There are 3 main ways that you can sell your car in Singapore. You can either sell it to a dealer through trade-ins or auction platforms, sell the car yourself to a direct buyer or sell your car through consignment.
Today, we will be giving you a brief overview of each method. Do follow us as we explore each method in detail over our next few Car advice articles.
Selling your car to a car dealership
Arguably the easiest way to sell your car is to trade it in to car dealership. This commonly happens for 2 reasons;
- Most dealerships will offer a nominal trade-in offer for your used car while shopping for your next car with them.
- There are times when you need to urgently offload your car. Time is your main constraint and not price.
Selling your car to a dealership is often, fast, easy and hassle-free. Most car dealerships will pay you cash upfront once an agreement has been signed and they will take your car off your hands on the spot.
The downside? You are definitely not going to get the best price for your car. And here is why –
- Car dealership have profit margins that they need to hit
- More often than not, they will have to spend some money refurbishing and re-instating your car’s mechanical and exterior condition before attempting to sell the car in the market.
- Most car dealerships apply for some form of financing to buy your car. The cost of financing can be anywhere from 0.75% to 1% per month
All of these factors combined, would usually mean a good $2,000.00 (if your car is in a pristine condition) to upwards of $10,000.00 deducted from actual market prices.
Selling Your Car Yourself (to a direct buyer)
The other way is to dip your toes into the used car marketplace and attempt to sell your car yourself. If you have extensive experience or knowledge about cars and are persuasive enough, this is often the best way to get the best price for your car.
The main disadvantages are:
- There are costs involved to advertise your car aggressively
- It can be time consuming to reply to various enquiries (many of which are low-ballers or time-wasters)
- Negotiations can sometimes be tricky and/or awkward
- There is a somewhat steep learning curve for people who aren’t passionate about the car industry
- Your buyer will often require some form of flexible financing which you are unlikely to offer
- Your buyer may also require to dispose of his personal car first which you are unlikely to be able to assist
- Paperwork that you will have to handle yourself
So while you stand to make $5,000.00 or more from selling your car yourself to a direct buyer, there are a number of challenges or obstacles you will need to overcome.
More often than not, the majority of Singaporeans just do not have the luxury of time to take pictures, writing an attractive advertisement, answering numerous calls, setting up viewings, negotiating, paper-work etc…
This brings us to the final method of sale.
Selling Your Car via Consignment (Otua.sg)
What if we tell you that there is the best of both worlds? Consignment sales is a marriage of the first 2 methods. It combines the hassle-free nature of selling your car to a dealership along with the ability to get you the best price possible for your car from selling to a direct buyer; effectively skipping the dealership profit margins.
It’s a simple idea really. You basically outsourced the most tedious and time consuming part of the sales process to a Automotive business like Otua.sg. Your Car Experts from Otua.sg will do all the legwork for you and this includes:
- Taking professional and impressive photos to attract potential buyers
- Having a proper marketing team to help you with aggressive advertising and copywriting
- Monitoring your car advertising efforts
- Ensuring your car is priced fairly and competitively
- Qualifying and matching the right buyer profiles so you do not need to entertain low-ballers
- Arranging and facilitating of viewings
- Helping you with awkward and tough negotiations
- Protecting your interests as a seller and ensuring the sales agreement and conditions are fair for all parties
- Flexible financing options to make your deal faster and easier
- Attractive & competitive trade-in offers for your buyers
- Warranties to make your sale happen even faster
- And most importantly, we save you time. So you can focus on more important things in life
In fact, you can read more about what to expect when you engage our Car Expert’s selling service here, where we go in depth about our sales process.
There is often a small fee that consignment companies charge. Otua.sg charges a nominal fee of $500.00 or 1% of the selling price (whichever is higher). However, we are currently waiving our seller fees so you stand to save more money!
Otua.sg is here to support you
Otua.sg is co-founded by a group of car lovers and enthusiasts and we are here to support you in whichever car selling method you prefer.
Should you decide to sell quickly to a Car Dealership, we are proud to have a panel of 200 car dealerships partnered with us. We promise to give you a competitive quote while ensuring you a fast, hassle-free and safe deal.
On the other hand, if you want to dip your toes into the used car market and experience first hand the thrills of closing a deal yourself? Otua.sg Finance team is always around to assist your buyer’s loan and insurance needs. Flexible financing options with attractive rates are often key to successfully selling your car.
If like many of our clients, you wish to get the best price possible for your car while still enjoying a hassle-free experience, than our Car Experts are always ready to serve you. Consignment is and will always be the core business of Otua.sg.
Every Car Expert is meticulously hand-picked and trained to ensure the success of your sale. Their wealth of knowledge and negotiation skills are what sets us apart from the rest.