It might not help you get a date but the Canadian Black Book will tell you what your used car is worth.
Once secretive information for bankers, car dealers and others in the automotive industry the Canadian Black Book is now going online – and it's free! Kathy Ward is President of Canadian Black Book and her father started the auto data business 50 years ago. Ward says "This is big news for consumers because now they will have a website where they can research vehicle pricing so they will be smarter when it comes to going through the process of buying a car."
The website has information on trade-in values, average vehicle pricing and future values. Cars are given a low, medium or high value. Best of all the information is at no cost to the consumer, it's easy to access and there is no obligation.
Consumers may be a bit surprised by the difference in pricing when comparing their car's value as a trade in and its average selling price. A 2006 Chevrolet Impala for example may have a trade in value of between 4 and 6 thousand dollars – but have an average selling price between 9 and 11 thousand. Ward says "Dealers are under so many regulations now they have to put a car on their lot that is perfect to be sold and they have to spend money to do that."
Amin Tejani with Don Valley North Toyota says most dealers welcome the Black Book information being made available to consumers. Tejani says "we have nothing to hide so if consumers think there car is worth a certain amount and the black book can show them that it's not -- it's really better for everyone."
Surprisingly, dealers can actually make more money selling a used car than a new one. Margins on new cars may be only $1,000 to $2,000 depending on the make and model, however on used cars margins can be $3,000 to $5,000 depending on what was paid to a customer on trade in and what needed to be done.
When some people see what their cars is worth in trade it may motivate them to sell privately to try and pocket more money.
Selling privately is not for everyone though as you may need to certify your car, advertise it and then take time to present the vehicle to potential customers. Auto analyst Dennis DesRosiers with DesRosiers consulting says the website will give consumers more information to help them with the car buying process.
He says the website also determines future car values which are becoming more crucial. DesRosiers says "The average vehicle bought today is going to be on the road 18 to 20 years from now so the resale value of vehicles is becoming really important to consumers. They want to know what value you get over the longer term not just the capital cost upfront.
So whether you're planning to buy or sell a vehicle or are just curious what your car is worth check out the .
