How to Sell Your Car in Malaysia
Malaysia’s car market is booming and many are looking to sell their old cars before they buy a new one. However, there are a number of hurdles to overcome before one can successfully do so.
Finding a Buyer
Finding a buyer is not too difficult, as many people turn to the internet or dealerships who often are interested in buying cars. You will probably have to go through many people and dealers before you can find someone who will buy your car at the right price.
You’ve successfully found a legitimate buyer and came to an agreement to complete the sale. You as the seller have to send your car 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 inspection at Puspakom incurs small fees, on top of agent’s fee (if you choose to use one).
If there’s an outstanding loan, you must pay it off before the car can be transferred to the buyer. The buyer then can take a loan to pay for the car if they cannot pay for it upfront.
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.
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 the Land Public Transport Agency to cancel 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 is the same as 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).
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