18021 Sky Park Circle # J2. Irvine, CA 92614
18021 Sky Park Circle # J2. Irvine, CA 92614

Used Vehicles are Getting Cheaper, But It's Still a Good Time to Sell Your Car

Used Vehicles are Getting Cheaper, But It’s Still a Good Time to Sell Your Car

Ever since the onset of the Covid-19 pandemic, Americans have experienced inflation prices on virtually all consumer goods and services. And it's not just a homegrown phenomenon, either.

Inflation has been a major economic concern across the world.

One consumer category where price hikes have been especially pronounced? Used cars. Thanks to semiconductor shortages, halting the production of new vehicles, used cars have seen a spike in demand. This surge of demand has pushed used car prices on par with, or in some cases even ahead of, new car prices.

Thankfully, this trend seems to be subsiding. Just as surely as we're seeing a decrease in Zoom calls and empty concert halls, we're now seeing fewer and fewer sky-high prices at used car dealerships. In fact, data shows that used car prices came down by four percent in August 2022 alone and have declined by more than 11 percent since this time last year.

Obviously, this is a boon for consumers who are in the market to buy. But for those who were hoping to sell a car, the situation is a little more complicated. After all, it's been a car seller's market for many months now, and some aspiring sellers may now fear that they've waited too long.

Is this the case? Or are conditions still right to sell your car for an exceptional price?

Why Now's Still the Time to Sell Your Car

The short answer: Even with used car prices drifting back toward their pre-pandemic normal, there are a number of used makes and models that continue to sell for way above their MSRP.

In fact, there are some cars that sell for up to $6,000 more for a used 2021 model than they would for their new, 2022 equivalent.

Out of America's 10 best-selling cars, seven of them currently cost more when you buy them lightly used than when you buy them brand new. Some examples include:

-  The Toyota RAV4, which is currently the best selling SUV in the country (used prices are almost $6,000 more than new).

- The Honda Civic ($5,300 more for used).

- The Honda CR-V ($3,800 more for used).

- The Toyota Camry ($3,200 more for used).

- The Nissan Rogue ($3,100 more for used).

- The Toyota Highlander ($2,100 more for used).

- The Ford F-150, a beloved pickup (about $100 more for used).

It should also be noted that a number of electric vehicles, including the Tesla 3, continue to sell for inflated prices on the secondary market. This is likely a reflection of ongoing concerns about fuel prices, even though gas has actually gotten much more affordable in most parts of the country.

The bottom line? While new cars are starting to become more easily available, there's still a backlog, and plenty of pent-up demand. What this means is that plenty of customers are willing to shell out a few extra bucks for their favorite model, even if that means getting a car that already has a few miles on it.

What this means for sellers: There's plenty of evidence to suggest that used cars will hold their value, at least for now. Even if the market isn't quite as seller friendly as it was a few months ago, now is still an excellent time to sell a car and get top dollar, especially if you happen to have an EV or one of these other popular models.

But a word of caution is also in order: Time may be running out for sellers, especially as 2023 models loom and threaten to flood the market with more options.

Sell Your Car to BestBid

To sell your car for maximum profit, we recommend acting sooner rather than later. And if you're looking for an easy, hassle-free way to sell a car online, consider BestBid. Reach out to us today to get an offer for your car.

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