There comes a time when you will bid farewell to your current car, to either trade it in or pocket some cash. However, the traditional process of selling a car isn’t as clear cut as getting paid and handing over your keys – there are various items involved including the dreaded paperwork.
So, before you kick start the process, you’ll need to understand how to sell your car fast and what documents you will need.
What is the car-selling process like in Malaysia?
The process is much simpler if you have settled your car loan fully. But if you haven’t, it can be quite a tedious process if you are going the traditional route.
Of course, nowadays, there are easier solutions to sell your car such as selling it to us (Carsome), where we handle everything for you. So, we’ve listed both options below and have summarised the steps for your consideration.
The traditional way of Selling Your Car Fast
- Set your selling price: You will need to find out how much your car is worth – this depends on factors such as your car’s model, make, year, condition, any refurbishments, and other factors. You can estimate the price using online evaluators, or find out how much other sellers are listing a car that is similar to yours. However, do note that the price varies between cars despite being the same model, make, and year as it takes into account your car’s current condition as well.
- Find a buyer: Once you’ve determined your selling price, you have to understand that this may not be the final price you will sell it for as it depends on your negotiations with the buyer. You can look for a car dealer who can also check the value of your car (but this might be risky as he or she could undervalue your car’s worth), or you can advertise your car online or put up a ‘For Sale’ sign up on your car.
- Check your car loan: If you haven’t settled your car loan, you will need to check the outstanding balance with the bank. In the best case scenario, the agreed price between you and the seller should cover your outstanding balance otherwise you would have to fork out the additional cost. For example, you sell your car for RM30,000 but have an outstanding balance of RM40,000 with the bank. Therefore, you will need to fork out RM10,000 to settle your bank loan.
- Get the car inspected: Once you and the buyer have agreed to a price, you will need to get your car inspected at Puspakom. This is to make sure your car is safe to drive and legitimate to avoid stolen or cloned cars. They will also check to make sure your car abides by the legal standards and are free of any illegal fittings, such as over-tinted windows. However, take note of how the buyer intends to pay as cash payments are much easier to process and require the B5 Puspakom Ownership Transfer Inspection, while the B7 Puspakom Hire Purchase Inspection Report is required if the seller intends to take a car loan to cover the cost. For more information on this, you can refer to our ‘How to Sell Your Car with an Existing Loan’ article.
You will need the following Documents For Selling Your Car:
- Both parties’ IC
- Original Registration Card
- B5 or B7 Inspection Report (Puspakom)
- JPJ K3 Form
Sell Your Car Fast within 24 hours* to Carsome
Selling a car the traditional way will have multiple back and forths that can drag on for days, if not weeks. This is provided the seller doesn’t back out.
Because of this, many opt to sell their cars to platforms such as Carsome because everything, including the paperwork, is handled for you and your car will be off your hands in less than 24 hours. Plus, you can get paid in less than one hour*!
Here is how you can sell your car to Carsome:
- Book an appointment & get your car valued: You will need to get your car valued by our trained inspectors – don’t worry, it’s free. All cars go through a 175-point inspection before we can determine how much your car is worth. All you need to do is head over to Carsome’s website and click on “Sell Your Car”. Just fill in the details and wait for our call to book your appointment at the nearest Carsome center. The inspection only takes about 30 minutes of your time.
- Get offered: Once our inspector has valued your car, they will then communicate to you how much your car is worth. You can choose to accept our offer on the spot, or choose to put it up for bidding where dealers will bid for your car – there may be a chance where you’ll get 20 percent higher than the market trade-in value.
- Get paid in one hour*: If you decide to take the offer or bidding price, just let us handle all the paperwork and you can get paid in one hour*. You also don’t have to go through the hassle of the Puspakom inspection checks!
But before you head to your Carsome appointment, make sure you have these documents for selling a car prepared:
- Owner’s IC
- Original Registration Card
- Approved Permit (AP) Forms (for Recond cars)
- Purchase Invoice (for cars purchased by cash)
- Outstanding hire purchase loan statement (if any)
Also, if you are a non-Malaysian and want to sell your car through Carsome, we do that too! Click here for more information.
So, we do hope you have a seamless car-selling experience, which is possible if you sell your car to Carsome!
*This subject to terms and conditions.