Used Car Value Guide

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What impacts a car’s 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.

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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 find out what the average selling price is using CARFAX Canada’s Value Range tool.

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 negotiation knowing the car’s average value, they’re going in with a common starting point. Consider pairing that knowledge with a CARFAX Canada Vehicle History Report , so you can have a full understanding of the cars past and come to a mutually agreed upon price quicker.

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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 doesn’t take into consideration how demand for certain makes/models can vary by area because of things like industry and climate.

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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. Approximately one out of every four vehicles have damage history. That’s not just from accidents either, hail and flooding can cause damage that stays with the vehicle from owner to owner. A CARFAX report reveals this damage history and more, and when paired with the Value Range, helps you narrow down the value of the car.

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 okay! 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.

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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 4×4 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’s Value Range tool, you’re given an idea of what you could expect the vehicle’s value to be. The tool also gives you an average value – a baseline price that will vary depending on accident history, maintenance history and many other factors. To be sure that you know the full story, get a CARFAX report to fill in those blanks. That way you can walk away with peace of mind knowing what’s happened in the car’s history and how that could impact its value.

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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. By pairing the Value Range tool with a vehicle history report, you’re able to price your car more accurately and show potential buyers that you’re honest and fair.

Can I use the Value Range if I’m trading in my car?

Absolutely! Trade in your vehicle with confidence that you’re getting a fair price. By using CARFAX Canada’s Value Range tool, you’ll have a baseline for what you could expect to see for trade value. The car’s history like service records, damage and many other factors can increase or decrease the value, but you will have a good starting point. 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 end up lower on the range than similar vehicles sold for in the Value Range tool. On the other hand, this is saving you the time and effort to prep and sell the car yourself.

This article was provided by CARFAX Canada; the country’s definitive source of automotive information, delivering vehicle history and valuation.