FAQ: What is my car worth?

A Common Question: What is my car worth?

Collingwood, Ontario:

A common question that we get at our dealership from car buyers almost daily is:
 "What is my car worth?"
This is a common question in the car buying process.  Consumers will walk on to a dealership lot and they will usually know the price, features and sales programs of the vehicle they are interested in. However, they will not know what their trade-in vehicle is worth.

Auto websites don't give the full answer

Now, don't get me wrong, car buyers have usually spent hours online researching the car they are looking to buy. And during that time, they have probably checked to see what their trade-in is selling for online by checking out different automotive websites like, kijiji, autotrader, wheels etc..
However, they still will not know the value of their trade, because, each used vehicle is unique.  A number of variables have to be factored in when appraising a vehicle.  Variables like, kilometers, body condition, accident history, repair history, and service history to mention a few.   These key variables will factor in to the actual value of each trade-in.

Have a Dealer do a proper appraisal

Dealerships will review the same online used vehicle websites as consumers to establish what they can expect to sell a trade-in vehicle for in the current used vehicle marketplace. 
David McArthur, the Sales Manager of Collingwood Toyota has done thousands of used vehicle appraisals in his 20 plus years in the car business.  David states: " Once establishing a retail price for a trade, the dealer has to allow for the cost of overhead. The final piece of the equation is estimating the reconditioning costs.  Obviously, nicer or well maintained trades requires less reconditioning. In summary, the formula is: Retail Price less overhead and reconditioning equals trade-in value."

Larry Smith is a Product and Media Specialist at Collingwood Toyota .
1-877-445-1414