Now is a great time to sell your old car. Used car sales are soaring
May 3, 2021. Summarized by summa-bot.
Compression ratio: 20.8%. 1 min read.
EL CERRITO, CALIFORNIA - MARCH 15: Used cars sit on the sales lot at Autometrics Quality Used Cars on March 15, 2021 in El Cerrito, California. Used car prices have surged 17 percent during the pandemic and economists are monitoring the market as a possible indicator of future increased inflation in the economy overall. (Photo by Justin Sullivan/Getty Images)
If you've got a car you don't use very much, congratulations. You've got gold in your garage.
Lightly used vehicles -- those that are a couple of years old with low mileage -- are now selling for 75% to 80% of their original sticker price, said Ivan Drury, an auto industry analyst with Edmunds. com.
Keep in mind that you probably won't get 70% of the vehicle's original price from a dealer, said Drury.
Just like their customers, car dealers have different needs and wants depending on where they are and the types of customers they serve, so it's good to check with individual dealers in your area, said Matt Jones, director of industry education at TrueCar. For example, a Ford dealer in the Midwest or South will likely be seeing a bigger demand for trucks.
When you take your vehicle for an in-person appraisal at a car dealer, you'll want to make sure it looks well taken care of.
Even if you're not seriously thinking of selling your car right now, said Drury, it's a good idea to go online regularly and stay abreast of, generally, what your car is worth.
Car prices aren't expected to return to normal very soon, he said.