evidence 2nd Gear October 28, 2014 Share October 28, 2014 (edited) Hello all. I am just wondering within these two or three months, have you ever tried to sell your car or gauge the value of your car in the second hand market. I did try to sell two cars and im in the midst of helping my brother in law selling his car. By now you should know that there are dealers pretending to be direct sellers when selling their cars. Their asking price is also very similar to the price displayed by the car dealers. I am sharing my personal experience when i sold my relative's car three weeks ago. It was a September 2008 corolla altis , 2 owners , car very tip top condition with a mileage of 116 000 . If you were to look at the price advertise by these dealers, it ranges from 54 000 to 59 000 but some of the calls i received by the dealers, they are just offering for 47k to 50k only. In fact, they have the cheek to tell me that once the car comes in to their garage , they will spend up to $3k to do up the car which i think is pure nonsense because the most they do is one coat of paintwork that costs around $800 to $1k. And these dealers also will charge admin fee and whatever else to further 'burden' the potential buyer. In another case, a dealer bought in a japanese mpv for 32k and two days later advertise it for over 41k. So ladies and gentlemen, i am just sharing with u as an end user we have to be very careful because the market practice is so bad and most of the time we are at the mercy of these dealers. I am sharing this so that we will be more aware of things and practices that happens around us. I hope there are other forummers who are willing to share your experience. Edited October 28, 2014 by EvidenceProtocol ↡ Advertisement 1 Link to post Share on other sites More sharing options...
Angchug 3rd Gear October 28, 2014 Share October 28, 2014 I just sold my car two weeks ago to a dealer. The price is 10k less than their selling price which I think it's fair. They need to make a living too. 5 Link to post Share on other sites More sharing options...
evidence 2nd Gear October 28, 2014 Author Share October 28, 2014 I just sold my car two weeks ago to a dealer. The price is 10k less than their selling price which I think it's fair. They need to make a living too. If u have another pls sell it to me so at least i can save than buying from a dealer Link to post Share on other sites More sharing options...
Jman888 Moderator October 28, 2014 Share October 28, 2014 The dealer has to pay rental, salaries, maintenance and operations expenses, you expect him to make $2K and hope money drop from the sky? The car takes up 15 sq ft of the space if it can't sell and sits in the garage for months. Even if we know how they mark up, end of the day still willing buyer, willing seller. By the way, your experience had been shared by a few people here before. 4 Link to post Share on other sites More sharing options...
Simplecar 4th Gear October 28, 2014 Share October 28, 2014 one side wants to sell as high as possible; the other side wants to buy at as low as possible. The strike price is between the two. Link to post Share on other sites More sharing options...
Observer 4th Gear October 28, 2014 Share October 28, 2014 i also want to sell my car..who interested...haha Link to post Share on other sites More sharing options...
Blackyv Turbocharged October 28, 2014 Share October 28, 2014 Hello all. I am just wondering within these two or three months, have you ever tried to sell your car or gauge the value of your car in the second hand market. I did try to sell two cars and im in the midst of helping my brother in law selling his car. By now you should know that there are dealers pretending to be direct sellers when selling their cars. Their asking price is also very similar to the price displayed by the car dealers. I am sharing my personal experience when i sold my relative's car three weeks ago. It was a September 2008 corolla altis , 2 owners , car very tip top condition with a mileage of 116 000 . If you were to look at the price advertise by these dealers, it ranges from 54 000 to 59 000 but some of the calls i received by the dealers, they are just offering for 47k to 50k only. In fact, they have the cheek to tell me that once the car comes in to their garage , they will spend up to $3k to do up the car which i think is pure nonsense because the most they do is one coat of paintwork that costs around $800 to $1k. And these dealers also will charge admin fee and whatever else to further 'burden' the potential buyer. In another case, a dealer bought in a japanese mpv for 32k and two days later advertise it for over 41k. So ladies and gentlemen, i am just sharing with u as an end user we have to be very careful because the market practice is so bad and most of the time we are at the mercy of these dealers. I am sharing this so that we will be more aware of things and practices that happens around us. I hope there are other forummers who are willing to share your experience. Can share something we dont know? I guess most forumer here knew this trick lonnnnnggggg ago...hehehe.. Link to post Share on other sites More sharing options...
Dark 5th Gear October 28, 2014 Share October 28, 2014 They probably need that kind of margin to survive, moreover asking price only doesn't mean they will sell at that price, there are also other hidden costs to cover after-sales such as lemon law. It's not like the new car distributors are making anything less, you're in for a rude shock if you just look at their gross margin published by LTA. Link to post Share on other sites More sharing options...
