Used cars trading is a big industry but selling used cars is another matter all together, there are just too many loopholes to fill. When someone wants to sell a used car, the first thing that comes to mind is “I want the best resale value for my car”. The topic of this article is to guide you on some of the tricks of trade.
Almost anyone who wants to sell a used car has gone online for the past decade. Of course, there are still individuals who choose the conventional or traditional method of selling.
Although the online way has helped plenty of folks complete sale of used cars, there are several imposing dangers when it comes to selling online. All online sources present an imposing danger, whether it’s marketplace, social media, classifieds and related online platforms. The main concern is online scams and ‘dodgy’ buyers. Online scams and ‘dodgy’ buyers are quite common especially in today’s IoT (interner-of-things) world. Countless warnings have been expressed to never reveal or divulge personal information to anyone you don’t know. One of the most common scams is when a dodgy buyer would ask seller to bank in money to an unknown International bank account and in turn the so-called buyer would transfer required deposit amount to the seller’s bank account. However, the transaction would only proceed after seller had made a transfer first. The email of such transaction certainly seemed real with the unknown bank’s letter of undertaking and legal note, Many sellers in Malaysia became victims to this sort of scam. These victims usually ended up losing thousands, even up to 100K or more.
You’ve successfully found a legitimate buyer and came to an agreement to complete the sale. So what’s the next steps? First things first, you as the seller have to send your car intended for sale to puspakom for inspection. The used car can only be sold with certified puspakom inspection forms. Normally you or an appointed agent would need to send the car to puspakom twice to get the required inspection papers, usually Form B5 and B7 (required by the bank) for private cars. The inspectiion at puspakom incurs small fees, on top of agent’s fee (if you choose to use one).
After the puspakom thing, you and the buyer would have to make a trip to the bank to settle the score. If there’s an outstanding loan, it is expected to be settled before the car is transferred to the buyer. If loan is cleared and there’s excess then the buyer has to pay the seller the excess amount and take up a new loan with the bank or proceed to another bank for a loan tenure. Bear in mind, there are lots and lots of paperwork to fill up and sign off.
Keep your service records and important receipts to bring up resale value for your used car. A clean and prompt service record shows a responsible owner. A used car with proper service records along with receipts usually means the car’s well-maintained.
Car owned by a foreigner or expatriate
For foreigners who wish to sell used cars in Malaysia, it is possible. Firstly, the car’s loan must be completely settled prior to sale. Next, the car has to have a B5 puspakom inspection form to proceed to the final ownership transfer step. Finally, the ownership transfer has to be completed at a JPJ outlet, Thereafter, delivery or collection of car is possible.
E-Hailing used cars
Selling of E-hailing used cars is attached with a regulatory act by the Malaysian government. If you intend to sell your e-hailing used car, first thing is to Inform your e-hailing company. The company then notifies ‘agensi pebgangkitan darat’ on cancelling your permit.
Next, bring your e-hailing used car to puspakom for B2 and B5 inspections. After passing the tests, the buyer and you need to make a trip to JPJ to do a transfer of ownership. Thereafter, a collection or delivery of car is possible.
For company cars, the process flow follows the private seller’s requirement. However, there are more documents required when it comes to selling a company car. The forms required consist of company registration forms 9 or 13, 24 and 49, copy of a director’s identification card., an authorized letter by company for ownership transfer at JPJ, motor disposal resolution letter and a sale invoice if necessary (company to company only).
Sounds too much of a hassle for you to sell your used car? Well, there’s an easier way and solution. Your answer is myTukar.com!
myTukar is here to assist you and make your life hassle-free, The reputable online car selling platform offers you a total-peace-of-mind!
Three easy steps to sell your used car to myTukar:
- Make an appointment via phone/website and bring your car to a nearest myTukar inspection center.
- Proceed with live bidding or sell directly to myTukar
- Let myTukar settle everything and transfer payment to you within 24 hours.
If you’re planning to sell your used car, look no further than myTukar,com and spare yourself from all the hassles. Visit myTukar.com or call the main hotline at 03-5569 0999.