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The most cost effective way to sell your car in Canada

The most cost effective way to sell your car in Canada

With used car market on fire, there are people all over Canada trying to sell their car for a tidy profit. We have put together some practical tips that will help you save money and make the best possible use of your time.

Getting your paperwork in order

You may be tempted to just put your car up for sale without first making sure you have the right paperwork in place.

There is a considerable amount of red tape involved in selling a used car in Ontario, we are going to cover the most common and important things to keep in mind.

Do you have a clear title for the used car? If you financed the purchase of the car, the lender put a lien on the vehicle. This lien gives the lender a legal right to the car and it cannot be sold until the loan has been repaid and the lien removed.

When you paid off the car loan, you would have received a letter from the lender saying the lien was removed. If you do not have the lien release then you will need to get a copy. If would be foolish to try and sell your car until you have proof that you own it free and clear.

What is the mechanical condition of the vehicle?

You are not a mechanic but you should be able to provide prospective buyers with information on the condition of the car.

Was it professionally serviced at the recommend intervals by the manufacturer? If the car was professionally serviced, do you have the receipts?

We are not doubting you but when it comes to selling a used car, you need to use the “trust but verify” approach. The prospective buyers are not going to take you at your word so it is important to have your paperwork in place.

Determining a competitive asking price for your used car

This can be tricky because there are many variables that go into pricing a car. The first is the location, where you live impacts the asking price for your car. If you live in the GTA, you can ask for a higher price than if you lived in Timmins Ontario.

When trying to figure out what your car is worth, there are resources like Kijiji Autos and AutoTrader that can give you some insight into what your car may be worth.

There is a shortcut that will let you know what your car is actually worth but also get you paid faster. The shortcut is going to a local car dealership and having your car professionally appraised.

The dealership is well aware of the current market conditions and will be able to give you a fair offer. To make things even more interesting, if you accept the offer the dealership will pay you on the spot.

This is by far the most cost effective way to sell a used car because you don’t have to spend precious time dealing with all of the hassles that come with selling used cars.

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