Buying and selling a car is the alpha and omega of car ownership. But, unlike in most parts of the world, selling a used car in Singapore can be quite complicated because of the certificate of entitlement (COE) which grants a holder to register, own, and drive a vehicle for a maximum of 10 years.
It goes without saying that the amount of paperwork involved in the process can be time-consuming. It may even cause you the same sleepless nights as purchasing your first car did. Nevertheless, if your vehicle is reaching the end of the road, what you should know is that there are many other ways you can dispose of it, with the most practical option being based on your financial situation as well as the state of your car.
In this article, we enumerate these options to help you determine the one that’s best for you. Note that this guide is not limited to vehicles that are still up and running but also inclusive of cars that are:
Old and dilapidated
Rusted out; or
Damaged beyond repair
There is also an option for cars that cost more to fix than to sell.
How to Get Rid of Your Used Car
1. Sell It
The best way to sell a used car in Singapore is to sell it to someone else who can use it. A used car that’s in decent working condition typically have good resale value but getting fair market value for your vehicle will depend on how you will put it up for sale.
Sell It Yourself – Your first option is to sell the car yourself. Although it requires the most work, doing it yourself gives you full control over the selling price. These days, selling it online allows you to reach more potential buyers and most listing websites charge a fee to sell your vehicle, but for a minimal cost.
Sell to a Dealer– Having a dealer to sell your car can be practical if you want to dispose of it immediately. But, of course, the price that dealers will be willing to pay is almost always less than the fair market value of your vehicle. After all, they’re selling your car for a profit.
Sell Under Consignment – Another option is to sell your car under consignment. In this case, you allow a dealer to sell the car on your behalf in exchange for a cut in the final selling price. The legal ownership of the car is retained until it’s sold.
Before selling your car, it’s necessary to put your car in its best possible condition to maximise its market value. It may include detailing the car, finishing any minor repairs and giving it a deep clean. You also have to make sure the title is ready for transfer at the time of sale.
2. Trade It
Instead of selling your own car, you can also use it as a trade-in to offset the cost of your next vehicle. As is the case when selling through a dealer, trading your car is often an easy way to get rid of your vehicle as the dealership will handle the transfer.
However, it pays to note that such convenience of having less paperwork on your part comes with the cost of getting less value for your car as compared to selling it yourself.
3. Scrap It
If your car is totalled and repair costs are way more than its potential selling price, there’s no chance someone would be willing to pay you for it. But, if it still has some good parts, you can sell them for a good price and dispose of the remaining vehicle to a scrap yard.
The value of these salvaged parts can depend on the model of your car, current market rates as well as whether they’re original or not. If you decide to go ahead with this option, keep in mind that parting out your vehicle requires adequate knowledge thus, may need the help of a professional.
4. Donate It
Giving away your old car is another resort if it’s damaged beyond repair. It also offers some promising results, particularly when you don’t have the time to arrange its selling. Many charitable organisations these days sell and recycle used cars to raise funds.
In case your car doesn’t run, it still can have some value, whether it be in scraps or parts. Considering your car is pretty much worthless, knowing that you get to help others through it is a huge plus.
Looking to sell your old car in Singapore? List your car on our website and we will do the rest for you!
SGCarTrade offers car sale, car consignment, and car scrap services to help you sell your car at the price you’re looking at. Contact us today!