Selling a used car in a competitive market doesn’t have to be a stressful experience – Understanding the ins and outs of selling it could easily help you speed up the process and earn as much cash as possible out of a successful transaction. These are the steps first-time sellers should follow to maximize gains with minimum effort.
BE FAMILIAR WITH THE MARKET – KNOW THE COMPETITIVE PRICE
To determine the true value of your car, it is crucial to be familiar with the market. You can browse through UCARS and gauge how much dealerships are selling similar models based on the year of manufacture, mileage and condition of the vehicle. The number of years left on the COE matters too!
Ideally, you want to put the price slightly higher than the valuation figure to give room for negotiation. For example, for a car that has a market value of $18,500, you could put the asking price at $18,888. Once you are through with pricing, you want to spruce up your car to make it market-ready.
BOOST YOUR CAR’S CURB APPEAL
Professional, high-quality and detailed photos will not only build confidence in the potential buyer’s mind, but also make your car stand out from other used cars for sale.
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We recommend photographing your car parked in an aesthetically pleasing location just after sunset for the best lighting. Move the car around to capture pictures of it from various angles, and don’t forget the interior too! Take a picture of the driver’s seat, back seat and trunk. Experienced sellers also include shots of the odometer to show the current mileage, tires to show tread depth and engine.
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But, before you take pictures of your car, make sure that it looks immaculate and well-maintained. Make sure that there are no scrapes, dings or dents and get rid of all the junk inside it.
KNOW WHERE TO ADVERTISE YOUR CAR
Let technology sell the car for you. After all, listing an online ad targets a broader geographical reach, and it also connects you to a wider audience. One marketplace that offers such a convenient and hassle-free experience is UCARS. Essentially, it is a platform where over 200 participating local dealers bid on your car, thus eliminating any hassle in trying to sell it.
(Related Story: Get The Best Prices For Your Ride On Our Marketplace)
All it takes is one click to register and within 48 hours from the time your car has been listed, a personnel will inform you of the highest bid for your car. Unlike the majority of companies that charge a commission fee for each transaction, UCARS does not profit from it, this means that you will receive every single cent of the final price. As UCARS believes that customer satisfaction is a top priority, there is also no pressure to proceed with the transaction if you are discontent with the final price too.
BE ACCOUNTABLE AND RESPONSIVE
Being on the ball allows both parties to seal the deal at a quicker pace. Never let potential buyers wait too long for a response, thus, it is important that you are readily available to take calls and answer messages as they come. Answering questions honestly not only establishes trust and rapport, but it also creates a good first impression that will help you get potential buyers to see your car in person.
ARRANGE A TEST DRIVE WITH YOUR POTENTIAL BUYER
A UCARS personnel will set up a date to meet you and your potential buyer at a safe location. Allow the buyer to test drive the car, but go along with them since they will probably be unfamiliar with the area and need directions. During the test drive, avoid the impulse to “sell” them your used car, instead, seize the opportunity to share what you know about the car and be ready to answer any questions they might have.
SEAL THE DEAL WITH A CONTRACT
Once both parties have come to a mutual agreement on the price, it is time to finalize the paperwork. To close the sale, you will be required to sign over the title to the buyer and sign any paperwork they need to register the title in their name. This contract also entitles you to receive a S$1,000 deposit from the buyer as a form of confirmation while ensuring that they will bear all of LTA’s transfer fees and levies.
Congratulations on officially selling your car! If you are ready for an upgrade to a new car, visit UCARS for the best car deals in the market.