Purchasing a used SUV can be a smart investment, offering the space, safety, and utility of a new SUV at a significantly lower cost. However, determining what qualifies as a “good price” can be challenging, especially with so many variables such as make, model, year, condition, mileage, and location. So, how do you know if you’re getting a good deal on a used SUV? In this guide, we’ll break down the key factors that influence SUV pricing and provide practical tips to help you make a confident, well-informed purchase.
Factors That Affect the Price of a Used SUV
- Make and Model Some SUV brands hold their value better than others. For example, Toyota, Honda, and Subaru tend to have higher resale values due to their reputation for reliability and performance. Luxury brands like BMW, Mercedes-Benz, and Audi often depreciate faster but may offer better features and performance for the price.
- Model Year Typically, vehicles lose about 15-20% of their value each year. A three- to five-year-old SUV often strikes the best balance between modern features and affordability. For example, a 2020 SUV could be priced significantly lower than the 2024 version while still offering similar technology and safety features.
- Mileage Mileage is a strong indicator of a vehicle’s wear and tear. On average, cars accumulate about 20,000 to 25,000 kilometers per year in Canada. A lower-mileage SUV (under 100,000 km) is generally more desirable and will command a higher price than one with over 150,000 km.
Average Price Range for Used SUVs
So, what is a reasonable price range for a used SUV? Here’s a general breakdown:
- Compact SUVs (e.g., Honda CR-V, Toyota RAV4): $20,000 – $30,000 for models from 2020-2022
- Midsize SUVs (e.g., Ford Edge, Hyundai Santa Fe): $25,000 – $35,000
- Full-size SUVs (e.g., Chevrolet Tahoe, Ford Expedition): $30,000 – $45,000
- Luxury SUVs (e.g., BMW X5, Audi Q7): $35,000 – $60,000
Prices can vary based on condition, trim level, and regional demand, so it’s important to do local research and compare listings.
Before you dive into dealership visits, take a moment to browse our Vehicle Inventory to view competitively priced used SUVs across a wide selection of makes and models.
How to Know If You’re Getting a Good Deal
- Use Online Pricing Tools Websites like Kelley Blue Book (KBB), Canadian Black Book, and AutoTrader can provide estimates of a vehicle’s market value. Simply enter the SUV’s details and location to get a fair price range.
- Compare Multiple Listings Don’t settle for the first SUV you find. Compare prices for the same make and model across different dealerships. Look at mileage, condition, and included features like AWD, sunroof, or infotainment systems.
- Check Vehicle History Reports Always request a CARFAX or CarProof report to ensure the SUV has not been in major accidents, floods, or had odometer rollbacks. Clean history reports typically increase a vehicle’s value.
- Inspect and Test Drive Never buy a used SUV without a proper inspection and test drive. Pay attention to the brakes, suspension, engine sounds, and electronics. A professional inspection can reveal issues not visible to the untrained eye.
Want to see a vehicle in person? Book a test drive today to experience your preferred SUV before making a decision.
Financing Considerations for a Used SUV
Getting a good price also means finding the right financing terms. Some dealerships offer high-interest loans that increase the total cost of ownership. Here’s how to avoid that:
- Shop around for the best interest rates
- Improve your credit score before applying
- Choose shorter loan terms to pay less interest overall
If you’re ready to begin the financing process, you can apply for car financing online in just a few minutes. It’s fast, secure, and designed to help you find the best deal.
To better understand how financing affects your SUV purchase, read our guide on Used Car with Low Interest Rates. It includes tips on securing favorable terms even with less-than-perfect credit.
Tips to Get the Best Deal on a Used SUV
- Shop During Off-Peak Times Dealerships are more likely to offer discounts at the end of the month or during the winter when sales are slower.
- Negotiate Smartly Don’t be afraid to negotiate. Use your research and any minor defects you find as leverage to lower the price.
- Consider Certified Pre-Owned (CPO) CPO SUVs are usually more expensive than regular used vehicles, but they come with warranties and have been thoroughly inspected, offering peace of mind.
- Factor in Total Ownership Costs Consider insurance, maintenance, fuel economy, and potential repair costs. Sometimes a slightly higher upfront cost results in long-term savings.
Final Thoughts
A good price for a used SUV isn’t just about the sticker price—it’s about the value you receive for your money. By understanding the key factors that influence pricing and doing your due diligence, you can confidently choose a used SUV that fits your budget and lifestyle. Remember to review listings carefully, test drive vehicles, check vehicle history reports, and secure favorable financing to make the best possible decision.
Start your SUV buying journey today with Car Loan Masters. Browse our inventory, schedule a test drive, or apply for financing to get behind the wheel of a quality used SUV at a price that works for you.