What is a used car worth in Canada?

Used car prices in Canada vary depending on the vehicle make, model and location. An accurate price point can only be given once these factors, as well as others, are established. Consumers may use free online cars to evaluate the market worth of their automobile. A vehicle may also be appraised at a car dealership, usually without an added fee.

Online Car Guides

Online pricing guides are available for free to consumers. These guides do not require any registration or agreements to sign. Some of these free car guides are VMR Canada and NADA. Both of these offer free online car valuations.

Regardless of the guide used, a location is necessary to effectively evaluate the market worth of the car. Car location is taken into consideration because there may be a greater market for some vehicles than in other parts of Canada. It is wise to use more than one pricing guide because each pricing guide calculates a different price.

Dealership Evaluation

All dealerships have appraisers to determine the value of your car. The appraisal from the dealer will be much more detailed and provide an expert's view of the automobile. Bring a printed report of the appraisal provided by the online guides, so you will be able to compare the guides' price to the dealership offer.

If your car is going to be traded in, the dealer will likely be more flexible (offer a higher price) than if you are only asking for an appraisal. The dealership will usually not charge for the appraisal, regardless if you are in the market for a new vehicle or not. The appraisal offered by the dealer will only be valid for a specific time period and mileage. The appraisal may be valid for as little as one week or as long as one month. Ask the dealer for the stipulations.

Bottom Line

Your car's value is determined through a number of factors. Vehicle make and model, year of production, condition, added accessories, maintenance records and location all determine what your car is worth.

Checking pricing guides online is both free and easy, as it tells you a vehicle's market worth to dealers. But a dealer's appraisal will be more reflective of the actual vehicle value.

Source:

VMR Canada

NADA