Selling your used car? Thinking of trading your car in at a dealership? When it comes to selling a used car or trading it in, it’s important to have an idea of how much your car is worth. Used car prices can be influenced by various factors such as the make and model, year, mileage, condition, and even location. Additionally, car values can fluctuate depending on state of the current market.
But first, you have to know the meaning behind various types of value estimation!
The meaning of different types of car values
We have different types of car valuations. Usually, they are different from the value that is determined by the insurance company and ACV, and that is because counting in your car’s depreciation and replacement costs when calculating the value.
Trade-in value refers to the estimated worth of a used car that is offered by the buyer in exchange for the purchase of a new or different car. This valuation is typically based on various factors, including the condition, age, and market demand for the used car. Trade-in value is typically lower than the actual market value of the car, as the buyer needs to make a profit on the resale of the item, and the seller benefits from the convenience of not having to find a separate buyer for the car.
Private party resale value
Private party resale value refers to the estimated worth of a used car that is sold by an individual to another individual, rather than to a dealership or other professional buyer. You will sell your vehicle in its current condition with the private party value and there won’t be any warranty. Similar vehicles and local market conditions, and also the car’s condition will determine the final price, so these values can fluctuate quite a bit. Yet, private party resale value is typically higher than trade-in value, as the seller is able to capture a larger portion of the car’s true market value by selling directly.
Dealer retail value
Dealer retail value of a car refers to the estimated worth of a new or used car as determined by a dealership or other professional seller after any repairs, additional features, upgrades or modifications have been made. Dealer retail value is often higher than private party resale value or trade-in value, as it reflects the premium that a buyer would pay for the convenience and security of purchasing from a professional seller, who may offer financing options, warranties, and other incentives. The dealer retail value of a car may also include markups or additional fees charged by the dealership, such as preparation and delivery costs.
Certified pre-owned value
Certified pre-owned value of a car refers to the estimated worth of a used car that has been inspected and certified by the vehicle’s manufacturer or a third-party organization to meet certain quality standards. Certified pre-owned value is often higher than other valuations, as it reflects the added assurance of buying a vehicle that has been thoroughly inspected and deemed to be in good condition by a trusted authority. The certification process may include a comprehensive inspection, refurbishment of any necessary parts or components, and the issuance of a warranty or other guarantee to the buyer.
Needed information for your car’s value estimation
To estimate your car’s value, you should be prepared to provide both basic and detailed information. If you want to achieve a reliable value estimation, you have to be willing to supply as much data as you can!
The following are examples that you may need to provide for a better valuation of your car:
- The vehicle’s basic information: The vehicle’s make, model, and year, your vehicle identification (VIN) number.
- Mileage of the car: The mileage currently showing on your car’s odometer.
- Features, upgrades and options: From color to options. Most value estimators provide a laundry list of options, so all you need to do is check each that applies.
- Car’s condition: A provided description of each standard rating.
Now, let’s explore several methods for determining a car’s value in Canada!
Visit a Dealer
You can always take your car to a local dealership to find out what they think is a good asking price for the car. However, remember that dealerships usually buy cars at a wholesale value as they need to make a profit during the car’s resale – especially since they spend money on repairs and sprucing up your vehicle.
Dealerships will often provide you with a trade-in value, which takes into consideration the make, model, year, and condition of your car. Keep in mind that the trade-in value may be lower than the actual value of your car, as dealerships need to make a profit when selling it.
Visit an Online Car Value Estimator
If you are planning on selling your car privately, chances are you want to know what the private party value for your used car is. There are several such estimators that will let you know what a good deal on your car looks like. If your car is being sold privately you may also have to pay for a comprehensive vehicle history report from CARFAX Canada to reassure your buyer.
Some places you can find out what your car’s rate is include:
Canadian Black Book
Canadian Black Book is a well-known source for determining the value of a car in Canada. It’s an independent company that provides vehicle valuation services for cars, trucks, SUVs, and motorcycles. You can enter the make, model, year, and condition of your car to receive an estimated value. The values provided by Canadian Black Book are widely used by dealerships and financial institutions when buying or selling a vehicle.
Kelley Blue Book
Kelley Blue Book is another popular resource to determine the value of a car in Canada. This American company provides a similar service to Canadian Black Book, but it focuses more on the American market. However, you can still use the Kelley Blue Book to get an estimate of your car’s value in Canada. Just keep in mind that the values may not be as accurate as those provided by Canadian Black Book.
Online marketplaces like AutoTrader and Kijiji are another way to determine what a fair price for your car looks like. By searching for similar vehicles for sale to yours, you can get an idea of the average price that other cars like yours are selling for. Just be aware that the prices listed on these websites are not the sales price, but rather are an asking price, and that the condition and location of the vehicle can also affect its value. For example, a cars with high mileage will fetch lower prices on average than similar vehicles with better mileage.
MintList Value Estimator
You can also find out what your car’s worth on MintList easily. Our online car price estimation tool not only lets you know car values but also what you can expect them to fetch on other car sales websites.
Trade In Your Used Car on MintList
Trading in your used car on MintList for a new vehicle is easy and offers several tax saving benefits too. Since you can get up to $4,000* more than a single dealer offers on our online auction, the tax you pay on the purchase price of your new car automatically reduces, saving you money. Additionally, you can choose from hundreds of new and used cars for your trade-in on our website, all of which come with a 3000 km warranty.
It doesn’t matter if you have never sold anything (let alone a car!) before. Our platform guides you through every step of the way. If you want to speak to someone, we also have real humans to walk you through the whole process of selling and trading in your car.