Buying or selling a used car can be a tedious task especially if it is your first time – you will need to prep details from your car’s valuation (which are based on the depreciation rates) to choosing a car loan and insurance that best fits your needs.
However, you will be more confident in selling or buying a used car once you understand the nitty-gritty details of these transactions. With this comprehensive guide, we cover everything from useful tips to breaking down the different stages and more.
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Buying a Used Car
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Buying a Used Car
1. How to Buy a Used Car
Buying a car is a big commitment and it can be pretty overwhelming with the many car makes, brands and models to choose from. However, buying a used car may require extra steps because of its second-hand nature and assessing its quality is imperative.
But before you do that, the first step in buying a car is understanding your wants and needs, which is why it’s always best to do your research before you place a booking. Additionally, you will need to factor in your budget and your lifestyle too.
2. Booking a Test Drive & Assessing Car Quality
Test driving can be a pretty exciting experience if you know what you are looking for in a car. It is also an important step in buying a used car as you get to feel the car’s performance, as well as understand the true quality of the car and spot any issues.
But if you are not well-versed with cars, identifying a quality used car during test drives can be a difficult task. Fret not, we have prepared a guide on test driving a car, complete with a checklist, what to look out for, what to do if you get into an accident, and more.
3. Choose Your Car Loan
When you buy a car – new or used – the most common way to finance this purchase is to use a car loan, which is also known as a hire purchase loan. These loans may vary in terms of interest and monthly installments based on the type of loan you choose, as well as which bank you take the loan from.
Besides that, there are terms such as the margin of finance, loan period, down payment, and more to understand before you commit financially.
4. Understand the Types of Car Insurance
Did you know you cannot own a car in Malaysia without car insurance? It is mandatory and with good reason – they serve as coverage for your car or a third-party car in the event of an accident.
There are various types of car insurance in Malaysia with different coverage inclusions (some may only cover the third party!) and the price will vary depending on this. Additionally, you will need to understand insurance premiums, No Claim Discounts (NCD), as well as the differences in coverage terms and the type of coverage you should have for your car.
5. Changing or Picking a Car Plate Number
Buying a used car does not mean you have to stick to the current plate number. In fact, there are three ways to go about changing your car plate number to the special digits you want.
You can change or pick a plate number by visiting a Road Transport Department (JPJ) office. You can also do it online via MYSIKAP or JPJeBID.
6. Buying a Car with Carsome: How Carsome Reconditions Cars
Buying a used car is easy and completely hassle-free with Carsome. We have an inventory of quality used Carsome Certified cars that have an all-inclusive price and have passed a stringent 175-point inspection to ensure every car is free of major accidents, frame, or flood damage.
Following that, Carsome Certified cars are reconditioned to ensure it is truly roadworthy for you.
7. Payment Methods at Carsome When Buying a Used Car
Buying a car with Carsome is not only hassle-free but we give you peace of mind with our five-day money-back guarantee and a one-year warranty.
Moreover, the price we feature on the car listing is all-inclusive, which means there are no hidden fees. If you decide to buy a Carsome Certified car, there are various payment methods you can pick from to finalize your transaction.
Selling a Car
1. How to Sell a Used Car
When it comes to selling a used car, there are various items you will need to prepare for. Although you may have a price in mind, you will need to get your car valued to know how much you can actually sell it for. The price will factor in concepts such as the depreciation rate, as well as its wear and tear, among other factors.
Nevertheless, there are ways to mark up the price of your car such as changing the engine oil, tires and even repainting the body.
2. Documents Required to Sell your Car
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.
3. Car Market Value & Depreciation Rate
The value of a new car depreciates the moment it leaves the showroom. Knowing the depreciation rate of your car is important as it helps you estimate what the value of your car would be down the road. The best-case scenario would be selling your used car while its market value is still high.
4. Puspakom B5 Report
Do you know what a Puspakom B5 Report is? Before you sell your car, your car will have to undergo an inspection at Puspakom for ownership transfer where a B5 Report will be required.
There are various documents required for a B5 report and you will need to arrange for an inspection appointment at Puspakom.
5. Carsome Live Bidding
There are two ways you can choose to sell your car to Carsome. After the inspection process, you can either accept the price offered on the spot by our certified inspector or opt for live bidding. This live bidding will be open to all Carsome dealers and you may get a great price that is higher than its actual market value.
Car Ownership Tips
1. Road Tax & Car Insurance Renewal Online
Road tax and motor insurance renewal is an annual affair that needs to be done before they expire. If your road tax is about to expire, there are three different ways you can renew your road tax and insurance physically or online for easy convenience.
But before that, we also cover some must-know details about the importance of road tax and motor insurance in Malaysia.
2. Refinancing a Car Loan
Thinking of refinancing your car loan? Whether you intend to settle your car loan early or want to reduce your financial burden, you have to understand what refinancing actually entails or if it is advantageous for your situation – there may be downsides to refinancing as well!
3. Car Servicing Tips
Servicing your car is important as it helps maintain the driving performance and keep your car in good condition to avoid any major repairs. Driving too long on the same spark plugs, forgetting to change the oil, and not listening to squealing brakes or clunking sounds can damage your car severely. To avoid that, we have created a basic checklist of what to do and when to do it when you service your car to help extend its life.
4. Changing Car Ownership in the Event of Death
In the event of a death, the situation may become difficult for the next of kin as the ownership transfer requires several processes and documents.
JPJ requires seven documents in total for the transfer. However, one set of the documents differs depending on whether the individual passed away testate (with a will) or intestate (without a will).
We hope these articles will be able to guide you in your car journey. Remember, Carsome provides a hassle-free transaction in trading in, buying a used car, or selling a used car. Our transactions are handled carefully by our Carsome representatives from inspecting your car and processing the paperwork to delivering your new car to your doorstep. It’s that easy.
Keyword: A Complete Guide on Buying or Selling Used Cars in Malaysia