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Why back to school is the best time to sell your used car

Why back to school is the best time to sell your used car

If you have a used car and were thinking about selling it, now would be a great time. School will soon be back in session.

What makes this year different than others, there are no more lockdowns or learning from home.

Parents and students alike will need to get to school, either by public transportation or driving their own vehicle. Since new car prices may be out of reach for most people, with inflation and income instability impacting Canadian households from coast to coast, purchasing a used car may make the most sense and save you a few dollars at the same time.

Key things to keep in mind before selling your used car

The first thing you need to ask yourself is whether you can live without a vehicle.

There is an insatiable appetite for used cars, but if your circumstances should change, would you be able to get by with what you currently have, or would you need to buy a new vehicle?

This is a question that only you can answer, but give it some serious consideration before you move on to the next step.

Determining the fair market value of your used car

This can be a highly contentious topic, you may have heard of someone in your area getting more than the market price for his/her used car, but that may no longer be the case.

With quantitive tightening, the Bank of Canada is making it harder for borrowers to access capital to finance the purchase of new and used cars, like yours.

You should refer to websites like Kelly Blue Book (kbb.ca) and AutoTrader, to find out what similar cars are being listed in your area.

If you live in Moncton, New Brunswick, do not expect to get the same amount of money compared to someone living in Montreal.

A good approach is to identify vehicles like yours with similar mileage and condition and price it 5% higher/lower depending on the sheer number of similar vehicles being listed.

The more potential buyers you have for the car, the more aggressive you can be with the pricing.

The simplest way to sell your used car and get paid fast

One of the biggest challenges you will experience when trying to sell your used car is finding buyers who are willing and able to pay your asking price.

If you don’t want to spend a massive amount of time dealing with this step, you should consider going through a local car dealership in your area.

The immediate benefit of going through a local car dealership is they actually have the funds available to buy the car right away.

This same dealership is also constantly buying and selling vehicles, so you will get a fair price based on real-world pricing.

Since school is nearly back in session, you should contact the local dealership right now and while you are at it, test drive some of the new EVs that are coming out.

If you need help or advice on anything to do with auto loans in Dunnville, contact Car Nation Canada today, we can help!

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