At some point in your life, one thought that would have definitely sprung up is “is it time for me to sell my car”? Well, there are many reasons out there why you should sell your car – maybe the payments are just too astronomical for you to afford each month or, you need a bigger car to accommodate your growing family needs.
What is Depreciation & How Does it Affect the Resale Value of Your Car?
The depreciation rate of a car refers to the difference between the original value of a car at the time of purchase and the final value of the car at the time of sale. The depreciation rate depends on the car’s daily wear and tear, model, brand, and age of the car. The rate is the steepest in the first year of car ownership and continues to grow the longer you hold on to the car – typically, the average depreciation rate of a car is around 15 to 35 percent in the first year, while it can hike up to 50 percent when it reaches its fifth year and above.
For example: You purchased a Perodua Myvi for RM55,300 five years ago. Today, your car would have lost between 40 and 50 percent of its original value. Therefore, its current value is roughly between RM27,000 and RM33,000. This, of course, could fluctuate depending on your car’s condition as well.
So, if you are planning to sell your car, you are advised to sell it within the first five years, as this is when the car depreciates the most. Now, the next question you should ask yourself is how you want to go about selling your car. Do you want to sell it privately or to a used car e-commerce platform such as Carsome?
Pro tip! Although factors such as the car’s mileage, reputation, reliability, service history, and the overall condition of the car may affect the depreciation rate of the car, it does not mean you cannot increase the market value of it. Maintaining and servicing your car also plays a role in determining its selling price.
Should You Sell Your Car Privately or to Carsome?
Selling it privately is when you handle everything yourself – from putting up your car listing, determining your car’s price, and so forth. However, this route has more cons than pros because it can be quite a tedious process.
Although you can have full control over the price of the car and negotiations with the buyer, there are disadvantages to this route.
Here are some cons of selling your car privately.
- You spend more time and effort on your own to find a suitable buyer.
- You might not find a buyer that wants to buy at your price and you may end up being lowballed because you are unaware of your car’s actual current value.
- You are not protected from a legal standpoint as you would have to take time to learn all about the necessary legal procedures.
- There is quite a fair bit of paperwork involved – such as ownership transfers, loan applications, and so forth – that you will have to handle yourself.
Meanwhile, Carsome eliminates the pain points in the traditional used car selling process by offering effective solutions for both customers and used car dealers.
In fact, Carsome offers 100 percent free inspection and over 2,400 dealers all over Malaysia that promise an experience that is safe, easy, and efficient. So, to show you how efficient Carsome is, here are two ways you can choose to sell your car to Carsome!
With Carsome you can expect:
- A thorough 175-point inspection: All cars sold to Carsome go through a 175-point inspection, where skilled inspectors will assess your car to find out its current value;
- Great selling price: Carsome will offer you a price on-the-spot for your car. If you are not happy with the offer, you can opt for live bidding where dealers nationwide will bid for your car. If the bidding is successful, you may get a higher price for your car.
- Fast payment: You can get paid in one hour; and
- Worry-free transactions: Reliable and fuss-free process as everything from paperwork to legalities is handled by Carsome.
Selling Your Used Car to Carsome: Get a Price On-The-Spot or Opt for Carsome’s Live Bidding
So, if you are looking to sell your car, here is how you can do that with Carsome.
Step one: Make an appointment online
Head over to Carsome’s website and enter your details into the form on the page – it’s not a lengthy process, we promise! A Carsome representative will contact you within 24 hours to confirm your details and schedule an appointment. We also offer a home inspection as well during the Movement Control Order (MCO) period where we will come to you!
Step two: Get your car inspected
When you bring in your car to Carsome’s Inspection Center, make sure to bring along relevant documents such as the Vehicle Ownership Certificate and MyKad, among others. The home inspection is no different – you should also prepare these documents prior to the appointment.
Your car will then be inspected for free by our highly-trained inspectors. They are well-equipped to provide a complete car condition report that covers an extensive 175-point inspection process. It only takes 30 minutes. Your car will also be checked for any signs that it has been in a major accident, as well as for floods, frame, or fire damage.
Step three: Accept the on-the-spot offer or opt for live bidding
Once the inspection is done, an on-the-spot offer will be given for your car – this means that our inspector will tell you the price of your car. Alternatively, you can also proceed with Carsome’s live bidding where our nationwide network of dealers will bid for your car.
