Want to know how to sell a second-hand car in Hong Kong?
Well, no matter how easy it may sound, selling a second-hand car in Hong Kong can definitely be tough. And, without any professional assistance by your side, things can get complicated.
The difficulties involved with selling a used car often relate to either achieving the sale price you want, getting your car sold within a set period of time, or both.
Yes, selling second-hand cars in Hong Kong can take a lot longer than expected. Why? This is because the number of used, second-hand cars in Hong Kong available for sale generally exceeds the number of people wanting to buy second-hand vehicles.
This imbalance has been exacerbated in recent years as more ex-pats leave than arrive in Hong Kong.
So to help you sell a second-hand car in Hong Kong as quickly as possible, we’re going to cover the following pointers:
- Who to target
- When to start the process
- How to get your car sold as quickly as possible
- Which companies will pay instant cash for used cars in Hong Kong
- What to do if you have trouble getting the price you want
1. Target a wide audience to sell a second-hand car
Websites favored by ex-pats for selling a car are Asiaxpat and Geoexpat. However, we strongly recommend you try to reach a broader range of potential customers. Place an ad on www.28car.com. This website is not available in English, but it is worth your time to ask for help to post an ad.
Another website you should consider is the bilingual website www.hkcartrader.com.
You will find a huge variety of brands available on both these sites, including; BMW, Mercedez Benz, Porsche, Lexus, Tesla, and Toyota. Take the time to check what is being offered in the market.
Advertising your car is really important, both through word of mouth and online advertising. Both methods have their own advantages in terms of helping you achieve the best deal. Word of mouth marketing will bring in more trusted people and references; whereas, exploring the online ad option will open doors for a wider audience across Hong Kong.
Whichever option you select, be very careful about what details you’ll be sharing. Avoid giving your home address in an online ad but don’t forget to highlight any extras that your car has to increase its chances of getting sold. In short, intelligent advertising is what you must do across all mediums.
2. Start the process early
Even before listing your car for sale, start to understand the used-car market as well as prices on offer. Selling a car can tough. Early preparations will prepare you in advance. By starting early, you will have more time to achieve better pricing, and it will give you more time to reach more buyers.
So, it’s always best to start the process of selling a used car early. If possible, start preparing to sell a second-hand car 4-6 months before you plan to leave Hong Kong. Starting the process so early may not be feasible, but the less time you have to sell your vehicle, the more anxious you will become.
If you don’t give yourself enough time to sell a second-hand car, you will likely end up selling your car for less money than would be possible otherwise. The importance of starting the selling process early cannot be overstated.
3. Make your car look good
It’s always the shiniest things that catch attention, and the same applies to your car too. Nobody wants to check a dirty or poorly maintained car. It’s the look and feel of your car that can make or break the sale. So take out some time to wash and clean, maintain it to its best look, and get it serviced thoroughly.
It will always be the car that looks good and has functionality that gets picked first. Also, you never know when your buyer might request a test drive. Though there’s no such test drive rule in Hong Kong when it comes to selling used cars, you should be prepared beforehand in case your potential buyer asks for it.
You should spend the time and money to make your used car look as good as it can. Making your used car look good might not get you extra money, but if there are similar used cars for sale, it might mean that it’s your car that actually gets sold.
To increase the chance of selling a second-hand car, pull together all the service records so potential buyers can see your car has been looked after.
Also, consider repainting wheel rims to remove curbing and scratches, cutting and waxing the car, steam cleaning carpets to remove any odors, and repairing or repainting small areas or dents.
In Hong Kong, you will be able to get these repairs done cheaply and quickly. There are several car repairs and cleaning sheds in places like Kwun Tong, North Point, and Mong Kok. Not only are these services cheap and effective, but they also tend to be done much more quickly than fixes done at dealerships.
4. Use your personal network to sell a second-hand car
People will generally feel much more comfortable buying a second-hand car from someone they know or have come referred by someone they know. If you want to sell a second-hand car, don’t forget to share the details with your friends via social media.
Your personal network can play a big role in getting the best leads, so don’t hesitate to spread the word. People looking to buy second-hand cars often feel more satisfied and confident buying it from a known person than a stranger. Buying a used car via a personal network is not about the price. A personal network helps to create an unsaid guarantee and trust for both the buyer and the seller.
5. Sell for instant cash if you’re in a hurry
We all know how daunting it is to sell a second-hand car. Even if you find a buyer, things like payment can create a hurdle. For example, your buyer may not be able to pay you the full money upfront or may ask for installments, or may also postpone the payment for some time. This is where instant cash seems like a great option.
