YOU'RE thinking of selling your old car. Of course, you're going to want to get the best price for it.
But before you do that, you need to ensure it's worth its resale value. Here are some simple points to consider before selling your car.
Is there demand?
Before you decide to push off your car, it doesn't hurt to do a little research to find out if there's demand for what you're selling.
“There's good demand for small, fuel-efficient vehicles, either from parents looking to purchase cars for their college-going children, from those that have just entered into the workforce or even from people looking to own a second car,” says Derrick Lam, a former used car salesman.
He says that multi-purpose vehicles are also in good demand.
“These are especially for young couples or families looking to upgrade to bigger vehicles,” he says.
Setting the price of your car is determined by a number of factors such as the age and condition of the vehicle. If this works to your favour, then you're going to have a better chance of asking for a higher price, says Lam.
“When looking for the right price for your car, try to get a second or third opinion. Doing research also helps. How much is a similar vehicle like yours going for in the used car market?
“When you set your price, set it between RM500 and RM1,000 more than your actually selling price. This is because when potential buyers negotiate, they like to do it in huge amounts and not in small quantum.”
Getting a second opinion on pricing also helps, says seasoned used car salesman, Sonny Soh.
“Cross reference with the newspapers or used car dealers to find a suitable price,” he says.
Of course, to get the best value for your car, it's imperative that the vehicle you're selling is in good condition.
“Keeping it accident free is the best thing you can do to preserve your car's resale value,” says M. Gopal, a used car trader.
“Keeping it clean, doing maintenance jobs on a regular basis is also a big help. No one's going to buy a car that's poorly maintained and dirty,” he says.
Gopal adds that “souping up” or adding extreme modifications to your car might not enhance its resale value.
“This actually narrows down your target market as the add-ons won't appeal to everyone,” he says.
A simple and inexpensive way to let people know you're selling is through word of mouth.
“Tell your friends and colleagues you want to sell your car. They could help pass the message for you,” says Gopal.
Alternatively, one can advertise in the newspapers or automotive trade magazines, says Dave Foong, manager at Kuala Lumpur-based Zaibi Motor Sdn Bhd.
Once the car has been sold, then it's up to the new owner to maintain the vehicle. However, what if for some strange reason, something goes wrong?
Foong says in situations like this, it's always better to buy a used car from a reputable company rather than an individual.
“If you buy it from a reputable company, it may provide you with a warranty. So if there's something wrong with the car, you can take it back and get it fixed.
“It's more risky buying from an individual because you get no such assurance.
“If you do get the vehicle from an individual, then it's best to take it to a mechanic or someone who knows enough about cars to be able to tell you if it was worth the purchase in the first place.”