If you choose to accept our inspector’s offer, you have a maximum of five days to hand in your car, including all the relevant documents to us. You can also sell it immediately as well during your appointment, and we will process everything for you. You will receive the full payment via online transfer within one hour, subject to terms and conditions.
Carsome live bidding
If you don’t want to settle on the price offered for your car just yet, you can put it up for live bidding. What happens is that we will set it up for bidding, where car dealers can view and bid for your car. Your car will be live on our bidding site at the earliest available slot where more than 2,400 verified used car dealers in Malaysia will place their bids. The initial bid amount will be discussed and agreed upon between you (the seller) and Carsome prior to the live bidding session. Additionally, you will receive an email or SMS where you can view the live bidding session for your car.
If your car receives bids, you will then be given 24 hours to accept or reject the bid-offer. If you accept, you will be given five days to prepare all the necessary documents and hand over the car to us.
Now, what happens when your car does not receive any bids? If your car does not receive any bids the first time, you will be offered two options.
- Option one: If your car did not receive any bids from the first session, it will be automatically scheduled for the next available bidding session, usually on the same day or the following day. The subsequent starting bid price will be five percent less than the previous starting bid price for each subsequent bid session. Should there be no bids after the second attempt and you still want to proceed with a sale, we recommend contacting your inspector-in-charge. Please note that our offered price may differ depending on the situation*.
Important note! A new offer price may be provided upon your request should there be no bids after the first or second attempt. The new offer price will differ from the original offer price prior to bidding.
- Option two: If you are still keen on selling your car, you can accept our initial offer within three days from the inspection date.
Step four: Let Carsome handle the paperwork and get paid in one hour.
Once you have decided on the final price of your car, all the paperwork and legalities will be handled by us when you hand over your car. The remaining loan settlement will be made and the final payment will be paid directly to your bank account via online transfer.
Differences between On-The-Spot Offer and Carsome Bidding
At Carsome, our customers’ happiness is our main priority. By offering you an easy and convenient process when you sell your car, we elevate the experience to a whole new level – this is why we offer these two routes when it comes to making sure you get the best price for your car.
This is a quick rundown of the two different methods.
|The final price offered by the inspector is based on the inspection report.||The price offered is based on the bids given by Carsome’s network of used car dealers.|
|Full payment for the car will be received within one hour via online transfer.||Full payment for the car will be received depending on the bidding period via online transfer.|
|Once you accept the offer, you will be given five days to prepare all the necessary documents and hand over the car to us.||Once you accept the bid, you will then be given 24 hours to consider the offer. If you accept, you will be given five days to prepare all the necessary documents and hand over the car to us.|
|For personal cars, you will not be charged an inspection and transaction fee if you accept the offer. For company-registered cars, certain fees will be charged where applicable.||When you put your car up for bidding, no fee will be charged. However, a handling fee of RM500 will be charged upon successful handover.|
These are Some of the Highest Bidded Cars That Were Sold to Carsome
Based on Carsome’s 2020 Insights, Perodua was the most popular brand sold to Carsome. This local automotive brand also received the highest number of bids ever recorded on Carsome’s live bidding platform. This was followed by Proton, Toyota, Honda, and Nissan.
Sell Your Used Car To Carsome for a Fuss-Free Experience
Before you sell your car, it’s always important to get a proper valuation done to get the market value of your car. Without a proper valuation, there are chances that you might get lowballed by shady dealerships because you are unaware of your car’s actual current value and you might lose out on the best price for your car.
At Carsome, a proper and stringent inspection is done on your car to ensure we value your car correctly. Carsome’s inspection comprises of 175-inspection points which are assessed by our certified inspectors to ensure our offer is the best price, based on the condition of your car. To top it off, you can potentially get 20 percent higher than the market price if you put it up for live bidding.
Not only that, our transactions are transparent and fuss-free. As soon as you hand in your car, we’ll handle all the paperwork and your payment can be done in one hour – it is that easy! Not only do you get the best deal for your old, beloved car, Carsome takes the experience to a whole new level.
So, if you’re ready to let go of your cars – whether to just sell your used car off or trade it in for a new one – we’ve got you covered. Check out the website today to know more! With that, we hope you have a pleasant journey with us.