Buying and selling a new/used vehicle is a tough business. There’s a lot of factors to consider when trying to put a price on it. The last thing you want to do is undersell your vehicle or overspend on a purchase. Which is why you have to do some research online, get second opinions, ask auto experts and keep in mind four crucial factors that will help ensure you get exactly what you pay for.
1. Vehicle information. The year, make, model and trim level will all have in impact on the market value of the vehicle. Other factors like quality and reliability ratings or owner satisfaction surveys can all be found online, taking the guess work out of finding your vehicle’s value. Resources like autoTRADER.ca easily allow consumers to browse hundreds of thousands of vehicle listings, offering the ability to sort by make, model, mileage, features, price and even color.
2. Vehicle condition and history. The mileage and overall condition of the vehicle are very important elements to consider. From scratches and scuffs to wear and tear and observance of a regular maintenance schedule, these factors will all have an impact on value.
3. Supply and demand. With some exceptions, simple economics state that the more common a vehicle is, the more challenging it will be to negotiate a higher price. Browsing listings online will allow you to gauge the popularity or rarity of a certain model. Sharing information on these and other factors with potential buyers will help you negotiate a fair price.
4. Seasonality. When it comes to convertibles or seasonal recreational vehicles like motorcycles, snowmobiles, boats or RVs, the demand will fluctuate with the time of year. If you’re buying, score the best price by checking out the market during off-peak season, and vice versa if you’re selling.