If you’re going to buy a new car, sometimes you might have an existing car that you are upgrading from.
We usually would want to sell this existing car to use the proceeds to cover some of the new car’s purchase price, or at least the downpayment. Sometimes even if we can afford to keep two cars, we don’t have parking space for two! So it becomes a necessity to dispose of the existing car.
Usually we would ask the new car dealer on how much they would take in the existing car for. But this doesn’t always represent the best value that you can get for your car.
One way to get the best price when you sell your car would be to use a service like Carro.
How to sell your car with a bidding service
- Submit your details at this form. You will be able to set an appointment date and time at a Carro inspection centre.
- Go for the inspection. This should take about 30-45 minutes and it is free, does not cost you a sen.
- If your car is eligible for an instant offer, you will receive an offer. If you are happy with the offer, take it.
- If you would like to try to get a higher offer, you can submit your car for bidding.
- This means your car’s photos and the inspection report will be offered to bidders to bid on in a live bidding session. Again, this is free and does not cost you a sen.
- After the bidding is done, you will be offered the highest bid price.
- If you are happy with the price, you can accept the offer.
- Prepare to handover your car and you will be paid within 24 hours. In my own experience, I was paid in less than 2 hours after handing over the car.
Our experience was very smooth and easy. There’s no paperwork to be done. You (the owner) just needs to verify the IC with thumbprint, that’s it.
Aren’t all bidding services the same because the bidders consist of the same dealers in the market?
We actually got some interesting results when we tried to sell our Golf GTI Mk7 back in March 2023. Note that this was back when Carro used to be known as myTukar.
We sent it for inspection at two different bidding services on the same day. Comparing the results from the two different bidding services, we got two different highest bids – RM76,200 and RM79,900. Obviously we went for the RM79,900 bid.
If we only went for bidding with one service, we would have lost out on the extra RM3,700 value.
What do I need to bring along to sell my car?
You will need the following documents.
- Original JPJ Vehicle Ownership Certificate (VOC). This used to be known as your car “geran”. If you misplaced this, you can easily can reprint this using just your IC using the JPJ kiosk. and pay with debit card. It costs RM50 at the JPJ kiosk.
- Spare keys
Additionally if your car loan was recently paid off:
- Settlement loan letter
- Authorisation of loan settlement form
What if my car is still under loan? Can I still sell it?
If you still have a loan on your car, there is no issue using a car bidding service such as Carro.
If the outstanding amount is higher than the offered price, you can pay the shortfall to the bank.
If the outstanding finance is lower than the offered price, Carro will settle the amount with the bank and pay you the balance.
How do I sell my car that is registered under my company name?
It’s still possible to use a car bidding service to sell your car if it is registered to a company name.
You just need the following additional documents. You can ask for examples from Carro.
- Business Registration Form 49 & 9
- Copy of the Director(s) NRIC
- Cash invoice (if applicable)
- JPJ resolution letter (with company letterhead)
- Authorisation/Disposal letter (with company letterhead)
