How to safely sell your used car in Canada

How to safely sell your used car in Canada

Posted on December 8, 2021

The used car market has never been hotter, with demand for used cars outpacing supply there are buyers all over the world looking to buy used cars.

You would think that with all of this demand, you should have no problems selling your used car for top dollar but nothing in life is that easy.

There is no denying the demand for used cars is high but finding buyers who are in your area and willing to pay the price you want is a tall order, especially if this is your first time selling a car.

Determining the fair market value of your used car

This is a tough question because unlike new cars where the price is set by the manufacturer, with used cars there are market forces at play.

One of the biggest variables that impact the asking price of your car is where in Canada you live. If you live in a rural part of Canada like Nova Scotia then the number of local buyers is much lower than what you would find in Ontario.

Another variable that impacts the asking price of your car is whether you kept detailed service records. These maintenance records will provide to any prospective buyer that the car is in a good state of mechanical repair. Without the maintenance records, the perceived value of the car is greatly reduced.

How to locate motivated buyers

When you have figured out what you want to ask for your used car, you need to start advertising your car to motivated buyers. You could put up an advertisement on AutoTrader but you would be competing with other sellers including professional dealerships that have huge advertising budgets.

There is a good chance that your advertisement would get lost with all of the others being posted.

You should not post your car on social media, at first glance advertising on these platforms makes sense but you will regret doing it.  Most of the “buyers” on these social media platforms are not looking to buy anything, they just like to kick tires and waste time. Not only is social media rife with timewasters but some sophisticated scammers will rip you off if you advertise your car on social media.

Instead of going through all of the headaches associated with selling your used car by yourself, there are options available to you.

One very simple way to sell your used car quickly and get cash in hand is by going to your local car dealership. The dealership is always looking to add new cars to its inventory.

By going to the local dealership, you will be able to find out what your car is worth and how much cash you can get for it right away. This is particularly important if you are in a pinch and need access to quick cash.

The safest way to sell a car is by going to a local dealership, so you should at the very least reach out and get a professional appraisal.

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