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Thursday, 01 July 2021 19:20

Used Vehicle Prices Expected to Climb to Record Highs as New Vehicle Prices Stay Steady in Q2: Edmunds

Index

...command much less than their truck counterparts. Other shoppers are forced to sit out of the market until what they want comes back in stock."

 

Edmunds analysts note the car shoppers who are still making purchases in the current market likely represent a more affluent portion of the population.

 

"This is not a buying environment for people on the fringe of being able to afford new car ownership," said Caldwell. "Average loan terms are already quite long and interest rates are relatively low on average, so the consumer really has to make up the difference in price."

 

Edmunds experts advise consumers who are considering making a purchase over the Fourth of July weekend or later this summer to make a concerted effort to shop around their trade-in, which can be done for free on sites such as Edmunds. According to Edmunds data, the average trade-in value for used vehicles climbed to $21,224 in June, marking a 75.6% increase compared to June 2020.

 

"In these unique market conditions, car shoppers must remember that they have the most negotiating power through their current vehicle," said Ivan Drury, Edmunds' senior manager of insights. "Although it's important to do your research on available incentives, getting competitive quotes for your trade-in will be the smartest way to guarantee the biggest discount on your next vehicle."

 

Source: Edmunds

 

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