Simplecar 4th Gear October 28, 2014 Share October 28, 2014 They probably need that kind of margin to survive, moreover asking price only doesn't mean they will sell at that price, there are also other hidden costs to cover after-sales such as lemon law. It's not like the new car distributors are making anything less, you're in for a rude shock if you just look at their gross margin published by LTA. to be 'makan' twice by the AD and used car dealer is much harder to stomach. I have sold my car to a private buyer before. Both of us got a good deal. I sold higher than what the dealer offered - she bought at a lower price. Cutting out the middleman makes sense for both of us. 5 Link to post Share on other sites More sharing options...
Yokohama Neutral Newbie October 28, 2014 Share October 28, 2014 Sorry to hijack this thread. Need some advice. My Lancer GLX coe will read 10 years in Sep 2015. It's an SFZ XXXX. I am of thinking scrapping the car earlier than that, say after 2015 CNY. How do I go about doing it? Thanks Link to post Share on other sites More sharing options...
Eyke Supercharged October 28, 2014 Share October 28, 2014 I am of thinking scrapping the car earlier than that, say after 2015 CNY. How do I go about doing it? http://www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/de_register_a_vehicle/de-register.html Link to post Share on other sites More sharing options...
F355 Turbocharged October 28, 2014 Share October 28, 2014 Dealers spending 3k to do up car is not pure nonsense ; dings and dents ,one coat of paint , tyres , maybe upholstery , grooming , its about there lah. Topping up 10k for b&b car or 20k for contis is common ; buyers will bargain ma ; plus they have overheads , need to advertise ,some give 1 year warranty , plus now got to deal with lemon law. You buy from direct buyer , 3 months down the road gearbox kaput , any recourse ? If you think their profit margin is excessive , what about ADs ? B&B cars their profit margins 20k ; conti cars profit margin 50k to 70k per car They have mouths to feed too , and end of the day , ultimately, it is still willing seller , willing buyer . Btw I not car dealer hor . 5 Link to post Share on other sites More sharing options...
Soya Supersonic October 28, 2014 Share October 28, 2014 The dealer has to pay rental, salaries, maintenance and operations expenses, you expect him to make $2K and hope money drop from the sky? The car takes up 15 sq ft of the space if it can't sell and sits in the garage for months. Even if we know how they mark up, end of the day still willing buyer, willing seller. By the way, your experience had been shared by a few people here before. Gib chan lah.....maybe TS first time buy sell car? I more interested to know how to buy lower than dealer.... Link to post Share on other sites More sharing options...
Tianmo Hypersonic October 28, 2014 Share October 28, 2014 If u have another pls sell it to me so at least i can save than buying from a dealer you just sold 2...............now selling another...........and you want buy another car from him................you dont even know what car he sold............ [laugh] 1 Link to post Share on other sites More sharing options...
Quotz 1st Gear October 28, 2014 Share October 28, 2014 Sorry to hijack this thread. Need some advice. My Lancer GLX coe will read 10 years in Sep 2015. It's an SFZ XXXX. I am of thinking scrapping the car earlier than that, say after 2015 CNY. How do I go about doing it? Thanks Sell to dealers who will de-register for you. We can help you find the dealer who will give you the highest price. Read our thread here : http://www.mycarforum.com/topic/2695492-how-to-sell-8-10-years-old-car-for-the-best-price/ Alternatively, you can de-register your car with LTA yourself. However, the amount you get will almost be the same as what our dealers will offer. On top of that, you get instant cash and less hassle. Link to post Share on other sites More sharing options...
Hosaybo 6th Gear October 28, 2014 Share October 28, 2014 Dun understand why people complaining that margin of authorised dealers are high.... they are in business and if they can sell high with good margin, why not. Put yourself in their shoes and you will understand. That is business. If you are selling pen and your pen cost you 1 dollar only but u can sell at 20 dollars with good number of takers, will u sell for 5 dollars? Link to post Share on other sites More sharing options...
Volvobrick Supersonic October 28, 2014 Share October 28, 2014 to be 'makan' twice by the AD and used car dealer is much harder to stomach. I have sold my car to a private buyer before. Both of us got a good deal. I sold higher than what the dealer offered - she bought at a lower price. Cutting out the middleman makes sense for both of us. But many private sellers not willing/unable to wait for the right offer (from another private buyer) so they probably just trade in and let the dealers earn.... And buyers may want a particular model and hard or impossible to find a private seller. So LL buy from dealers. Buyers/sellers all have a choice to not to deal with dealers. It is up to them. 2 Link to post Share on other sites More sharing options...
Porche 5th Gear October 28, 2014 Share October 28, 2014 A business is out to make profit. Who will want make losses, bear in mind. Some dealers take loan to take in these cars, they need to pay interest too. How many dealers have the capability to buy in 20 cars and put them at the showroom for mths if they can't sell. By the way, the paint job they pay lower than 800 ↡ Advertisement Link to post Share on other sites More sharing options...
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