There are a few reputed companies that can help you get it. However, the value that you will receive for your car will be lower than expected in this case, but if you’re short on time, sealing the deal may be more important than anything else.
So, if you need to sell a second-hand car immediately, consider approaching companies that will pay instant cash for second-hand vehicles.
Vin’s Motors and Quick Cash Cars will both buy second-hand cars for cash. You can expect these prices to be lower than you would otherwise receive, but instant cash will sometimes trump all other options.
Vin’s Motors, 2571 5867. 42, G/F, Tin Hau Temple Road, North Point.
Quick Cash Cars is an online company that stands by the claim that within 30 minutes from the technical inspection, they can give you cash for your car.
6. Consider importing your car
Getting your car imported to your home country can be tricky, so doing a little homework can help you go a long way. In Hong Kong, some companies can help ease this process for you.
There are actually quite a few rules to know. For example, there are certain countries for which you must have owned and used your car for a specific period of time before importing it. Also, there are some countries for which import permits are required.
Since there are different import and export rules for different countries, only a professional can help you get through this process.
If you own a high-quality car, you’ve looked after it well, and you don’t want to sell it at a crazily low price; you could consider importing the car to your home country or next destination.
Importing your car to another country can be a good option because vehicles in Hong Kong generally have low mileage and remain in good condition.
Since each country has different rules, you will need to check shipping costs and import duties. You will also need to check whether your particular car is allowed to drive on the road in the new country.
There are many good shipping companies, but we have found that Teresa Yuen of Wilhelmsen Ships Service Ltd provides a good service at a reasonable price.
Teresa’s details: +852 2880 1612 or Teresa.email@example.com
7. Have the car’s documentation ready when you sell a second-hand car
Make sure you have every document related to your car ready to show potential buyers from the owner’s manual, logbook, to service records. If you have spent money on tires or any other car parts, be sure to keep all the receipts intact. Having all the documents ready will increase your credibility and help to get your car sold. This is a critical tip for selling a car in HK and shouldn’t be ignored.
Having all your papers in place shows you are actually willing to sell your car and that you want to crack an honest deal and are not just haggling around. This creates a good impression on the buyer.
8. Honesty is the best policy
The best way to sell a car is to be honest about both the good and bad points. Make sure to list any issues you had fixed with your car before putting your used car for sale in Hong Kong.
Also, be sure to mention any faults that still need fixing and be willing to decrease the price if that is the case. All this should help you attract more buyers since you are transparent with your deal.
Transparency in your conduct and dealing will definitely get you good buyers. Anyone who plans to buy your second-hand car would want to be well-informed about all the things before making a final decision. The honesty factor definitely counts.
9. Set a realistic price range when you sell a second-hand car
The price that you set for your second-hand car is the biggest deciding factor about whether you will get the deal done or not. Therefore, it is essential to set the right price for your second-hand car sale. Do some market research to check out the current status of cars for sale in Hong Kong, specifically for your car model, and quote a price accordingly. An overpriced car won’t attract potential buyers.
However, if you insist on sticking to a price above the market value, be ready to explain why your price makes sense and what makes your car worth it. Are you selling it along with any special accessories, or have you had your car modified? Make sure you have an explanation for everything as nobody likes to do a deal that’s beyond market price.
10. Allow test drives
You will find several used cars for sale in Hong Kong, so it is important to make sure your car stands out to sell it without any hassles. In addition to preparing the papers, determining a price range, you must also allow your potential buyers to take your car out for a test drive.
Though test drive culture is not that popular in Hong Kong as people resist handing over their car keys to strangers, opting for it will increase the chances of getting your car sold at the best price. You just need to be a bit more careful. In this way, your prospective buyers will feel more confident about the potential deal.
11. Stick to the price you won’t go past
There has to be a lower limit on the price you will sell your car. So before you put your car on sale, work out the lowest price that you will accept. Once you reach that price, ask the buyer to either seal the deal or leave it.
Having a clear floor in mind will help you make decisions more easily. However, trying to conclude the sale of your second-hand car might require some tricky negotiations. You have to be very strong at this point of your deal as you cannot accept anything less than its worth.
If you want to sell a second-hand car, start the preparation as soon as possible; this includes getting the paperwork ready and getting your car in tiptop shape.
Not only do you need to get your used car ready and in good condition, but also, don’t forget to take the time to have a good understanding of the market before you put a price on your beloved vehicle. This will ensure that you know to accept it when you get offered a reasonable price for your second-hand car.