There will never be a better time to sell a used car than right now.
That’s what auto experts are saying, as microchip shortages and supply chain issues continue into 2022.
According to iSeeCars.com, the average cost of a used car at the end of 2021 was $28,000. That is 28% higher than that same a year before and 42% higher than the end of 2019.
“There is no better time to sell your vehicle today. It will never be worth more,” said Peter Leto, CEO Of Foundation Direct, a firm that helps auto dealerships with digital advertising.
Leto said if you are looking to sell, shop around and be knowledgeable about your vehicle’s worth first.
“There’s a lot of third-party reputable tools. Through Kelley Blue book or Carvana offers a tool. I think alot of people for ease get those quotes that those sites tell them. But again, I think if you’re really looking to get the best top-dollar, it’s important to talk to the local dealerships to see what they can provide.”
Leto said in many cases, dealerships’ backs are up against the wall.
“Dealerships are used to having much more inventory on the lots than they do today and they’re willing to secure that inventory at higher costs than I’m seeing third-parties are quoting online,” he said.
While selling a car on the private market is always an option, Leto does recommend seeing what you can get from a dealership first and use the market to your advantage if you are looking to trade in a car for a new one.
“When you say is there room for bargaining, I would argue that if you had a vehicle that you’re trying to trade in, the answer is yes. In fact, you might get the best bargain or deal in your life,” according to Leto.
In some cases a used car can be worth more than that new car. According to iSeeCars.com,15 car prices that fall into that category. The top tree models that have more value used than new are the Mercedes-Benz G-Class, Chevrolet Corvette, and Tesla Model 3.
The next three are more popular brands that are probably in more driveways right now. The Ford Bronco Sport, Chevrolet Trailblazer and Toyota Rav4 Hybrid are all worth almost 15% more used than new.
Leto that’s not deterring dealerships from paying those prices. “They know they’re going to pay more, and they still want to fulfill this need.”