What you need to know about selling your used car in Canada
What you need to know about selling your used car in Canada
Posted on October 7, 2022
If you need to sell your used car, you are in the right spot. There is a massive amount of misinformation being spread online about used car prices and the best way to go about selling these vehicles.
Stick with us until the end of this conversation, and you will be able to get the best possible value for your used car.
Used car prices have started to stabilize
For a time, used car prices were running at an unprecedented rate, where people were paying a premium to get a used car right away.
Thankfully, things have started to stabilize, and you can now work out a fair asking price for your used car that makes sense for you and prospective buyers who are interested in buying your used car.
If this is your first time selling a used car, coming up with the right asking price can make the difference between getting firm offers and not receiving a single inquiry.
One easy-to-follow approach is to look at websites like Kelly Blue Book and type in the mileage and condition of your vehicle and postal code.
Your postal code has a direct impact on how many offers you receive.
If you are living in a rural part of Canada like Cape Breton, Nova Scotia, the number of qualified offers you will receive will be considerably lower than what you would receive if you were living in downtown Vancouver.
When reviewing the prices on Kelly Blue Book or similar websites, choose a price that is in the middle.
By using this approach, you are more likely to attract more offers. If the asking price is too low, then prospective buyers will infer there is something wrong with the car.
If the asking price is too high, they won’t make an offer. It’s kind of like Goldy Locks; you need to have the pricing “just right.”
Things to bear in mind when selling a u¦sed car
Your first instinct may be to advertise your car on social media; it makes sense, and there is a constant inflow of people using social media, but this is one of those instances where what makes sense and what works in the real world don’t jive.
The people who frequent social media are not necessarily looking to buy a car; they are usually just shopping around and will come at you with lowball offers if they make an offer at all on the vehicle.
You have no way of knowing if the prospective buyer is even serious!
What you should do is bring your vehicle to a dealership in your area and let them do all of the heavy lifting.
The local used car dealership will pay you cash on the spot for your used car, plus you can find out what the market rate is for your vehicle, so you have peace of mind knowing you are getting a fair shake right from the get-go.
This is the best way to sell a used car in Canada, so bring your used car over to the local dealership now.
When you’re ready for a car lease or loan, get in touch with the auto loan experts at Northway Ford for great deals on auto finance.