Is it hard to find a car value in Canada? Not really. With a little effort, you can find your car’s value online before you sell it, trade it in for a new one, or use it for a car title loan.
There are many online tools to help you find out the value of your car in Canada. Knowing your car’s value will allow you to evaluate if your trade-in, loan value, or private sale offer is a good one or completely unrealistic.
Key Points
- There are a few ways to help you find out the value of your car, including online car valuation calculators, online car listings, and professional car appraisals.
- To determine your car’s value, you’ll need certain details about it, including the odometer reading, year, make, and model.
- Be sure to get multiple quotes and compare your car’s value to what you find online.
How Can I Find Out The Value Of My Car In Canada?
There are a few ways to find out what your car is currently worth:
- Use an online car valuation tool.
- Get an appraisal from a car dealership.
- Check online sales listings.
- Use a professional car appraiser.
- Ask your insurance company.
5 Ways To Find Out The Value Of Your Car In Canada
Here are a few handy ways to determine your car’s value:
1. Use An Online Car Valuation Tool
There are several independent third-party platforms online that provide vehicle value information across Canada, including the following:
Carfax
To use Carfax‘s valuation tool, you’ll need to enter the following information:
- Year
- Make
- Model
- Postal Code
- Odometer reading
- Trim
- Engine
- Drivetrain
- Transmission (manual or automatic)
- Body style
Alternatively, you can look up your vehicle’s information by inputting the VIN. Carfax will then provide you with a price range for selling privately or trading it in a dealership.
Kelley Blue Book (KBB)
Kelley Blue Book is a popular resource for vehicle valuation. To use the calculator, you’ll need the following information:
- Year
- Make
- Model
- Version
KBB will then provide you with a price range if you’re selling your car at a dealer, selling privately, or trading it in.
Car Gurus
Car Guru‘s online valuation calculator will tell you what your car is worth for a variety of purposes, including the following:
- Buying
- Trading it in
- Listing for sale
- Selling instantly online
- For insurance-related valuation
To use the calculator, you’ll need the following details:
- Year
- Make
- Model
- Trim
- Postal code
- Odometer reading
Or, you can look up your vehicle information by the VIN.
AutoTrader
Many Canadians looking to buy or sell their cars privately use AutoTrader. But it’s also a good resource to use when determining the value of your car. You’ll need the following details to get an estimate of your car’s value:
- Year
- Make
- Model
- Trim
- Postal code
- Odometer reading
- Vehicle condition
Canadian Black Book
Canadian Black Book is used by dealerships across Canada to appraise vehicles based on the following details:
- Year
- Make
- Model
- Trim
- Postal code
- Odometer reading
Keep in mind that you’ll need to provide your full name, email address, phone number, and mailing address before Canadian Black Book can provide you with your car’s value.
2. Get An Appraisal From A Dealership
Another way to determine the value of your vehicle is to visit a local auto dealership to have it professionally appraised. Dealerships may agree to appraise your vehicle if you’re considering trading it in.
They may even offer an evaluation if you’re thinking of selling it privately. Dealership appraisals are relatively accurate, and they can provide you with a quick assessment of what your car is worth in today’s market.
3. Check Online Sales Listings In Your Area
There are tons of platforms online that allow sellers to list their vehicles for sale privately. As a car buyer, you can peruse these online listings to see what similar cars are going for to give you an idea of what you can fetch for your vehicle.
Websites like AutoTrader, Kijiji, Clutch, and Car Gurus may have similar vehicles listed for sale in your area. Check the asking prices of these vehicles, particularly in terms of year, make, model, and mileage, to get an idea of what you can expect when selling your car privately.
4. Use A Professional Car Appraiser
While a dealership may provide vehicle appraisal services, you can also consider hiring a private professional appraiser to evaluate your car’s worth. This may be especially helpful if you have a unique or luxury vehicle that may be more difficult to have appraised by a local dealership.
Professional car appraisers are experts in the industry who specialize in assessing the market value of vehicles. They can provide an in-depth assessment of your car based on several factors, including its condition, mileage, and features. These evaluations are highly accurate and can give you a clear idea of what you can sell your car for in today’s market.
5. Ask Your Insurance Company
Some insurance companies may offer car valuation services to help you determine your vehicle’s value for insurance purposes. That said, the valuation may not be as accurate a reflection of your car’s current value compared to other valuation methods. Instead, this strategy may be most useful if you want to understand how much your car is worth as far as determining your insurance premiums or replacement costs.
What Do You Need To Calculate Your Car’s Value?
