Year-End Used Car Selling Tips: "Important to Know Market Prices and Understand Your Car's Condition"

[Asia Economy Reporter Changhwan Lee] The year-end season is characterized by a tendency to sell one’s car before the year ends due to concerns about used car price drops caused by model year changes. Encar.com, an automobile trading platform, introduced useful information on the 25th for consumers who are planning to sell their vehicles as the year draws to a close.

Understanding the ‘Appropriate Market Price’ of Your Car is Crucial; Consider Selling Timing Based on Vehicle Type and Brand

First and foremost, it is important to check the appropriate market price of your car based on its trim and options by referring to prices provided by reliable used car trading platforms. Knowing your car’s appropriate market price in advance helps you compare whether the estimates offered by dealers or buyers are reasonable.

Along with understanding your car’s appropriate market price, considering the type of vehicle you own and the timing can increase the chances of selling at a better price. At year-end, many vehicles enter the used car market, causing prices to tend to decline slightly. However, even at year-end, some popular models or vehicle types experience price increases, so it is advisable to carefully monitor your car’s price trends before deciding when to sell.

According to Encar.com’s December price data for popular 2018 models, SUVs (Sports Utility Vehicles) tend to maintain relatively higher prices compared to sedans, which are experiencing a price decline among domestic cars. Therefore, consumers owning SUVs who are considering selling their vehicles in the last month of the year are recommended to take advantage of the year-end period.

Accurate Vehicle Condition Assessment is the Shortcut to Selling Your Car Quickly

Along with your vehicle’s trim and options, knowing and sharing accurate information about accident history, engine and transmission condition, and interior maintenance status makes selling easier.

In particular, well-organized maintenance records, repair history, and replacement records of major parts and consumables give the impression of good vehicle management, enabling you to sell at a better price or shorten the selling period.

Recently, the use of “Sell My Car” services on used car platform websites or apps, which offer simple and convenient transactions, has been increasing. The advantage is that you can receive multiple estimates online without having to visit dealers in person.

To receive accurate estimates through used car platforms’ “Sell My Car” services, it is recommended to register detailed vehicle information such as photos showing the vehicle’s condition, options, and any scratches. Additionally, when receiving estimates, it is important not just to get many high offers but to obtain realistic purchase estimates close to the actual selling price from trustworthy dealers.

For example, Encar.com’s “Encar Comparison Estimate” service allows users to register essential vehicle information via mobile app or website and receive up to 30 real-time quality estimates within 48 hours.

Checking Required Documents Before and After Sale is Essential

Preparing necessary documents before and after selling your vehicle reduces hassle and helps prevent potential difficulties later. Preparing documents such as the vehicle registration certificate and certificate of seal impression in advance according to the selling method can shorten contract time.

After the sale, it is advisable to confirm that the ownership transfer registration certificate and transfer certificate are completed, and to check whether the insurance has been canceled. If any prepaid amounts exist, a refund request should be made.

An Encar.com official stated, “Although the year-end season is an off-peak period for used cars, it is a time when vehicles can be sold under favorable conditions. If you are considering selling your car at year-end, we recommend experiencing the Encar Comparison Estimate service, which allows you to trade at the best price within a short period.”

This content was produced with the assistance of AI translation services.