Mistakes are common. But when you are dealing with selling cars, which are worth an arm and a leg, you do not want to be making any. Here are 5 mistakes you should avoid when selling a car in Malaysia.
Selling your car is a complicated process that requires knowledge not only of the car itself but also the finances that go along with it.
You might think that you have done the necessary steps toward selling your car but may wonder why no prospective buyers are coming your way. This could mean that you have made one or more mistakes during the sales process.
Fear not, as in this article we’ll be pointing out common mistakes most people make when selling their car. Hopefully, more prospective buyers will flock to your offer once you are through.
Not Knowing Car Market Value
Your current car market value is the value of the car after taking in the factors of depreciation. It can be affected by wear and tear, mileage, factory options, and even customisation.
Once one or more of these factors are applied, the car market value would gradually start to decrease. For example, a more frequently used car with higher mileage and worn parts would sell for a relatively cheap value.
Failure to do take into account car market value would mean you are potentially selling a vehicle at a much higher price than it is actually worth.
We talked more in-depth about factors that can affect car market value here.
Forgetting Service Records
Car market value and servicing go hand-in-hand as servicing or the lack thereof affects the car market value. Servicing your car happens once every six months or 10,000km whichever comes first. During servicing, important parts of the car such as the engine and gearbox are inspected, while oil, coolant, and fluids are topped up.
Servicing effectively slows down depreciation as parts are regularly maintained. This means that the car’s market value decreases slower than without servicing. This is why it is important to update the servicing logbook.
Forgetting to bring these service records when meeting the buyer will reflect badly. The buyer would not be reassured that the car has been maintained as well as it has. So when you are meeting a potential buyer, make sure you bring the car service records and that they are accurate and up-to-date.
Not Knowing Your Car Specifications
(Photo Credit: Engine Swap Depot)
Selling your car requires knowledge of your car from back to front and inside out. Knowing your car specs exudes confidence as well as honesty and shows that you are not hiding anything from them.
You need to know what engine the car uses. Engine size, horsepower rating, fuel consumption as well as transmission are also important information. Some of these factors such as the horsepower rating or the engine size can affect road tax, so you would not want to be giving the wrong information.
Additionally, the use of modifications can increase or decrease your horsepower rating or affect how your car runs. Wear and tear for some of the parts can increase and market value can also be drastically affected. Hence, take that into consideration when talking to the buyer.
Not Cleaning Up The Car
This fact is kind of a no-brainer. Think of it like this, do you want to buy food if it does not look appealing?
Similarly, if your car looks shoddy, no one would be interested to buy it. This is especially true if there are insects crawling about or if there are dust balls still on the carpet or between the seats.
Similar to maintenance, prospective buyers would want to see that you have taken care of the car. Most buyers have a keen eye and would notice right away if the car is dirty.
You can choose to clean your car as thoroughly as you can yourself or fork out a bit of cash for a thorough cleaning somewhere else. The latter is recommended as the sight of a clean car can make a world of difference to buyers.
Falling For Fraud Schemes
The business of buying and selling cars is no stranger to fraudulent behaviour. This catches many sellers off guard and can easily lose them a lot of money.
There are many people who want your car, but don’t necessarily want to pay for it. For example, dishonest car buyers can stall their payment and insist on handing over the car beforehand.
To avoid such dishonest schemes, make sure you meet the owner in person and do not take any chances. Ask for the buyer’s driver’s license to verify their identity. This ensures that you are meeting someone legitimate. Additionally only accept cash or certified cheques.
Make sure you let the buyer do test drives in a public location and bring a friend for extra caution. And finally, never part ways with your car before the final payment is complete.
Mistakes Do Happen
Selling your car is part of the car ownership experience. Whether it is to replace an older car with a newer one or for some fast cash, selling a car can be a complicated process. Hopefully, you will see better offers coming in after reading our guide.
If you are still experiencing trouble selling your car, you can head over to our website and our team can help make your transaction process smoother!
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Read more: How Do You Sell Your Car Yourself?