Turns out, raising the $$ for my COV required more than just savings. My parents suggested that we should sell the family car since my dad is currently traveling to and fro from Cambodia, for his mission work.
So Mum told me to figure out how this works. So I did. Thank God for His guidance and wisdom and surrounding me with awesome colleagues and Internet. (Hey, i should be thankful for everything I get a chance for)
First thing you should do is, visit a dealer or call them! Provide them with these 2 information:
- Car plate
- Owner’s NRIC number
This would give the dealer an opportunity to calculate the amount of COE/ PARF rebate from the car after it hits its 10 year mark.
Well, the thing is, we were affected by the new regulation that the government just came up with on the 25 February 13, where loan period was shortened to 5 years instead of 10 and new buyers have to pay an upfront cash of up to 50% of the price of the car. Madness? Yes. Considering that a cheap car here doesn’t come by often.
More on the guidelines.
Good and bad i guess for our 2nd hand car. Lucky for us, our xiao qing is only left with 3 years on her COE. Now that the situation is set, this is probably a once in a lifetime thing that i will ever do. So here goes.
To sell your car, you need to advertise!
1) Advertise on SGCarmart
They have everything that you’ll need. In fact, for only $46 dollars, we can post for 6 weeks, and its pretty much a fill in the blanks kind of page. My ad was posted within 24 hours. 🙂
Make sure you put up at least 4-6 photos, it’ll make you look more sincere. Next up, please ensure that you put in text like ‘neg.’ etc. If you are that is.
2) Get ready to set up appointments over the weekend
When a caller starts to set an appointment, try to put them altogether on the same day. It was saturday for me, so most of my test drives came in on that day.
3) Prepare an indemnity form
You can use Sgcarmart.com’s indemnity form. This form is used when someone test drives the car, in case, the driver is an amateur like me, it better to just ensure that he/she doesn’t crash into anything.
4) Print out the invoice and sales agreement.
You can get these forms for free on sgcarmart too. It’s quite simple really. Make sure that the buyer signs on everything and provides you with a deposit of approximately $500-$1000.
5) Buyer would then need to source out for his/ her own insurance.
it is then, the buyer would require your car’s license plate and car owner’s NRIC number to verify for any major accidents and to purchase the insurance.
In the meantime, the buyer would also need to source out for their own bank loans. Buyer can approach Sgcartmart again for help. If the loan amount is below $20,000, there would be an administrative fee of $300. If not, it’s free.
If there is an existing loan on the car, its a tad bit more complicated. The seller has to check with the bank, the existing amount of money owed and pay up before transferring it to the buyer.
If the buyer is purchasing in cash, well.. i guess, there is nothing much required.
7) Land Transport Authority (LTA)
The seller and buyer would then have to make a trip down to LTA to make the transfer. They are required to fill up this form
Once that is done, the finance company would then transfer the balanced amount of money to the seller. Seller would then have to produce an invoice stating that he/she has received the balance.
In addition, both buyer and seller would then fill up a handover form. You can find that in sgcarmart.
Well, then, that’s it. Its pretty straight forward. We haven’t completed the entire process. Somewhere in between step 5 and 6. Praying that everything will go smoothly and i will be able to make it in time for the COV date (16 Mar 13).