If you ever asked, “When should I trade-in or sell my car?” Today may be the best time! That’s because although many industries were affected by the pandemic, the value of used cars spiked unexpectedly. Here are some reasons you should consider trading in or selling your car today.
Used Car Values Are High
The automobile industry has been dramatically affected by the COVID-19 pandemic. However, this drove used car sales values up. First, car manufacturers had to stop producing brand-new cars in their factories when the pandemic had spread in the country. This abrupt pause caused the cancellation of microchip and electronic component contracts as well.
In turn, the decreased amount of available electronic car parts affected the number of new cars produced when factories re-opened. The slow rollout of new vehicles onto dealerships nationwide pushed car customers to seek out used cars instead. This trend continues today and will stay the same for quite some time.
Customers Are Looking for Commuting Alternative
The pandemic had caused people to avoid public transportation altogether. Train stations, trams, and buses that used to be filled with people have been deserted for fear of contracting the virus. Because of this, many former commuters opted to purchase used vehicles to get to work and other places.
This also caused a spike in the demand for used cars. And consequentially, this increased the value of used autos nationwide. If you were hesitant about selling your used car before, now would be the best time to do so.
Shortage of Pre-Owned Cars
Another prominent reason to trade-in or sell your car today is the shortage of used vehicles on the market. Many people tend to hold on to their vehicles for as long as possible to save money. This behavior was especially true during the pandemic because people wanted to keep their means of transportation to save money.
However, this practice had effectively increased the value of used cars in the marketplace. Many dealerships and individuals are willing to spend more to attain vehicles in good condition all over the country. If you decide to sell your auto, know that you may get more money from the trade-in or sale.
Should I Trade-In or Sell My Car Today?
While it’s true that car dealerships have limited brand new 2021 vehicles due to the COVID-19 pandemic, there’s still a boost in the used car market. And the good thing is, you can expect a significant value for your vehicle now. If you’re interested to learn more about trading in or selling your car, get in touch with Junge Automotive Group today!