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Pro Tips when Selling your Car in Canada

Pro Tips when Selling your Car in Canada

If you are thinking about selling your car in Canada, you may be able to recoup some of the money you lost through depreciation. Countless news articles are talking about the lack of new and used cars for sale in the country.

 

While it may sound like a great time to sell your car, you need to take a few proactive steps to maximize your return on investment or you will end up regretting it.

 

Doing your homework

 

You need to determine what is a reasonable price for your car. While everyone wants to get as much as possible, you should get a baseline price based on the year, make, model, mileage, and overall condition of your car.

 

Some websites specialize in this like Kelly Blue Book and AutoTrader. Use these prices as rough ballpark numbers but they are not set in stone.

 

How motivated are you to sell? This is a very important question and you need to be honest with yourself. If you need cash quickly then you may need to drop your price to make it enticing to buyers who have the cash on hand.

 

A drawback of dropping the price on your car, is you are sending a non-verbal message that you are desperate. Buyers are like sharks and can sense when you are desperate. These buyers may try to low-ball you even further.

 

Another issue with having a low price is you are sending the message that there is something wrong with the car. If the car was good, the price would not be so low.

 

If you find yourself in a situation where you need cash quickly, instead of selling the car outright, you might consider taking out a title loan. A title loan is a loan given against the value of your car.

 

If you do not pay the loan, the car would be repossessed by the lender but if you pay the loan back as agreed you keep the car. Throughout the life of the loan, you retain control of the car.

 

Taking the middle road

 

Instead of going through the hassle of trying to sell the car yourself or applying for a title loan, you could sell your car to a local dealership.

 

The dealership will be able to give you a firm offer in writing after inspecting the car. If your car is in good shape and you have all of the necessary paperwork then you could get the money right then and there.

 

Most dealerships do not pay cash but will instead issue you a certified cheque or pay direct into your bank.

 

The amount of money that the dealership offers may not be as much as you thought you would get. Keep in mind that these dealerships need to resell the car for a profit.

 

Now that you understand all of the hassles and processes that are involved with selling your car in Canada privately, just pick up the phone and call your local dealership. This will probably be the best call you made all day so don’t delay.

 

For any questions or concerns, please don't hesitate to contact us here!

 

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