Car Selling Tips "How to Avoid Depreciation at the Site?"

[Asia Economy Reporter Changhwan Lee] Used car prices are expected to rise around the Chuseok holiday. This is because the frequency of vehicle use increases, leading to a rise in used car transactions.

As this period intensifies competition among dealers to secure used car inventory, more customers are also looking to sell their vehicles during this time. Therefore, selling an existing vehicle during this period can be considered a good timing.

Accordingly, the mobile used car platform ‘Cheotcha’ revealed on the 21st ways to successfully sell your car at your desired price when using its Sell My Car service. Cheotcha introduced essential points to keep in mind to receive satisfactory and accurate estimates when selling a vehicle online.

First, when registering vehicle information, it is important to accurately select your car’s detailed model and additional options. For domestic cars, even vehicles with the same conditions can show a price difference ranging from as little as 200,000 KRW to over 2,000,000 KRW depending on the options.

The price difference is greatest between so-called ‘basic’ vehicles without added options and the same model equipped with premium options. Since options preferred by customers are also favored by purchasing dealers, it is advisable to enter your car’s information completely and accurately to receive a higher estimate.

Second, the more detailed the photos and descriptions that verify the vehicle’s condition, the more accurate the estimate you can receive. Cheotcha’s Sell My Car service provides insurance accident history data for the vehicle when verifying the license plate and owner’s name.

However, if there are changes in the vehicle’s condition at the current time, such as simple replacement history not recorded in the insurance accident history or scratches on the exterior and wheels, it is important to add explanations so that dealers can accurately assess the vehicle’s condition. This helps prevent situations where a high purchase estimate is given but a deduction is made on-site.

Showing how well the vehicle has been maintained also provides greater assistance than expected. Submitting records of consumable replacements such as various oils, filters, and tires that occur periodically during vehicle operation, as well as maintenance records and management methods, is a good approach. Well-maintained vehicles have a lower probability of breakdowns and higher market value.

After receiving multiple estimates, when selecting the final offer, it is important to refer not only to the estimate but also to information related to the bidding dealer’s previous transaction history to secure a good deal.

While some dealers offer the highest estimate but impose unreasonable deductions on-site, others minimize on-site deductions and provide reasonable estimates. Therefore, it is important to use platforms that provide ratings and transaction reviews of bidding dealers.

Director Sehyun Shin of Cheotcha said, "The used car purchase market will enter a full-fledged peak season until the end of the year, so the use of comparative estimates by customers planning to change vehicles in the fourth quarter of this year or early next year will become more active."