How Much is My Car Worth? How To Find Out

How Much is My Car Worth? How To Find Out

Posted on August 4, 2022

Value is subjective but there is usually a consensus we can all come to when trying to ascertain the value of an item. A car is one such item. How can you accurately get a value of your car when you sell it to a dealership? We asked our Waterloo auto loans team to answer the customer question "how do I find the value of my car?".

Most dealerships will deal fairly and offer close to market rate. But you don’t know us. You don’t know that we deal 100% honourably with you.

So, it’s a good idea to have an idea of the car’s value ahead of time so you know you’re getting a good deal.

How do I Find the Value of my Car?

The first thing you need to do is take all the emotion out of it. You may have had the car for a decade, watched your children grow up around it, gone on dozens of road trips with it and travelled across Canada in it.

But. That’s the emotional value you place upon the car and not the real life financial value.

It’s important to separate the emotion before you begin the process of selling your old car to a dealership.

Assess your car’s condition

Honestly assess the condition of your car so you can accurately price it ready for sale. That means leaving emotion behind and looking dispassionately as it’s condition, the bodywork, service history, mileage and age.

Check the market

Next up, check the open market and car websites to get a value. Make sure to check cars of the same make, model, trim, year and mileage. Try to get as close to your trim level as possible as it can make a difference.

Check Carfax, Kelley Blue Book, Auto Trader, eBay, Craigslist and other sources for cars.

See what’s on the market right now and get an idea of the prices. Look at the condition and mileage and try to accurately assess what they are selling for.

Selling your car to a dealership

Remember, while dealerships are now paying more than ever for used cars, they won’t pay market rate. The prices you’re seeing are what cars are selling for, not what a dealer can buy them for.

When you add the costs of reconditioning the car, performing those exhaustive checks for a car to become a certified used car, a dealership simply cannot afford to buy for the same price a private buyer can.

The private buyer doesn’t have to do any of those things and can simply drive away without having to worry about quality and safety.

We’ll pay as much as we can afford to pay and it isn’t far from market rate but if you’re planning to sell to a dealership, you’ll have to be prepared to accept a lower price than you see on Auto Trader or eBay.

That said, we are offering more than at any time before so the gap between dealership prices and private sales is narrower than ever!

We will use all our skill and experience to deliver the lowest possible Waterloo auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

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