Selling 101 – 6 ways to sell your used car

The rise of the internet has brought about many changes and disruptions to previously traditional businesses. With information and data at your fingertips, selling your car has never been easier. No longer are you confined to only selling your car to a sell my car dealership. The whole process of Singapore car sales have evolved over the years, with the introduction of innovative solutions and interactive internet applications. Here are 6 ways you can sell your used car in Singapore:1. Over-trading your car

Over-trading is essentially a practice where dealerships (usually new car dealerships) offer a “higher than market” offer for your used cash 4 cars vehicle. Over-trading gained popularity during the 90’s when loan restrictions were introduced.Pros:

  • Over-trading offers by-far the highest value for your car
  • Usually no frills, but some dealerships might require you to send your car for an inspection

Cons:

  • Strictly available only if you purchase from the dealership that offers over-trades
  • More commonly found on Dealerships that specialize in Continental cars
  • Essentially, over-trading also meant that you are paying a “premium” for your next car

While over-trading does offer the highest value for your car, the trade-offs are the hefty premium that you have to pay for your purchase with the dealership. While this might seem exclusive to car buyers who have an existing car to trade in… it isn’t true since the sales person will usually still give the “over-trade” portion as a discount to new car owners just to seal the deal.2. Selling the car directly yourself

New online initiatives as well as information available readily at your fingertips meant that selling the car directly yourself is no longer as challenging as it used to be. There are many websites available that allow for the general consumer to attempt to sell the car directly themselves (Sgcarmart, Carro etc…)Pros:

  • Almost guaranteed to fetch a higher price than selling to a dealer
  • Dealing directly with consumers who are looking to buy used cars helps to avoid the case of middlemen and any fees associated as such.

Cons:

  • While information is readily available, there are many finer nuances to documentation that you might not be prepared for (example: existing loan settlements etc)
  • Many used car buyers have an existing vehicle that they require trade-in and unfortunately, the typical direct seller will not be able to facilitate for it
  • Unless you have experience working in sales, selling a car is challenging and time consuming
  • Challenging to advertise the car yourself

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