When buying used cars in Canada, the most important resource that you need is the Canadian Black Book. It helps you find the correct value of the used car you want to buy based on its current mileage and features.
The info graphic gives information on several factors that you will need to consider when buying a used car. The first consideration to make when buying a used car is the features of the car. If the car has any additional features especially those that increase comfort and luxury the price of that car may be high.
Another factor to consider is the resale value of the car. Toyota cars are known to maintain their value and are therefore very popular cars. With high demand, comes a higher price even for a used car and thus also higher resale value.
Mileage is another very important factor you need to consider when buying a used car. Closely intertwined to mileage is the year of make and the model of the car. The older the car, the more the mileage and the cheaper it should be. Vintage and limited edition cars are the only cars that will be expensive when old.
When it comes to depreciation, a car depreciates by a quarter of its cost every year as soon as it leaves the show room.
Different car models have different reputations. The Mercedes Benz S class, Chevrolet Cobalt and Kia Sedona are known to be among the vehicles that depreciate the most while many Toyota, Honda CRV and the Jeep wrangler are known to really hold their value. Also consider fuel efficient cars such as the Dodge Neon or the Chevy Cavalier.
The most popular used cars one can buy are Honda Accord, Toyota Camry, Honda Civic, Toyota Corolla and the Ford Escape. Toyota, Hyundai, Ford and Honda are the car models in which you will not incur much in repair costs.