Selling Your Car? Is Consignment A Good Option For You?
Any car owner will agree that buying a car in Singapore is damn expensive. So when it comes to selling away, we all know that there will be a dealer margin ranging from $5K for Japanese car to $10K for continentals, so what can you do that will help you get the most money back? One option would be Consignment Sales
From the beginning of the day till today's low COE prices, customers are always looking to sell their cars at the highest possible price, as most of them would have paid much more for their COEs back then as high as $97,000 in 2012. At the same time, new cars have also become cheaper
The benefits of consigning your car to a dealer is having someone experienced to handle the entire sale process for you, from the professional advertisement, handling of enquiries from potential buyers and professionally trained sales person to get the job done for you and final stages of documentations when a sale is made.
While consignment sales is that you’re getting a professional to sell the car on your behalf, but retaining legal ownership of the car until it is sold off officially. You can choose to leave your car at their showroom or driving it. While leaving your car at the showroom would shortened the waiting sales duration as interested buyers who have seen the advertisement can go down and have a look at it whenever they can or immediately without the hassle to make arrangements for both buyer and sellers as seller typically have to make some time out of their day for the viewing, which can go on for months and countless times.
Repairs and rectifications to the car are usually by the buyer's request and the cost will most probably deduct from your asking price. Apart from the financial, insurance and paperwork support, it is such repair and grooming work a dealer is able to assist with that makes the sale of your car much easier and cheaper as normally dealers repairs cost are cheaper compared to end market user prices. After all, nobody wants to purchase or collect a car that would require repairs.
One should take note is that you’ll have to make time and effort should there be a viewing for the vehicle, you’ll be taking precious time off your schedule should you choose to drive the car while it’s on sale. Or if should you decide to leave your car in the showroom to speed up the sales process, you would be facing the problem of inconvenience should you not possess a 2nd car or have purchased another car.
Dealers usually take a cut from the sale of the car, ranging from a flat fee of $500 to 1.25% percent of the final selling price, depending on the consignment agreement. Also depending on the arrangement made, the consignment dealer may or may not assist in the touching up of your car's paintwork and grooming before handing the car over to the new owner.
So afterall, would consigment sales be suitable for you?