A Complete Guide on Selling a Used Car in Malaysia
Looking to sell a used car in Malaysia but not sure where to start? Fret not! Whether you’re a first-time seller or even if this is not your first rodeo, Pilihcar.com is the ultimate destination for you to sell your preloved car with the best deals. Selling a pre-owned car need not be a challenging task; Pilihcar.com aims to be a one-stop solution to help you navigate the used car market in Malaysia by providing you with comprehensive guides, expert advice, and a wide selection of well-maintained automobiles to suit your budget and preferences.
Without further ado, let us take you through the 6 most important steps of selling a used car in Malaysia.
1) Car loan settlement
If you had financed your car by means of a car loan, you will need to ensure that any outstanding amount on your loan is settled before you transfer ownership to any buyer. You can request for a statement at the bank from which you took the loan to identify the total outstanding balance. Before you make a full settlement, ensure that you are aware of the terms and conditions of your loan such as if there is a lock-in period wherein you may incur a percentage of penalty for paying the loan in full before the period ends. Most banks typically allow the sale of a car with an outstanding car loan after four to five years depending on the loan period.
Just as you won’t buy shoes without trying them on, or buy a house without viewing it, you mustn’t buy a car without taking it for a test drive first. It is essential to book a test drive with the car you intend to purchase so that you may assess its quality and performance, identify any underlying issues and of course, determine how comfortable you are with driving it. Pay close attention to the noises, vibrations and the performance of the car’s features and functions while you’re driving it and ensure that everything is up to your standards before closing the deal.
2) Service and maintenance
You want to make a good first impression on your potential buyers so that they can see and experience your car at its best as this will highly influence their purchase decision when they view pictures and go for a test drive. Ensure that your car has been serviced and is well-maintained; assess the condition of its interior and exterior as well as its overall performance with a thorough inspection process. It is best to address minor repairs and maintenance before you offer it for sale as the notion of having to do additional repairs on top of the cost may deter buyers from opting to buy your used car.
3) Pricing
As with any sale, it is important for you to determine the right price for your preloved car to ensure that you are getting the best value for your sale. Ideally, you would want to secure a price that will maximise your profit while ensuring a reasonable offer for your buyer. Perform thorough market research and understand the current market demands and trends because this will help you understand how to best position your offer. Take into consideration the age, mileage, and present condition of your car. Once you have determined an approximate price range, it is advisable to search listings of secondhand cars that are of a similar make and model to yours so that you can ensure you’ve set a competitive and reasonable asking price.
4)Advertising
No buyer will know that you have a car to sell if you don’t advertise it to them. Creating an effective advertisement is one of the most important steps in the process of selling a car. You’re going to want to take high-quality photos and write up a detailed description of your car — be transparent and accurate about your car’s specifications, condition, performance and history. You can post your advertisement online on car dealer websites, social media groups and forums, online marketplaces etc. for the best reach and visibility. You can list your car on Pilihcar.com for free, or purchase a standard ad or premium ad at a small fee. Ensure that you are available to respond promptly to buyer enquiries and have the capacity to schedule and conduct test drives.
5) Puspakom inspection
All used cars in Malaysia must undergo a Puspakom inspection before being sold as the Puspakom certification is required to be presented at the JPJ office in order to officiate the transfer of ownership. You will need to bring your car to a Puspakom centre along with your MyKad and original Vehicle Ownership Certificate (VOC) to perform the inspection. You will need to fill up the B5 form and pay a fee of RM30 for a car that’s fully paid, and an additional B7 form plus a fee of RM60 for a car that’s being financed. Once the car has completed inspection, keep the Puspakom certification safely.
6) Transfer car ownership and paperwork
Once you and your buyer have agreed to the terms and conditions of the sale, it is time to head to the nearest JPJ office to officially transfer the car’s ownership. This service can be performed at the counter, or you may get a reference number from the office to perform the transfer online via the mySIKAP portal. Check the JPJ website for all the documents are required to be presented when performing the ownership transfer. You will also need to fill up the JPJK3 form and submit it along with your documents and a thumbprint scan for biometric authentication. When this has been completed, congratulations! You’ve successfully sold your used car!
Thank you for exploring our guide on selling a used car in Malaysia. We hope that this article has provided you with useful insights and knowledge to help fuel a well-informed selling decision. You need not bounce back and forth between Carlist.my, CARSOME and myTukar when Pilihcar.com is here as a one-stop solution to support you through every step of your journey in selling your preloved car.
Pilihcar.com was established to help car owners sell new, recon and used cars online in Malaysia while ensuring that they get the best deal and value for their car. Browse through our website for our curated selection of cars and if you have any enquiries, please contact us via email at info@pilihcar.com or give us a call or WhatsApp at +6014-9102286. We guarantee dedicated customer support and transparent transactions so that you may drive with confidence.