If you are one those individuals who has limitation when it comes to budgets, then it may be deemed wiser to purchase used cars. It is cheaper but provides almost the same efficiency as to those which are brand new. It is understandable considering the amount of wear and tear years of usage has done. But like any other facet of our life, we should not be quick to jump the gun.
Before making any decision regarding which car is best suited for you, it should be seen as very important that you know each of the car’s true market value. Scouting the market is a very good strategy to use when you look for the best deals available in the market.
Canada also has its own market for used cars which is made available to the public. But again, it is necessary to know what are fairly priced and which are not and the need of the public to have a resource point for this information has been evident from the start.
There are several guides which can be retrieved in the internet which can provide you with the information that you need. In addition, they also provide you with useful tips which may be used in order to create a wise decision when making a choice regarding which car is worth it. Like NADA guide Or Nada Blue Book, there is black book value in Canada for calculating the used car book value in Canada.
It is vital that the car you choose is still in good peak condition. It runs smoothly and is perfectly clean. If upon inspection it needs some work, especially repairs and maintenance, the estimated amount should be deducted from the total value that is payable to the seller. This is justifiable since you will be spending money for it to be repaired. If the amount is not reduced, it will be like paying twice than the amount that it is worth. A vehicle in an excellent condition or a car which has a low depreciation value may cost you more than it was reflected in the source that you had. So, this shows that nothing is fixed in stone. Physical inspection can change everything.
There are always car models and makes which are more in demand compared to others, and in the market, these cars may cost more. The reason behind it may be because, it becomes harder and harder to find. In addition, there are also cars which may cost more or less depending on the season that is being put up in the market and the area where it is located.
But the best way to know the individual car prices in Canada is by checking the classifieds and pages from different magazines. This is cheaper and more accessible for anyone to use. In contrast, insurance companies and banks uses Canada’s Black Book as their basis for the true market values of cars in the nation. This is the standard for car values in the country. At times, they also use the Red Book, but to a lesser extent.
Canada also has its own Blue Book, but it is not the total counterpart of United State’s Kelley Blue Book and NADA Guide/NADA Blue Book. The Canadian version has several limitations with regards to its content. In the Canada’s Blue Book, you can only find true market values for off road vehicles, boats, and motorcycles. And one of those are rarely being purchased considering its price range.
With that being said, what are other sources from which you can find information that can help you in deciding which car to choose?
VMR.com is one of the most obvious choices because of its accessibility considering that it can be easily found in the internet. This is also very specific to Canada as well. Unlike in the United States, the car values in Canada are almost equal in almost every region. As a matter of fact, there are no variations from one region to another. And when you use their calculator tool, all that you need to input are the car’s manufacturer, its model, and the kilometers that it has accumulated over the years.
The Canadian Black Book as mentioned earlier is the standard for car values across Canada. It has been used by banks and insurance companies alike as a determinant of a car’s value. This publication considered a car’s kilometers registered, how it looks, and the overall mechanical condition. This is published twice a month.
The Canadian Red Book is less likely used because it is only specific to used car values in Toronto. The Sanford Evan’s Gold Book provides the most complete list in Canada and it is published only once a year. It covers British Columbia, Eastern Canada, and Western Canada.
