Something that can be difficult is determining what to charge for your used car in Singapore. Some things such as the appearance and overall condition will always affect the price. The reality is that many other things are present that could potentially increase or decrease the true value of the vehicle. You need to consider several factors when trying to figure out a price for your second-hand car.
Start With the Odometer
You want to start by looking at the odometer in your vehicle. The distance that the car has been driven is always going to affect the price people are willing to pay. You do not really have to worry too much if the odometer is under 25,000 kilometres. Reduce the price a little at 50,000 kilometres. You will want to lower the price more if the odometer is above 100,000 kilometres since this shows the car might have significant wear.
Year, Make and Model
You want to consider the year, make and model next. Vehicles more than 15 to 20 years old should generally be priced lower than newer used cars. You also need to do some research to see whether any parts in the vehicle were recalled in the past just to be safe. See whether the specific year, make and model of your vehicle is particularly interesting to car collectors in Singapore. Adjust the price accordingly.
Go through and create a list of all the optional features on the used car that are still functional. Do not take anything for granted. Optional features are very important for anyone who wants to buy a second hand car in Singapore. You can charge more for a feature-rich car that includes things like a rear view camera and an entertainment system for passengers. Although optional features increase the price of a car, the lack of any features will not reduce the value.
Look at the entire vehicle history when trying to price a second-hand car. This must include any events that occurred when the car was owned by other people. You will need to adjust the price if the car was involved in a major accident or multiple accidents. You will have to do the same if the car ever sustained water damage or frame damage.
If your car is just a few years old, then it might still be covered under the initial manufacturer warranty. You might also have purchased an extended warranty for the car. These warranties will follow the vehicle once it is sold. If there are any active warranties, then you can increase the price of the car by a good amount. Try to determine what the warranty is worth each year and multiply that by the number of years remaining to get a general idea about how much extra to ask for.
Tips to Selling Your Used Car For a Higher Price
Research Local Values
What people are actually willing to pay for a used car can sometimes be very local. Certain vehicles might not be popular at the moment in Singapore. You want to research local car values. Go to a used car listing website in Singapore to see what people are asking for similar vehicles and what people are willing to pay. Try to find vehicles with the same statistics as your own. This will give you a very good idea about what to charge.
It is important to value your second-hand car properly from the start. Asking too much will drive buyers away so that the car never sells. Asking too little will hurt you financially. Take the time to really look at every aspect of the used car in order to arrive at a fair price for the vehicle.