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Thursday, 27 May 2021 16:01

43% of Car Shoppers Plan to Buy This Memorial Day Weekend, But it's an Even Better Time to Sell

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Car shoppers are ready to take advantage of Memorial Day weekend deals---if they can find them, according to recent research from Cars.com.

However, shoppers may have better luck selling their vehicle to a local car dealership. With vehicle inventory levels falling, the demand for used cars is up, giving consumers a prime opportunity to get substantially more for their current vehicle given used-car list prices have increased 14% since January.

 

"Memorial Day weekend is traditionally a very active car-shopping holiday with significant discounts offered across the industry, but the global chip shortage and huge consumer demand continues to impact both new and used dealer inventory," said Kelsey Mays, Cars.com's assistant managing editor. "A few attractive deals still exist this holiday among the more than 2 million cars for sale on Cars.com, but now is a prime time for consumers with a little-used extra vehicle sitting in their garage to cash in, as most dealers are relying on trade-ins to maintain their stock."

 

Despite new-car list prices increasing by more than 5% since January and used-car prices being up 14%, more than half of shoppers (51%) in Cars.com's recent national survey say they are willing to pay more this holiday weekend to find the car they want.

 

"Buyers with a car to trade in may find some relief from its inflated residual value, which can help take the sting out of a higher-priced replacement vehicle," Mays said. "That's especially true if the trade-in is less than four years old, a group with the highest dealer-reported shortages. If shopping for a specific model, consumers should...


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