Have you ever asked yourself – what’s my car worth? Canadian resale values can differ between provinces – so where you live can directly impact your vehicle value. As a car owner, it’s important you know which factors affect the resale value of your vehicle and ways to keep your resale value high, even if you move between provinces.
Consider the following factors that can impact Canadian resale value in various provinces:
Weather conditions impact vehicle value
Weather conditions can greatly impact Canadian resale value. Depending on where you live in Canada, your vehicle is exposed to different road and weather conditions. You rely on your vehicle to perform regardless of the weather conditions you’re experiencing. In some provinces, the weather can change in the blink of an eye. Living in provinces with harsher winters means you may experience a variance in the Canadian resale value of your vehicle. This is because:
- Icy conditions mean increased use of brakes
- Harsh winter weather like storms, icy roads and low visibility can increase accident risk
- Cold temperatures are tough on engines and batteries
Other weather conditions like acid rain can impact vehicle value, as it can deteriorate a car’s surface over time. Keep these factors in mind when you’re looking to buy or sell a vehicle, and always get a CARFAX Canada Vehicle History Report to confirm where the vehicle has been registered, and if it has any reported accidents.
Different provinces deal with winter in different ways, which can also impact vehicle value. Some provinces use salt to melt the ice and snow on the roads, while some opt to use sand as a solution. These can both damage the vehicle, but in different ways. Learn more about them here.
Different seasons fit different vehicles
Getting a good deal on a vehicle depends a lot on supply and demand. When you’re looking to sell your vehicle, wait until the weather conditions are most desirable for your specific vehicle style. For example, you can likely get more for your convertible in the summer months, while your SUV may spike in value as winter approaches.
But a province’s weather patterns can also impact a vehicle’s value all year round. If you live in a province with extremely cold and snowy winters, a coupe may not be as useful as a 4x4 truck. On the other hand, a large truck may be less valuable in provinces that don’t see much snow and ice.
Global events impact Canadian resale value
Global events can also impact your vehicle value. Luckily, CARFAX Canada Vehicle History Reports show where a vehicle was previously registered, helping you determine if the vehicle was once registered in a flood area. It can take time for flood-damaged vehicles to dry out and be re-sold, so always check for signs of flood damage before you buy a used car.
Industry determines Canadian resale value
Industry also impacts which vehicles are popular in various locations. The main industries differ greatly by province. In urban environments, vehicles are more commonly used to commute between work, home and events, making smaller vehicles useful and popular. However, trucks and other 4x4 vehicles are popular in rural or industrial areas where a lot of people are employed in farming and construction.
Whether you’re buying or selling a vehicle, you want to get the best bang for your buck. Although Canadian resale value changes over time, there are precautions you can take to enhance vehicle value.
Consider the varying weather conditions of your province, the main industries in your area and how global events can impact the resale value of your vehicle. Get started determining how much the car is worth with the free True Value range.