When selling your car, there are a million and one things to consider and do, and it can get quite stressful and confusing, especially for a first-time car seller.
But did you know there are a few mistakes you can easily make that would affect the price of your car?
Here are five common mistakes many Malaysians make when selling their cars.
1) Not Knowing Your Car Inside-Out
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Before selling your car, it is extremely important that you know anything and everything there is to know about the car you are driving in detail. By that we mean, your car’s make and model, features, transmission, age, modifications, replacements, the list goes on and on.
Despite what you may think, quite a few car sellers out there do not have even the most basic knowledge, like their car’s make and model, when asked by potential car buyers. By just knowing what kind of car you drive, you would also be able to get an estimated value of your car by just filling out a simple form online.
Find the true value of your car here
2) Not Servicing Your Car Regularly
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Most car manufacturers today provide some form of factory warranty on their purchased new cars. The duration of the warranty would depend, with most of them offering around five years for a new car. Also, some of them even provide free car servicing, depending on the car’s service interval.
This is information potential car buyers would want to know about, especially if the car is relatively new. If your car is under warranty, you could possibly command a higher price for that extra peace of mind.
Servicing your car at authorised workshops during recommended intervals and mileage is also important. Some warranties can be voided if the owner does not act responsibly and services their car at unregular intervals.
Regardless of whether you are selling your car with or without a valid warranty, the service records, which you should keep safe, serves as a good indication to the any potential buyer that your car has been serviced well regularly.
3) Not Keeping Your Car Clean
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When selling your car to any party, having a clean and well-kept car inside and out will reflect well on the parties involved. It is important to note that a clean car is often a sign to potential buyers that the car has been serviced and maintained well.
Another thing you can do before selling your car is to spruce it up a little. Before selling it off, you could throw in a few simple modifications to increase the price of your car, like a new entertainment system or a fresh set of tyres.
4) Not Getting an Insurance Refund
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Be sure to remember to cancel your insurance premium the moment you sell your car. This is important as it will allow you to enjoy better returns on your policy in the future.
Also, if you get a new car, remember to get an endorsement letter from your insurance company. This endorsement letter is regarding your No-Claims Discount (NCD) entitlement that you currently have. This will let you transfer the NCD you have accumulated over the years to your new car.
5) Not Settling Your Remaining Loan
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Selling your car is easy and straightforward when you have financed it fully. But what if you still have an outstanding loan from the bank? Did you know that it can be settled by the next owner of the car?
All you have to do is go to a branch of the bank you took the loan from. If you do this, make sure that the next party settles the payments properly. To play it safe, when you are advertising your car, you could secure interest from prospective buyers by asking for a non-refundable deposit regardless of whether the loan gets approved.
If you don’t do that, you will probably need to settle your bank loan by yourself with a ton of paperwork, after you receive the cheque or the full payment in cash for your car.
Don’t trust yourself to avoid every mistake here? Well, there is an easier way to sell your car for the highest price possible without any hassle. Here at Motorist, we bridge you to our network of almost 500 used car dealers. All you have to do is provide your car’s details to us, and we will give you a completely free quote for your car with no strings attached.
With our method, we are finding the best price for anyone looking to sell their cars in Malaysia. We have successfully transacted over 11,000 vehicles worth over RM600,000,000, with thousands of satisfied users to match. Why not be our next satisfied customer by getting the maximum value possible for your car without worrying about making any mistakes?
Read more: How Do You Sell Your Car Yourself?
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