To accurately determine the value of your car, you’ll need a few pieces of information:
- Vehicle identification number (VIN)
- Year, make, and model
- Mileage
- Colour
- Vehicle condition
- Added features
- Your location
| Likelihood of car theft: The odds of a vehicle being stolen is of increasing concern in Canada. The likelihood of a car model and make being stolen can impact its value, particularly because of the cost of insurance premiums and possibly resale value. Insurance providers may charge higher premiums for cars that are frequently stolen. Car buyers may also consider the chances of a specific car model being the target of theft before buying it, which can impact its demand and therefore its overall value. |
Will My Car Value Be Higher In Other Provinces?
Your location plays a role in your car’s value. The roadways, topographies, and climates across Canada will affect the vehicle’s condition.
For instance, rural parts of Alberta have rough terrain and harsh winters, which can be tough on a vehicle’s body and paint. The salt and sand that are typically used throughout the winter months to prevent slipping can also cause corrosion and paint chipping on vehicles.
Factors like these will impact a car’s condition and therefore its value over time.
Learn more: Cars With High Trade-In Value
How Does The Value Of My Car Differ In Terms Of How I Plan To Sell It?
Your car’s value depends on how you plan to sell it. There is a difference between the retail value of your car and the trade-in value.
- Private Sale. If you choose to sell your car on your own, you’ll typically get more for the vehicle than you would if you sold it to a car dealer. This is a type of retail value, also called market value.
- Car Dealer Sale. Selling your car to a dealership will be the easier route to take, since the dealer will do all the marketing and negotiating on your behalf. However, in exchange for this convenience, you’ll typically get less for your car than if you sell it privately. The dealer wants to make a profit when they sell it for market value. The price they pay you might be closer to the vehicle’s trade-in value.
- Trade-In. If you plan to buy a new car, you could use your current vehicle as a trade-in, and the value could be put towards the purchase price of a new vehicle. While the trade-in value may serve as a down payment on a new car purchase, the value is often lower compared to other car values.
What Affects Your Car Value in Canada?
There are key elements that will impact your car’s value:
Damage History
Your car’s value can be negatively affected if it’s ever been significantly damaged in the past. Whether from an accident, vandalism, or a natural disaster, any damage caused to your vehicle can compromise its integrity and therefore bring its value down.
Learn more: Checking Your Car History Report In Canada
Car Colour
Interestingly, the colour of your car plays a small role in its resale value. Neutral colours are classic and retain their desirability factor for years, while others may be trendier and go out of style more quickly. For instance, black is a classic colour and can help a car maintain its value over time since there is always a market of interested buyers for this hue.
Car Maintenance
Keeping a car in good shape typically involves regular maintenance. Buyers can request a record of maintenance to show how well a vehicle has been maintained. The more attention a vehicle has received over the years, the higher its perceived value among buyers, who may be willing to pay a little more.
Mileage
Vehicles with lower mileage typically have a higher resale value since they’re expected to last longer. On the other hand, vehicles with high mileage are generally worth less because they may have a shorter lifespan and require more maintenance.
Fuel Economy
Cars with better fuel efficiency often come with a higher value, especially when the cost of gas increases.
Vehicle Make And Model
Certain car brands, like Honda and Toyota, tend to maintain their value because they’re known for their reliability and durability. Specific models within a car brand can also affect value. Popular models, such as the Honda Civic or Toyota Camry, have a reputation for safety, reliability, and fuel efficiency and are priced very competitively.
Should You Get An Appraisal?
There are a few good reasons why you might want to have your car appraised by a
- You’re Planning To Sell Your Car – Having it professionally appraised will show buyers that your asking price is fair and based on the current market. With proof of your car’s worth, you’ll have more negotiating power.
- You’re Using Your Vehicle As Collateral For A Loan. You can use your vehicle as collateral for a loan, which can help increase your odds of loan approval at a lower rate. Just remember that if you default on the loan, you risk losing your car.
- For Legal Purposes. If you need an official certificate of value for legal reasons, such as a divorce settlement, then you’ll need to have the vehicle appraised to verify its value.
Final Thoughts
There are several reasons why you’d want to know what your car is worth. Fortunately, there are many online calculators available that you can use to quickly find out your car’s value, whether you plan to sell, trade-in, or use your car for loan collateral. Just remember that every car’s history is different, and every dealership knows how to evaluate a car in a way that is best for its bottom line. Knowing your car’s retail and trade-in value before you sell it is how you protect your own financial health.
