How Mr XXX/ Ms YYY got $5,000 more for their car

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Selling a car can be stressful, especially if you’re putting it on the market during the COVID-19 situation. Finding the right platform or consignment agent to partner with to market your home is the first step and one that should not be taken lightly. 

We hope you have seen the myriad of handover photos on our Facebook wall. We are always proud and happy to be able to help our sellers fetch a better deal.

There are several things that every car owner can (and should) do to make their car standout since nobody wants a car for sale that rots on the market. Here are five tried and true tips to make sure your car stands out from its competition even in an over-saturated or off-season market that will ensure that you sell your car as quickly as possible for the highest possible price. Prepare yourself. None of these recommendations are easy, fun, or for the casual, uncommitted seller.


1. Skip the middleman and let us help you get to a direct buyer

The business logic in a car dealership is very simple. Just like any retail business, the dealership has to buy low and sell high. The only difference is that, most retail businesses can simply buy their products from a wholesaler, whereas in the used car trade, there are no “wholesalers”. The main source of supply for cars are from consumer trade ins. 

Shhh… This is supposed to be a trade secret. But honestly, it’s just simple math and a dash of common sense.

Example:
$50,000 Advertised Price
$48,000 Transacted Price
$2000 to fix up the car
$3000 as a profit
$43,000 Trade in offer by the dealer.

As a consumer you will get $43,000 as a trade in.

By engaging otua.Connect, we are able to find you a direct buyer and aim to transact at $46,000 to $48,000 depending on the condition of your car. This essentially means that you are able to make another $3,000.00 to $5,000.00 more for your car! For some people, that’s an entire month’s worth of salary.


2. Strategic Pricing

Get over your pride, and price your car right. Nothing kills a car deal faster than an overpriced car. 

Don’t let your ego factor into the listing price. When you choose otua. as your preferred consignment agent, trust us to guide you to the appropriate advertising price. We are proud to say that using our vast database of historical transacted prices in Singapore, we have found a sweet spot for you to attract buyers.

Of course, this is not to say that you shouldn’t participate in the price decision. However, with the current covid-19 situation happening around the world. It’s still a buyer’s market and the days of selling your car above market price is long gone now. 

Always choose a price that will get motivated buyers to view your car quickly. Why? Because there are more than 10,000 used cars available in Singapore at any one point of time and you are competing with all of them. Sometimes, if you price your car aggressively you may even create a bidding war and drive the overall sale price up to where you wanted it to be in the first place (though this is rare).

If otua.Connect can’t get a comfortable number that works for you, perhaps you should sit tight and sell at a later time. However, do note that cars are a depreciating asset, and delaying the sale of your vehicle will only result in an even lower selling price in the future.

One last note on price—buyers are more educated than ever these days so if you are going to ask for a premium over what the market is asking for… your car better be perfect.


3. Advertising on various paid platforms

Let’s ask a simple question. Given the same circumstances, would a fisherman with 1 rod catch more fishes than a fisherman who uses a net? 

The answer? 90 percent of the time, the fisherman with net wins. Hands down.

At otua. we widen our net to 3-5 paid advertising platforms to capture as many eyeballs as we can. 

We have committed thousands of dollars every month on remarketing efforts on google and other major social media platforms. This means that customers who have viewed your listing will regularly see them pop up in their social media accounts. 

Once we have gathered all the potential buyers, we will then speak to the buyers and shortlist them for a viewing only and when we have done the groundwork on financial counselling.


4. Cross Selling

To date, we have more than 100 listings with us at any one point of time. This means we have a lot of buyers enquiring through us. This allows us to cross sell and better promote your car since we have a ready database in hand.


5. Flexible and multiple loan packages available 

We understand the buyer’s concern. Some buyers may be young adults planning to get their BTO soon and do not want to affect their TDSR, while some have a weaker credit and require help from their guarantors. Some customers prefer this particular bank instead of another…. 

Yes, Yes we are all buyers too, we totally understand what you need. That’s why we are confident that we can provide the best advice. 


Check out the profiles of all our happy sellers and how much higher did we manage to fetch for them in the link below!

otua. Happy Sellers


Drop us an enquiry today and we will reach out to you with advice!

Sell Your Used Car For The Best Price You Deserve

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