5 easy ways to get cash for cars

If you’re in urgent need of cash and you have a car you no longer need, you’re in luck! There are several ways to turn your car into quick money. In this article, we will explore 5 different effective methods to get cash for cars.

Sell to a used car dealer

Selling to a used car dealer has its perks. Most large used car dealers are easy to find and readily available, offering a convenient way to sell your car. However, if you want to get the best deal, you will need to visit multiple dealers to compare offers and negotiate a deal you’re happy with. This can take time and effort.

Why go through the hassle of visiting countless dealers when you can sell your car to Carro? With our nationwide network, we can provide you with the best price for your car in just one day. Save yourself the hassle and sell with Carro!

All you have to do is book an inspection and we will give you our best price. Once you accept our offer, we will take care of the paperwork and soon you will have gotten cash for cars!

Read more: 5 tips to get the best price for your car

Rent out your car

One way to get cash with your car is to rent it out. Some services can connect car owners with individuals in need of a temporary car. This option can provide you with a steady stream of passive income while still retaining ownership of your car.

However, renting out your car does come with risks. Renters might misuse or drive your car recklessly, potentially lowering its resale value. There’s also the possibility of your car being involved in an accident. In such cases,you may end up having to pay for the damage or lose your No-Claim Discount (NCD). Be sure to carefully evaluate the terms and insurance coverage before opting to rent out your car.

Read more: How to transfer NCD

Sell your car for scrap

Your car holds value not just as a mode of transportation but also as raw material. Scrap yards buy cars for their recyclable steel and other parts. However, this option typically offers a significantly lower return compared to selling the car to another driver. Therefore, consider scrapping your car as a last resort.

Unlike in some countries, Malaysia does not enforce an end-of-life policy for vehicles, meaning you’re not obligated to scrap your car after a certain number of years. That said, cars continue to depreciate over time, so it is best to know when is the best time to sell your car! If you are thinking of selling, Carro offers a fuss-free service, taking care of all your car selling needs!

Read more: 5 cars that depreciate quickly

Sambung bayar

If selling your car isn’t an option, you might be tempted to consider sambung bayar. This involves an informal arrangement where the car owner hands over the vehicle to a “buyer” who agrees to continue paying the car loan instalments. While it may seem like a quick fix to get some cash, sambung bayar comes with significant risks.

For one, the original owner remains legally liable for the car. If the “buyer” gets into an accident, the repair costs and liabilities fall back on the owner. In the worst case scenario, the “buyer” could vanish with your car, leaving you unable to report it as stolen since you voluntarily handed the car over.

Read more: Why you should avoid sambung bayar deals

Sell on an online marketplace

Selling your car on an online marketplace is one of the quickest ways to turn it into cash. Simply list your car on an online marketplace that connects buyers and sellers. However, this method does come with challenges. You’ll need to sift through various offers, separating genuine buyers from those trying to lowball you.

Once you find a buyer, you will then need to handle everything yourself, from scheduling a Puspakom inspection to preparing paperwork, and completing thumbprint scans at JPJ. While this can be time-consuming, it’s an effective way to find a buyer who matches your asking price.

Want a hassle-free alternative? At Carro, we take care of everything for you, from the paperwork to finding the right buyer. All you have to do is book an inspection and we’ll handle the rest while offering you the best price for your car!

Read more: How to get a B5 Puspakom inspection

Read more: How to sell your car in Malaysia

Looking for a hassle-free way to sell your car? Carro has got you covered! With Carro, you’ll enjoy safety, convenience, minimal paperwork, and fast payment. All you have to do is book an inspection and we will give you our best price. Accept our offer, and let us take care of the paperwork and get cash in hand!

What are you waiting for? Book a car inspection today!