If you want to make better financial decisions about buying, selling, leasing or maintaining your car, you've come to the right place.

Frequently asked questions about cars

How much is my car worth?

Your car’s valuation depends on a multitude of factors including the make and model of the car, year of production, the condition that the car is currently in, and the total mileage. In general, newer models with lower mileage will command higher prices on the market. Similarly, cars that are kept in good condition will also yield a better market price. To gain a rough estimate of what your car is worth, you can use online resources such as the Kelley Blue Book or the Canadian Black Book which provide free car valuations based on inputs that you enter about your specific vehicle.

How much does it cost to charge an electric car?

The cost to charge an electric car can vary based on the province you live in and the time of day that you choose to charge your car. Different utilities providers have different rates across the country, and most providers also ‘flex’ their rates based on the time of day (i.e., peak time vs. off-peak). To find your electric car’s cost to charge, multiply its energy consumption (i.e., the kWh per 100 km metric) by the per-kWh rate your utilities provider charges at a specific time of the day. That number will give you the total cost to charge the car for 100 km. The next step is to multiply that number by the total number of kilometers you want to charge for. For example, a car with 15 kWh per 100 km in a province where electricity is $0.16/kWh will cost 15 kWh x $0.16/kWh = $2.40 for 100 km. If you want to find out the price for 500 km, simply multiply that $2.40 by 5 to get $12 for a 500 km journey.

How much is car insurance in Canada?

The cost of car insurance in Canada can vary widely depending on a number of factors such as your location, driving record, type of car, age, and gender. Car insurance in Canada typically costs an average of $1,300 to $1,800 annually, but the cost can vary depending on individual factors and car insurance companies. As a result, it’s important to shop around and compare car insurance quotes from different insurance providers to find the best deal for you.

How do you sell a car in Ontario?

There are several steps you need to follow to sell a car in Ontario. The first thing you want to do is identify the value of the vehicle you are selling. You can get this information from sites such as Kelley’s Blue Book or the Canadian Black Book. Next, buy a Used Vehicle Information Package which contains information about the vehicle such as its manufacturer details, registration history, lien information, etc. Once you have all required documents, list your vehicle for sale on publicly-available platforms where you can field buyer offers and negotiate final pricing. Once you have a deal, handover the completed UVIP to the buyer and complete the Application for Transfer section on the vehicle’s registration document. The last step is to provide the buyer with the completed Application for Transfer and Safety Standards Certificate, remove your license plates, and receive the funds for the car.

Who is offering zero percent financing on cars in Canada?

Zero percent financing is generally offered by car brands to entice customers to purchase vehicles and/or make room for newer models by incentivizing slower-moving or older models. Generally, only the best credit applicants receive the option for zero percent financing. However, it is possible to get such a rate even without perfect credit. Some of the brands that have regularly offered zero percent financing in Canada include Toyota, Ford, GM, Honda and Hyundai.

How much does it cost to wrap a car in Canada?

The average wrap job is generally between $1,500 to $3,500 depending on the level of service and total square footage required. Vehicle wrapping can unlock incremental value in your car, so it could be a worthwhile option if you are looking to resell or trade in your vehicle.

How much do car salesmen make?

The average car salesperson in Canada can make anywhere from $40,000 to $60,000 depending on seniority and the location of their dealership. However, car salesmen are paid in a large part by commission on each car they sell. As such, there can be a vast discrepancy in pay between the best salesmen in a dealership (who can earn $100,000+) and the rest.

How do you transfer car ownership in Ontario?

To sell a car in Ontario, you need a few documents including the Used Vehicle Information Package, Safety Standards Certificate, a Bill of Sale, and an Application for Transfer. Ensure that the Vehicle Identification Number (VIN) matches the number on your permit. Next, sign the Application for Transfer and fill out the buyer’s name, total mileage of the car, and date of sale. The last thing to remember is that you should remove the license plates off the car as those are not transferred to the buyer during the sale of the vehicle.

Where can I sell my car in Canada?

There are many different ways to sell your car successfully in Ontario. The most common way is to go to a used car dealer or through an online platform such as, Kijiji, Facebook Marketplace or other such website where you can post details and pictures of your car, and invite prospective bidders to test-drive and make an offer. Alternatively, you can also take the stress of the sale process off yourself by selling to a third-party such as Clutch that purchases your car directly from you and resells it via their own platform.

What credit score is needed to buy a car in Ontario?

In Canada, most lending institutions generally require a minimum credit score of 650 to be eligible for a car loan. However, you can potentially obtain a car loan with a lower score if you are willing to borrow from private lenders.

Can you sell a car with a loan on it?

Yes, you can sell off a car with a loan. However, you would need to prove to the buyer that you have paid off all liens on the car if you are planning to use the proceeds of the sale to immediately pay off the remaining amount on the loan. That said, it is always easier to negotiate a sale with a buyer when a car has no existing lien on it. As such, you should aim to pay off the balance on the car if you have the funds available. If not, you can potentially explore obtaining a low-interest personal loan to borrow funds temporarily to pay off the existing loan before using the proceeds of the car sale to pay back the loan within a few days.

How long do cars last in Canada?

In Canada, car owners report an average lifespan of nine to ten years for their car. There are many factors that can impact the durability of the car including the general maintenance and conditioning of the car and the weather conditions that it is driven in.