Buying a new vehicle is an important financial decision that impacts the lives of many individuals across Canada. Being able to have access to your own car can make getting to and from work, driving your children to practice – and setting out on a cross country road trip, a whole lot more achievable
With that being said, there are many necessary decisions to make when identifying a new vehicle. What model and make do you like? What size of vehicle is most appropriate? How much can you afford? Where will you go for financing??
Well we can definitely help you with that last question. At Canada Drives, we connect individuals with lenders so you can be on your way to secure a car loan. However, the uniqueness of our services actually extends much further than just helping you with a loan. With many individuals having poor credit scores and weary financial situations – we can help them obtain a loan even if they have bad credit.
If you are currently struggling to obtain financing or worry that you will be denied a bank loan – come straight to us. As a leading auto credit source we can help assess your situation, including what vehicle type you need, how much you can afford – but most of all we can assist you with the loan approval process through our number of lending partnerships.
In addition to getting a loan, you may also be thinking about the trade in value of your car. For many drivers, cars are also viewed as an investment. In the future should you want to trade in your vehicle, knowing you can earn a good price on your trade-in transaction can provide you with an added peace of mind for the future.
So, we definitely recommend that you add trade-in value to that list of questions you consider, as you narrow down the type of vehicle you want to buy. With that being said, to help you out with these efforts, here is a list of the top 5 vehicles (according to the Canadian Black Book Awards) that were found to have the highest trade in value this year.
Top 5 Cars with the Highest Trade in Value (according to vehicle size):
1. Sub-compact car: The Honda Fit
The Honda Fit has remained one of the top cars in its category in terms of trade in value within the last few years. As far as small cars go, it is at the high end of the fuel-efficiency spectrum for its size. Also making it a leading car this year is the durability and reliability that is offers among its competitors. Additionally, for its smaller compact size what also places it above many of the other similar models, is the despite its exterior dimensions, it is also fairly roomy on the inside. Overall, for many reasons the Honda Fit retains its value, keeping it in the top of its field.
2. Compact car: The Toyota Prius
Also according to the Canadian Black Book’s highest valued trade in vehicles is the hybrid compact car, the Toyota Prius. On top of being the only hybrid to be included in this list, the Prius not only offers an eco-conscious power source, it has also become a prominent choice for a variety of driver’s, including being a family-friendly mode of transportation. As the Prius becomes a more common-place vehicle option among Canadian drivers, it has become a more in demand option – also fetching a higher trade in value.
3. Mid-size car: The Subaru Outback
Moving up one vehicle size, we have the Subaru Outback. Also being voted one of the top cars with a high vehicle trade in value for consecutive years, the Outback has a variety of features that appeal to many Canadian motorists. On the top of this list includes a comfortable interior, and also its high traction and all-wheel drive components making it a continually popular vehicle with a longstanding higher trade-in value.
4. Sports Utility Vehicle: The Toyota 4Runner
In the SUV category, the Toyota 4Runner has a rich history as the first compact SUV before this was a designated vehicle category. The 4Runner has evolved into a larger SUV over the years – however it still remains a Toyota vehicle staple, with a focus on family and off-roading capabilities. On top of that, it has the Toyota name behind it which also has a long-standing reputation for quality and reliable vehicle components, not to mention style thrown in for good measure. While not previous at the very top of the highest trade-in value list in previous years – this year the 4Runner is front and center in its category.
5. Minivan: The Honda Odyssey
Last but not least, in regards to the minivan category, the leading vehicle deserving of high trade in value recognition is the Honda Odyssey. The Odyssey has taken first prize in this category for the previous years, making a strong case for the longevity and practically of minivans as a favourable vehicle option. Additionally, this minivan was the first in its class for initiating a third row of seats to accommodate a higher number of passengers, as well as the necessary storage for a variety of family and personal lifestyle needs. As the Odyssey remains an important vehicle in the lives of many people – its resale value remains high and another in-demand vehicle choice for many drivers across the country.
As many people in the car world will suggest, depreciation is one of the leading expenses associated with vehicle ownership and as a result this is a highly important factor to consider when buying a new car.
As you search for that new vehicle – look at the trade in value as this can influence the entirety of your car ownership experience. When you are ready – Canada Drives is here to help you with your financing needs, as we also look at the whole picture as it relates to owning your own car – while also making affordability a top priority.