How to Trade Your Used Car for the Most Money

by Feb 17, 2022Car selling0 comments

As we’ve seen lately, the pandemic has caused business shutdowns and restrictions in Ontario. Vehicles that were used multiple times every day prior to the COVID pandemic now are sitting in garages for days. Some people are selling their used cars or downsizing their family vehicle fleet, while many others are looking to purchase a car in order to avoid public transportation. On the other hand, used vehicles are selling for record-high prices. All that means now could be the best time ever to sell or trade-in your used car.

trade your used car

Here are the 5 ways to ensure you are getting the most money out of your used vehicle:

Pricing Your Used Vehicle Accurately

Although some lucky ones have sold their used cars for more than what the cars were actually worth, that’s still some exceptional cases. While everyone would like to get the very top price from their used vehicles, setting a fair price for your used vehicle is important to a smooth transaction. 

Determining a competitive asking price is a critical first step when you sell your used car privately. Because if you set the price too high you may result in no potential buyers, while you could undervalue your car and won’t get as much as you’d like to put towards your next vehicle. 

It’s also important to understand that there are many factors that contribute to your vehicle’s value, including its history, condition, and odometer reading. 

You may want to do some search and learn what similar vehicles in your area have actually sold for. You may use the average as a baseline to value your vehicle. Then list the extra features or history that can impact the value of your vehicle. 

For Canadians, a reliable resource to determine your car’s value is Canadian Black Book. You can also corroborate this information with Kelly Blue Book which allows you to add detailed information, like the vehicle’s condition for a recommended private party pricing range.

Looking to trade your car online? Now you can get extra money from your car at Carnex.

Plan For A Replacement Before You Trade Your Used Car

As we discussed, used vehicle prices are now hitting record-high levels. So you need to plan for a replacement vehicle before you trade your used car. 

While both new and used vehicles are at record-high price levels and in tight supply. It will be a good idea to find a replacement car that fits your needs and at a price that you can afford prior to putting your used vehicle on sale. That’s also helping you to better plan how much you could get from your used vehicle and put the money towards your next vehicle. 

Have Your Car Ready for Sale

It’s important to make sure your car is presentable when you show it to its potential buyers. Any little scratch, dent, or upholstery stain could have an impact on the resale value of your car.  Paying a detailer to give it the once-over may add hundreds of dollars to your selling price.

If there are any minor repairs or maintenance that are required, you’d better take care of them before putting your car on the market. Also, giving your used car a good cleaning inside and out before taking pictures is another essential tip for listing your used vehicle online.

Make the Advertisement Look Great

If you decide to trade your used car privately, there are plenty of places to list used vehicles for sale online. Make sure you put excellent photos and a good description. 

Here are what should include in your ad listing:

  • Good quality photographs
  • A listing price
  • A note that describes the car’s condition
  • The make and model of your car
  • The year and mileage
  • Contact information

Your ad posting should be simple and to the point, and you may include a bit of extra information that buyers want to know.

Consider Lease Buyout

A lease buyout is in at any point in time in a lease term, you have the option of buying out your leased car at the buyout price. A lease buyout might bring you extra money, especially when the vehicle is at the end of the lease. 

Since almost all leased vehicles have a fixed purchase price in the contract for the purchase option when the lease is up. That price was set when the lease began based on expected residual value. While the rapid increase in used vehicle values,  the preset price is very likely below the current market price. That means you can buy your leased vehicle and sell it for some profits.

However, ensure you check the purchase price with the lease company, and compare it with the market price before you agree to purchase the vehicle. 

Want hassle-free buy out your lease in GTA? Try Carnex instant lease buyout today!

Learn more about the benefits of buying from Carnex. We believe that all clients deserve to know the good and bad of what they’re buying. Because we wanted to know these when we bought cars. That’s why at, we will proudly display every detail every step of the way. Browse all the best cars, automobile buying tips, auto insurance, young drivers, driving techniques, auto industry trends from Carnex Blog.

Looking To Buy A Used Electric Vehicle? 7 Buying Tips You Won’t Want To Miss

The sales of used vehicles hit record highs in 2021, and the demand for pre-own options is still rising. Looking at the zero-emission side, the most...

Should you buy a used electric vehicle?

Should you buy a used EV? When you are in the market for a car, you always have to ask yourself whether you want a brand new car or a used one. Even...

Top 8 Most Affordable Used Electric Vehicles in Canada

Electric vehicles account for about 5% of new automobile sales these days. While this is still far from a majority, it does mean that more and more...

7 essential tips for buying an electric car

Thinking of buying an electric car? In this post, we share things you need to know about EVs. Electric vehicle options are gaining in popularity...

6 Safety Tips for Driving in Winter Fog

Fog-related accidents cause over 500 fatalities yearly, but the advice to avoid the roads in poor conditions doesn’t work for those doing courier...

7 essential tips for buying a used electric car

Buying a used electric car can save you money, especially when the cost of new EVs is much higher than their traditional counterparts. But if you...

Turning Your Electric Vehicle Into Cash: Tips On How To Sell Your EV

Here are tips on how to sell your EV in Canada. With some of the most recent all-electric vehicles capable of travel well over 300 to 500 kilometers...

How to Extend Electric Car Battery Longevity

How to Extend Electric Car Battery Longevity One of the main concerns that people have when considering purchasing an EV is battery longevity. The...

12 Effective Tips To Make Your Car Last Longer

How to make your car last longer? As the miles add up, you would like to make sure your car is reliable and safe to last you as long as possible....

Who is Carnex?

Carnex is an online EV dealer built for Canadians to buy and sell electric vehicles. Our mission is to provide Canadians with an alternative and transparent way to buy and sell used electric vehicles and to accelerate the transition to a sustainable green future. is Canada’s first e-commerce platform for used Electric Vehicles. Carnex is the leading Online Car Dealership in Ontario, with the company’s headquarters located in Toronto, Ontario.
Carnex is the fastest and cheapest way to buy a car online. We deliver to your door and collect your old car without extra charges. Buy Now-Pay Later Financing is available.

Why buy from Carnex?

Carnex is trusted by over 18 million buyers to find amazing discounts on used EVs and new EVs in their neighbourhood. Carnex specializes in electric vehicles, and we make the effort to make sure your EV purchase from us will be worry-free. Our skilled EV technicians perform a comprehensive diagnostic on all of our electric vehicles at Carnex because your satisfaction is very important to us. will help you find the best EV bargains among the listings across Canada, and we’ll provide you with the vehicle history and comprehensive reviews for each EV.

Why Choose Us

We choose to only sale quality and zero-accident used vehicles. We are so confident in our cars that we will shamelessly show you all the perfections and imperfections of the vehicle – from the Chasis pictures to chipped paint spots.

We also offer a 9-day no question asked return policy and an 100-day in house mechanical warranty to make your purchase risk-free.

Get In Touch

2 + 12 =