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OMVIC Blog: Car Buying Tips

Breaking Up Is Hard to Do…Or Not

Feb 14

Written by: OMVIC Communications
Friday, February 14, 2020  RssIcon

breakingup

Red roses, chocolate hearts, intimate dinners—it’s the clichéd, yet still wonderfully sentimental view of Valentine’s Day. But not all lovers are so lucky; in fact Valentine’s Day break ups have become de rigueur, ranking just behind spring break splits and the period “two weeks before” Christmas. WikiHow even has an eight step guide on “How to Break up With Someone on Valentine’s Day.

It happens; not all relationships are built to last. Our love wanes. We grow bored. New models tempt us with exciting features, better handling, firmer suspensions; it’s irresistible. Yes, there’s nothing quite like the stimulating, even obsessive, love affair…with a new car. But how do you “break up” with your old ride? There’s generally three ways to go about it:

  • Sell privately
  • Trade in
  • Sell on consignment

Selling privately may get you the most money for your vehicle but there are challenges to overcome: posting advertisements (online marketplaces like AutoTRADER, Kijiji and Craigslist provide free ad space to private sellers), responding to calls, texts and emails, waiting for buyers who make an appointment but don’t show, meeting strangers to demonstrate the vehicle (it’s a good idea to have someone with you when meeting potential purchasers), obtaining a Used Vehicle Information Package (Ontario law requires private sellers to provide one to the buyer), arranging secure payment (will it be cash, bank draft, EMT?), ensuring the buyer transfers the ownership from your name; the process isn’t for the faint of heart.

Trading a vehicle in means you’ll likely get less for it as the dealer will only pay the wholesale value; but there are also some upsides. It’s easy, fast, secure and there are tax advantages as you’ll only have to pay HST on the cash difference. In other words, if you’re buying a $25,000 vehicle and the dealer gives you $10,000 for your trade-in, you only pay HST on the $15,000 difference—a savings of $1,300. It’s worth noting that the dealer will ask you to sign a trade-in disclosure document outlining important information about the history and condition of your trade (e.g. previous accidents). They are required to do this by law as they must make disclosures to anyone they then sell the vehicle to.

Consignment may not be that common, but some dealers do offer the service. They will put your vehicle on their lot and sell it—for a fee; most often a percentage of the sale. The dealer is required to have a written agreement with the consignor outlining the expected selling price, the minimum selling price and the fee they will charge. Dealers are also required to hold all funds received on a consignment sale in a trust account.

So while there may be 50 ways to leave your lover, ending a relationship with your car has fewer options…but think of the options you can order on that new beauty. Oh the car-buyer’s heart is a fickle thing.

 

About OMVIC

As the regulator of motor vehicle sales in Ontario, OMVIC’s mandate is to maintain a fair and informed marketplace by protecting the rights of consumers, enhancing industry professionalism and ensuring fair, honest and open competition for registered motor vehicle dealers. Visit omvic.ca to learn more about your car-buying rights as well as additional tips for buying a car in Ontario. For car buying tips, check out the OMVIC Academy. You can view other resources such as multilingual videos and download the OMVIC Car-buying Guide.


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