Canadians Have a Case of The New Car Blues
Many of you may know this feeling: you just bought a new car and can’t wait to take it home and show it off; you feel like you’re on top of the world! Unfortunately, that feeling shifts quickly and depreciation depression sets in.
Nearly half of Canadians say they’ve experienced depreciation depression – the annoyed, upset, or angry feeling that comes with knowing the pace at which new vehicles depreciate and lose their value. It can get so bad that a recent survey by Kijiji Autos revealed that one in four new car owners try not to think about the depreciating value of their car.
The good news is that you don’t have to suffer from depreciation depression when you buy a used car. With over 250,000 car listings on Kijiji Autos at any given time, it’s easy exactly what you’re looking for, in a used car.
To make your next car a used car, here are a few tips:
- Know your history. Always ask the seller for a car’s Used Vehicle Information Package (UVIP) and request and read a copy of the vehicle’s CarProof Vehicle History Report.
- Invest in inspection. Have a professional inspection done by a licensed technician. This can help avoid unanticipated problems and expenses down the road.
- Go in cold. Try to arrange the test drive when the engine is completely cold. It will give you a good idea of how the car starts, regardless of how long it’s been parked.
- Check it inside and out. Inspect the car yourself, inside and out. This is a great way to get to know the vehicle, and to find any issues with worn materials, tire treads or rust that may need attention.
- Count the miles and the time. Vehicles today are built to last much longer than vehicles built decades ago. You may need to consider some maintenance when a vehicle has accumulated over 100,000 kilometres. It’s also a good idea to find out how recently the timing belt was replaced, as this can be an added expense for higher mileage vehicles.
- Get your motor runnin’. You’ll learn a lot about the car by taking it for a quick drive around the block to see how it handles, how it sounds, and how the electronics are working.
But even with the tips above in mind, some of our readers might be wondering: How do I know which vehicles depreciate quickly and which ones lose value slowly?
Kijiji Autos has prepared the following comparisons based on the site’s vehicle listings, and ‘best bets’ to keep in mind when you’re ready to purchase a used vehicle:
- BMW vs Audi vs Mercedes (3 series vs A4 vs C class): between 2010 and 2011 the 2002 BMW 3 series was 15 per cent, 2002 Audi A4 was 17 per cent, and the 2006 Mercedes C class was nine per cent.
- Honda vs Toyota vs Nissan (Accord vs Camry vs Altima): between 2010 and 2011 the 2002 Honda Accord was 14 per cent, 2002 Toyota Camry was 10 per cent, and the 2002 Nissan Altima was 15 per cent
- Chevrolet vs Ford vs Chrysler (Cavalier vs Taurus vs Intrepid): between 2010 and 2011 the 2002 Chevrolet Cavalier was 11 per cent, the 2002 Ford Taurus was 17 per cent, and the 2002 Chrysler Intrepid was 13 per cent.
‘Best Bets’ for low depreciation:
- 2002 Ford f150: eight per cent
- 2010 Ford f150: eight per cent
- 2006 Ford Mustang: seven per cent
- 2007 Acura CSX: eight per cent
- 2007 BMW X3: five per cent
- 2000 Buick Century: eight per cent
- 2010 Cadillac Escalade: six per cent
- 2008 Honda Pilot: eight per cent
- 2007 Jeep Wrangler: seven per cent
- 2002 VW Golf: seven per cent
Happy car hunting!