This article will take the three largest used car markets in Ontario, Canada - namely the city of Hamilton, Toronto and Canada's capital city Ottawa, to investigate which market has the best value when shopping online.
The first step was to figure out what were the most popular used cars being sold today. Using information gathered from Domesticsale.com, which lists the average classified prices of the top 14 most popular used cars, 5 different models and years were chosen at random. The 5 used cars to compare are as follows:
#1 2007 Toyota Camry
#2 2008 Honda Civic
#3 2006 Nissan Maxima
#4 2005 Honda Accord
#5 2006 Chevrolet Impala
For comparison on the first three results were chosen form a popular used car classifieds website. The lists were sorted by price from lowest to highest.
#1 2007 Toyota Camry
The average asking price for a used 2007 Toyota Camry is $16,355 and if you guessed that Toronto would have the lowest asking price then you were correct. Toronto came up with 150 results and an average asking price of $11,927. Next was Hamilton at $12,516 and then Ottawa with an average asking price of $13,377 and a total of 20 results.
#2 2008 Honda Civic
The average asking price for the 2008 Honda civic is $16,206 and once again Toronto leads the pack with an average of $11,165 and a whopping 88 results. Hamilton and Ottawa bring up 2nd and 3rd place at $12,615 and $14,048 respectively.
#3 2006 Nissan Maxima
Domesticsale.com has the average asking price of the 2008 Nissan Maxima at $16,884. Ottawa has the highest asking price of the three markets at $14,771 with only 10 results. Hamilton comes in at the next lowest asking price at $12,994 and 26 results, while not surprisingly Toronto once again had the lowest average asking price at $10,591 with a total of 91 different results.
#4 2005 Honda Accord
The average asking price for the 2005 Honda Accord is $13,219. Again there were some surprising results with the highest asking price, for Toronto it was $8,863, while Ottawa was $10,100 and Hamilton came in at the highest at $11,163. Toronto also had the most results for the vehicle with 36 different ads.
#5 2006 Chevrolet Impala
Domesticsale.com listed the average asking price of a used 2006 Chevrolet Impala at $11,971. Surprisingly all three markets were well below the average asking price. Hamilton came in with an average price of $7,798 with a total of 13 results. Ottawa was next in line with an average asking price of $7,531 and 15 results. Toronto had the lowest average asking price with the most results, $5,950 and 20.
The data above shows that of the three largest markets in Ontario the best place to buy a used car is in the Greater Toronto Area. This data can be pretty much used as an example for any market, regardless of the province or state that you reside. Most likely the largest city will have the most results when searching for a particular model. Because there are so many to choose from this in turn will lower the average asking price when compared to other markets nearby and the national average.