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Thursday, 06 May 2021 11:22

Now is the Perfect Time to Sell or Trade Your Car: Kelley Blue Book

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If you have been considering selling or trading in your car anytime soon, now is the time to get serious.

With low vehicle inventory on dealership lots, increased car-shopper demand and resulting high prices, the market conditions are prime for peak consumer profit for people selling their vehicle, according to Kelley Blue Book.

 

Used-car prices are up 18% year-over-year, meaning a used car sitting in someone's garage right now is currently worth on average nearly one-fifth more than it was last year. Given the high-ticket prices of vehicles, that percentage can translate into quite a bit more cash lining a seller's pockets.

 

To view it another way, vehicles that were retaining 55% of their value a few months ago are fetching 60% to 65% of it now.

 

The biggest factor contributing to the current market conditions is limited supply of used cars. According to data from vAuto, there are approximately 2.34 million used cars available in America today. That's more than 530,000 fewer than just one year ago in 2020, and about 430,000 less than during the same period in a more normal 2019.

 

These circumstances point to a huge opportunity for people thinking about selling or trading in their current vehicle.

 

"There has never been a much better time to sell or trade in your car than right now during this strong seller's market," said Matt DeLorenzo, senior managing editor for Kelley Blue Book. "Dealerships are seeking more used-car inventory, and prices are reaching sky high. If you're in a position to sell, it's a great time to command top dollar for your old car. And if you're trading in your vehicle to purchase a new one, the increased value of your used car will help take some of the sting out of the higher price you're likely to pay when purchasing a car in these market conditions."

 

Consumers who want to buy a car right now are facing some tough times. Prices are high, supply is low and...


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