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Best way to sell your car in Canada

Best way to sell your car in Canada

There has truly never been a better time to sell a used car in Canada. Used car prices have been climbing every month and will continue to do so for years to come. The lack of new cars being manufactured coupled with pent-up demand for new cars has been fueling this increased demand.

Things to be aware of before putting your car up for sale

Is your car in roadworthy condition? If your car requires substantial repairs for it to be roadworthy, you will need to disclose that when communicating with potential buyers.

In the past, private sellers would try to hide known issues with their vehicle to the peril of the unsuspecting buyer. With services like CarFax becoming more popular, it will be difficult for a person to hide issues with their vehicle.

Also, is your car classified as an antique? If your car is classified as an antique, then you will need to do more research before trying to set the price.

Pricing out your used car

We mentioned that the used car market is overheating and buyers are willing to pay a premium to get a car. When pricing your car, bear in mind that if you charge a very high price, it may take some time to get any interest from prospective buyers. You might consider lowering your price by 5%-10% to try and attract motivated buyers.

While on the topic of buyers, think about whether the prospective buyers have the means to pay the price you are asking. If the amount you are asking for is considerable i.e. $10,000 or more, then the buyer may need to secure financing.

Where to find prospective buyers

After you have figured out what price you want to charge for your car, the next step is to determine where to list your car. You may be tempted to advertise your used car on social media but you should reconsider.

The majority of people on social media are not actively looking to buy a car, they are busy playing games or chatting with friends.

What usually happens, you receive messages from people asking about the car and give you lowball offers with the hopes of buying the car at a low price then flipping it for a profit. These buyers will end up wasting your time and the odds of you getting the price you want are slim to none.

One surefire way to sell your car without any of the hassles is to sell your car to a local car dealership. The dealership will need to conduct an appraisal to figure out what the current fair market value is of the car.

After the dealership has prepared the appraisal, they will make a cash offer which will be lower than the fair market value. Remember the dealership is going to resell your car so they need some margin. If you accept the offer, you will walk out of the dealership with cash in hand.

Now that you know the variables inside in selling a car, you should do yourself a favor and head over to your local dealership.

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