Car consignment is one of the many methods to sell your car in Singapore. Selling your car by consignment allows you to retain legal ownership of the vehicle while an agent sells it for you. It is convenient, hassle-free and efficient.
Here are four reasons why selling by consignment is your best option:
1. No need to handle paperwork
Selling your car comes with a huge pile of paperwork, from road tax to vehicle ownership transfer agreements to activation of insurance policies and bank loans.
With consignment, you don't need to worry about the administrative aspects of selling a car. Just sit back, and your agent will handle all the authorisation and documentation procedures for you!
2. Professional handling
Selling via a consignment agent also means there is increased visibility and sales exposure for your car. They can also offer buyers workshop warranties and after-sales services to sweeten the deal for potential buyers.
The agents will also take professional photos of your car to increase your car's attractiveness on car listing sites like sgCarMart (the only car site you'll ever need). These agents are also well-versed with the automobile market. They are likely to be more knowledgeable about your car and better equipped to answer common queries from buyers.
3. Keep your car while waiting for buyers
Car selling is a tedious and time-consuming process, and it might take months before a potential buyer comes along.
With consignment, you have the option of keeping your car while waiting for potential buyers. However, do note that you would need to take time off to drive down to the dealership for an interested buyer's viewing, depending on the agreement you made with your agent.
The beauty of consignment is that you have greater flexibility to use your car for your daily needs while you wait for the sale. It also means you still have the option to change your decision before your agent finds a buyer - great for sellers who do not need to sell urgently.
4. Sell at your preferred price
Out of all the points so far, this takes the cake.
Let your agent know how much you want for your car, and they will help you screen through potential buyers and filter out insincere buyers and time-wasters. Even if your agent finds a potential buyer who can match your asking price, you have the freedom of proceeding with the sale only when you are satisfied.
Things to take note of before deciding to consign your car:
1. The urgency to sell your car
If you need to sell your car ASAP, consignment may not be your best option as it can take a while to find buyers.
2. Consignment fees
Do note that consignment agents typically take a cut from the sale of the car. This fee ranges from a flat rate to a percentage of the final selling price. Depending on your car's condition, make and model, this fee is negotiable with your agent.
3. Keep a lookout for scams
It's good to have an estimate of the value of your car before visiting any dealer.
Use free online car valuation tools to get a rough gauge on how to price your car before deciding to consign. Note that these numbers are estimates and the real value will depend on the condition of your car.
So, should you consign your car?
The car selling process may sound daunting for many, especially if it is your first time. Consignment allows you to complete this process hassle-free in return for a small fee - a pretty great trade-off if you ask me.
Save the hassle, the headache and the anxiety by selling your car via consignment!
This article was first published in sgCarMart.