling to achieve work life balance in our day-to-day activities, who will have the time to deal with the process of selling a car?
Trying to accommodate to the potential buyers' schedules for them to look at the car, and for the eventual transaction and transfer of vehicle ownership at LTA adds up to several meetings. This will definitely require you to make huge adjustments to your schedule in order to achieve.