Buying a used car can be a great way to save money on your next ride. But whether it's your first vehicle or you're upgrading your current car, there's a lot to consider before handing over your hard-earned cash.
You've probably got a few things on your wishlist already: make, model, mileage, condition and, of course, price. But there's another important factor that isn't always obvious at first glance.
Every used car comes with a history, and that history can have a big impact on what it's actually worth. A test drive and visual inspection can tell you plenty about its current condition, but they won't necessarily reveal everything it's experienced over the years.
That's why checking a CARFAX Canada Vehicle History Report is an important step when shopping for a used vehicle.
A CARFAX report can help you learn more before parting with your money. Courtesy of Getty Images
Think about it. Two cars of the same make, model and year could be sitting side by side at a dealership, with similar mileage and equally shiny paint jobs. But one might have been meticulously maintained, while the other has been involved in accidents, had twice as many owners or undergone significant repairs.
There are also less obvious things to consider, like inconsistencies in odometer readings, outstanding liens or signs of VIN fraud.
Not every seller will know a car's full history, and some might prefer you didn't find out. But that doesn't mean there aren't records worth checking.
A CARFAX Canada Vehicle History Report brings together available information about previous owners, damage, maintenance and more, helping buyers spot potential concerns that might otherwise go unnoticed.
Included at no additional cost with the purchase of a Vehicle History Report is a History-Based Value Report, which uses those records and other vehicle-specific factors to provide an estimated value.
Unlike traditional valuation methods that rely on factors like age and mileage, this approach accounts for a car's individual history, helping buyers understand whether the asking price reflects what they're getting.
In other words, the cheaper car isn't necessarily the better deal, and a higher price isn't always unjustified.
A car's individual history can have a big impact on its value.Courtesy of Getty Images
One of the biggest advantages of having these details is that they give you something concrete to discuss with your dealership.
If the report shows previous damage, you might ask what happened and how it was repaired. If there are gaps in the maintenance records, you can ask whether additional documentation is available.
And if the asking price seems high, you can ask how the vehicle's condition and previous ownership have been factored into it.
After all, the goal isn't to find a used car with a perfect record. It's to understand what you're getting and whether the price makes sense.
With the History-Based Value Report included in a CARFAX Canada Vehicle History Report, you'll be better equipped to ask the right questions and make a confident decision.