[2024 Update] Should I sell my car myself?

It's time to sell your car, and you've got two options. You could get someone to help sell your car for you, or you could take matters into your own hands.

Selling your car on your own may be a long process of waiting with no guarantee of a prospective buyer, lots of paperwork, and problems waiting to happen if you're clueless on the necessary steps.

Here's what to do!

Test Drive

When you finally get an interested party, you'll need to arrange a meet-up. Your prospective buyer is going to want to test drive your car. Naturally, you wouldn't want your $130,000 machine in the hands of some stranger with no precautions. It's best to have an indemnity form at hand. That way, in the event that your buyer has an affinity with high speeds and lampposts, they are legally responsible for it! The buyer might also want to know where and when the car has been maintained so that they know that the vehicle is in good condition, in which case, you should have all relevant receipts from servicing and maintenance to show the buyer.

Get your indemnity form here!

Sales Agreement

After test driving and inspecting the vehicle, have them sign a sales agreement form if they are interested in buying your vehicle. That ensures that the agreement is in black and white and not based on just a handshake. After that, the buyer should place a deposit on the vehicle. On the buyer's part, they should receive an receipt from you.

Get your sales agreement form here!

Payment

Before you sell your vehicle, all outstanding loans must be paid off before you can transfer the ownership to the buyer. Chances are, the buyer isn't going to pay for the car upfront in cash. In that case, the buyer will have to source for loans to pay for the car in full. On top of that, the buyer must also get his/her own motor insurance, which is needed for the transferring of ownership.

Transferring Ownership

To transfer the ownership from seller to buyer, the seller must initiate the ownership transfer through the OneMotoring website which the owner must then accept within seven days. The buyer must have a valid motor insurance under their name that covers the full period of the vehicle's valid road tax before the transfer can be accepted. Once accepted, the buyer will have to pay a fee of S$25 online before the vehicle's ownership is automatically transferred to them!

Payment to the Seller

Almost there! The buyer has to pay the balance amount to the seller, which should be settled by the loan company or if possible, in full cash. You should provide a receipt back to the buyer to confirm receiving the payment.

Once that's done, it's time to hand over the vehicle. The sales agreement has the portion to confirm the handover of the vehicle. This confirms that any fines and claims are the buyer's responsibility.

Or just use Motorist.sg

That's a handful, isn't it?

Selling your car shouldn't be so much trouble, and with us, it won't be! We handle your problems so that you don't have to. Just submit your details here, and we'll liaise with our extensive network of dealers to get you the best price for your car!

After that, make an appointment with the interested buyer, and they'll handle all outstanding bank loans and troublesome paperwork. Then, they'll pay you the balance after the handover. It's as easy as that!

Read more: How to Sell Your Car to a Used Car Dealership

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