Did you know that it is not that easy to sell used car as there are procedures that need to be followed. Hence the process can be time-consuming. There are actually two ways to sell used cars in Malaysia which are through agents or done privately.
Most car dealers or agents provide selling used car services. For your information, this is actually the easiest method to sell your car that still has balance on the loan payment with the bank.
Before selling your car, the agent will value the car and offer a price that is below the car's market rate. You can sell the car if you agree with the price offered. You can also know the value of the car when you are trying to buy a new car by doing the trade-in method. Once the car is value is agreed, the car will be repaired and sold at market rate.
You can also sell directly to the buyer without going through the agent. The perk of this option is that you'll get to sell it at a higher price. However, it can get very tedious especially this is your first experience in selling car. Following are some guides to help you sell your car:-
1. Advertise your car
Website such as Mudah.my or Carlist.my is among the best platform for you to advertise your car. All you need to do is be clear on the titles, car details, phone numbers, email and photos of your car.
2. Determine the Right Price
You can use websites such as Carlist.my, Motor Trader and Oto.my to do research and compare the market prices. Try to advertise the price nearest to the final price that you desired. The Carreviewsncare website can also be used to get tips on upgrading your car that can help increase the sales price.
3. Service the Car
Car maintenance especially on the car exterior is important as it would attract the potential buyer. A car that looks good can be easily sell at an expensive price.
4. Haggling Process
If you intends to give discounts or special rates, priority should be given to buyers that want to pay with cash. Once the buyer and seller have reach an agreement on the final price, make sure that you have set certain amount of deposit.
5. PUSPAKOM Inspection & Summon Records
For your information, if your car does not have PUSPAKOM approval, the car ownership can't be exchanged to the new buyer. So make sure that you have settle everything with PUSPAKOM to receive the certificate from PUSPAKOM.
Make sure that you have checked the status of your car on summons to ensure that you have cleared it before transferring the ownership to the buyer.
6. Transfer of Ownership
This is the last step in the process of selling you car. You will need to contact the Road Transport Department (RTD) to transfer the ownership once the buyer made the payment. The buyers will also need to buy the car insurance first. As a guide, the insurance amount should be at least 90% of the value of the car.
In conclusion, the are pros and cons of selling used car through agents, dealer or privately. For example, agent and dealers will set certain price on your car despite it not being in good condition.
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