Why this Online Tool for Finding Car Value Can Help You Buy, Sell or Trade Better
Learning the value of your car is a valuable piece of information within itself. In various situations, knowing what your vehicle is truly worth, can help you make better decisions, and do so, at more opportune times. However, if you’ve never inquired about car value before, you may wonder how and where to start. You might even wonder who you should speak to. Fortunately, you don’t have to undertake some arduous journey to learn this info. The Canadian Black Book (CBB), provides such insight into the worth of your car with just a few clicks, and a few minutes of your time.
Beyond the Cover: A Look at the Black Book
So what exactly is the CBB? Well, beyond it’s mystique, the Canadian Black Book is an online database that provides figures for average car prices, as well as the trade-in value and future value of various cars. It’s creator, Bill Ward, launched the service 55 years ago and his daughter, Kathy Ward, currently works as its CEO. The beauty of the CBB is it’s cost to consumers – there’s none at all. In the past, the information listed on the site was secretive, available only to the likes of bankers, auto industry insiders and car dealerships. It has gone public in more recent years, giving the average person instant access to the figures they need when curious about how their car ranks in terms of its value.
Your Car’s Value…Here and Now
Many car owners have questions about their car value, and there good reasons for why this figure is important to them. Generally, these numbers are significant if the owner stands at some sort of crossroads with their vehicle. Perhaps, they want to sell or trade their car in for a better or trendier option. They might want to know these figures simply so they can decide if their car is worth keeping in the long haul (perhaps, they’ve paid it off already). Likewise, if you are faced with similar choices, the CBB is a great reference tool for you to use.
Your Car’s Value…Tomorrow
The other number drivers concern themselves with is future car value. As you know, vehicles depreciate, meaning it’s past and present value are not the same, declining continually into the future. For some, that may sound depressing. After all, it may hurt knowing you spent X amount of dollars on a flashy luxury or sports car, only to see it’s value drop to the much lower Y amount! But that’s the reality, and we must work around it. Fortunately, the CBB provides future values, giving car owners such as yourself the opportunity to plan your next move, and reap the most out of your decisions, whether it is to sell or trade in a vehicle.
Your Next Car
The CBB is also a great tool for finding the car’s value, new and used. You can search for a new or used car by selecting it’s make, model, year or price range. Or, you can search for a particular dealership, especially if you’ve had a good experience with one in the past, or desire a location that’s close to home. Keep in mind, however, the CBB takes a broad-stroke approach when it comes to car shopping. Therefore, if you’re looking for particular vehicles or auto financing plans, such as bad credit car loans, you might want to look elsewhere on the web.
Why Use the CBB?
The uses of the CBB listed above make it quite clear why it’s worth your time and attention. However, it’s value goes deeper than what some may realize. The database can serve as a lifeline or a window into the automotive industry.
How the CBB Benefits Your Automotive Interests
- Save you from a bad purchase – Sometimes you can see a bad car purchase from a mile away, and other times you can’t tell even after you’ve owned for some time. Why? Bells and whistles, performance and special features can’t save a car from a low future value. The CBB’s value predictor can point these figures out to you. That leads us to our next point.
- Counter the effects of depreciation – Car depreciation is unavoidable, but you can choose a vehicle that retains its value longer. Again, the CBB’s future value can help you weed out the cars that devalue too quickly, especially if you plan to resell or just want to avoid paying a high financing rate on a vehicle that will lose most of its value too quickly.
- Inform you of automotive news – The CBB, like many sites provides a wealth of info about motor trends, along with news and reviews. There’s additional content, including tips for car maintenance and driving safety. Although this feature isn’t unique per se, it’s convenient for those who want a dish of automotive insight on the side.
CBB Scoring & Awards
The Canadian Black Book often releases interesting tidbits on cars that retain their value, and even awards those who are among the best. In terms of “scoring”, the CBB simply lists a car’s value as the current percentage of its original price. For example, a car listed at 60% with an original asking price of $20,000, would mean the car’s current price is $12,000. In terms of its awards, the CBB crowns the vehicle with the highest resale value for that year (Best Retained Value Awards). You can see 2015’s winners here.
Consult the Black Book
If you feel stuck or unsure of what to do with your car, don’t hesitate to flip through the pages of the Canadian Black Book. You’ll gain quick access to listings if looking for a specific car value, including current and future value (or the trade in value). Having these figures in hand can make it easier for you to decide with your vehicle if you plan to sell, trade or keep it. Bear in mind that you’ll need to look elsewhere if you want to secure specialized auto financing. However, for that once-secretive info on car worth, the CBB is your ticket in!
Are you looking for an affordable car loan? Contact us here at Auto Loans Solutions so we can help you find the best financing rates!