Bank of Canada Interest Policy Rate changes as of 2021

The Bank of Canada and gas tycoons have hiked their rates yet again. So, what’s any self-respecting Canadian to do? You could cancel your Spotify subscription, but your mom lost all your old Shania Twain CDs. You could sell your Vancouver Canucks tickets, but maybe they’ll go on a magic run to the playoffs. Or you could stop ordering DoorDash, but your family is still recovering from the last time you served them Kraft Dinner with ketchup mixed in.

All stereotypes aside, the state of the Canadian economy has many taking stock of their discretionary spending. For some, that means the car’s gotta go. Read on for a few tips to help you sell your car fast in Canada while avoiding a few common pitfalls along the way.  

1. Value Your Time & Money

Speaking of stereotypes, the media often portrays car dealers as after-shave-soaked salespeople who prey on unsuspecting customers. It’s natural to worry about being duped, but painting broad strokes can cause you to unfairly judge others. And that wouldn’t be very Canadian of you, would it? 

Dealers need to cover their costs and make a profit, but not all dealers are dishonest. The right dealers are respectful businesspeople looking to buy quality cars, and the right online marketplace should vet its dealer base. The private marketplace has good eggs too, but it’s also the perfect platform for low-ballers looking to score a hot deal.

You could get $500 or $1,000 more for your car through a private sale, but that isn’t a guarantee. Regardless, is that extra coin worth wasting weeks wading through a sea of messages in search of just one serious buyer? If you want to sell your car fast in Canada, you need to put a higher premium on your time. By choosing an online marketplace with reputable dealers, you can save a lot of time and headaches.   

2. Set Realistic Expectations

In case you haven’t heard, the price for used cars has peaked and continues to decline. Prices for used cars are higher than they were before the pandemic, but you can no longer expect hordes of buyers to flock to an overpriced vehicle. Set realistic expectations to sell your car fast and avoid extending the negotiation process.

If you sell your car online through a reputable auction site, your car will be presented to hundreds of interested dealers, improving your chances of getting a fair offer. Also, if you plan to do a trade-in, you can select from the inventory of hundreds of dealers versus just one, opening up your buying options.

You’ll also save thousands in sales tax, since you’ll only pay tax on the trade-in difference of your vehicle versus the full price of your new car. If you trade in your car the old fashioned way—through a single dealer—these tax savings can only be applied to that dealer’s inventory. With MintList, you can sell your car online to one dealer and buy from another without kissing that trade-in tax benefit goodbye.

3. Avoid a “Sell Now & Buy Later” Approach

If you plan to buy a new car after you sell your old one, timing is everything. Most people put all their energy into selling their vehicle and then approach the buy side as a separate process. Yes, you want to sell your car fast, but are you willing to lose thousands of dollars of tax savings in the process?

After you list your car, browse vehicles on your preferred auction site to narrow it down. That way, you’ll be ready to quickly pull the trigger on a trade-in and enjoy the sweet tax perk outlined above. At a time where the price of used vehicles has softened and the cost of living is on the rise, you’ll be glad you did.

By following these tips, you can sell your car for a better price faster, so you can do more of what matters to you—whether that’s sipping a double-double while you cheer on the Maple Leafs or running away from an angry flock of geese. (You do you.)