How much is my car worth?
Anyone who has ever bought or sold a used car has probably wondered – what’s my car really worth? This information helps sellers set a competitive asking price, and allows buyers to confidently negotiate their purchase. Every used car is unique – and their values are unique too. Just because two cars of the same year/make/model trim were made in the same factory and left the lot on the same day, the roads they travelled are not the same, and their history impacts how much they’re worth. Start the journey towards finding your car’s value.
How much should I charge?
When selling a used car, you want to get the best price possible. Most used car shoppers have a budget in mind when they start their search, so pricing your car competitively (and staying within their budgets) is important to selling the car quickly and not getting bogged down in endless negotiations. Many things can affect your car’s value including previous damage, the number of kilometres it’s travelled and where it’s been registered. Consider all the factors that influence the car’s value, and use an accurate used car calculator tool before you set your price.
What is a vehicle’s asking (or listing) price?
A list value (or asking price), is the price a seller requests for their vehicle on a listing site. A sold value is what the car actually sold for. Typically, there is a difference between list and sold price. Therefore, if buyers and sellers enter a deal knowing the car’s True Value based on accurate data, they set themselves up for a quick, easy sale.
Do car values differ across Canada?
Yes. Canada is a large country with many different climates, topographies and road maintenance practices. For example, sand is used on Alberta roads in the winter to combat slippery snow and ice, whereas in Ontario (and most parts of Canada), salt is used instead. Some people have strong preferences regarding buying a car that’s been driven on salt (or sand), as these agents have different impacts on vehicles. While salt can cause corrosion, sand can cause paint and windshield chips, so neither is perfect. There are also a number of Canadians who prefer B.C. driven vehicles that haven’t been exposed to a rough winter at all. And that’s not considering how demand for certain makes/models can vary by area because of things like industry and climate. CARFAX Canada True Value™ adjusts its appraisals based on your vehicle’s specific history, including where it was driven.
Does damage history impact a car’s value?
A vehicle’s history can impact how much it’s worth, and that history may include previous damage. About 1/3 vehicles have damage history. CARFAX Canada True Value is unique because it searches hundreds of data sources to provide the most comprehensive information about a car’s past, and uses this information to calculate the accurate value of that specific vehicle. Each used car is unique and no two have the same history. CARFAX Canada True Value tells you how a car’s unique history impacts its value.
What can I do to maintain my car’s value?
When you’re buying a used car, it’s a good idea to request the service records from the seller. You want to know if the vehicle has been well-maintained. For sellers, it’s always a great idea to hold onto the service and maintenance records of any work you’ve had done on your car. These can prove to a potential buyer that your vehicle has been maintained according to recommended service intervals. If you’re a handy car person and you do the work yourself – that’s ok! Just keep your own records of what you’ve done and when, and share them with the buyer when you’re selling your used car.
What is the most popular car colour and how does it impact value?
Yes, the colour of a car can impact how much it’s worth. For instance, a black 4x4 may maintain its resale value over time as the colour and style are desirable for a larger market. iSeeCars published a study stating that orange and yellow cars tend to depreciate less than other colours. When selling an orange or yellow car, the study states a dealership may offer a better trade deal because there is less competition.
Why should used car buyers use a car valuation calculator?
When buying a used car, you want to know that you’re getting a good car at a good price. With CARFAX Canada True Value, you get an accurate value for the specific car you’re considering – not just one like it – that’s based on two important factors: what similar cars have sold for, and what’s happened in that specific car’s history. That way, can walk away with peace of mind knowing what’s happened in a car’s history and how that impacts its value.
Why is an accurate vehicle valuation important for used car sellers?
Knowing what a vehicle is really worth puts you in the driver’s seat when it comes time to negotiate the deal, and sets you up for a quick, easy sale. About two thirds of vehicle have no reported damage, and you can use that information to celebrate the value of your vehicle. Even if you do find damage – use CARFAX Canada True Value to accurately price your car accordingly and show potential buyers that you’re honest and fair. CARFAX Canada True Value calculates a value based on what similar cars in the region have actually sold for, empowering you to set an accurate, competitive (yet fair) listing price.
Do I need the True Value if I’m trading in my car?
Yes! Trade in your vehicle with confidence that you’re getting a fair price. With CARFAX Canada True Value, you will receive a value that’s based on how much comparable vehicles have sold for, and the factors (like odometer reading, damage history and location) that make your trade offer higher or lower than average. You’ll also be informed of how much tax you’re saving by trading in rather than selling privately. Keep in mind that dealer offers must account for the cost of reconditioning your vehicle to get it ready to sell, so their offer may be lower than the CARFAX Canada True Value. On the other hand, this is saving you the time and effort to prep and sell the car yourself.