Did you get a car with a long mileage?You may want to sell it now

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  • Older vehicles over 100,000 miles can suddenly become more valuable than the owner expected. They are currently selling for much faster and much more money as demand grows.
  • According to consumer sites, trucks have seen the largest year-over-year increase in average transaction price. Edmonds, With Chevrolet Silverado 1500 And Ford F-150 Take the initiative.
  • Owners of any vintage used car need to confirm the current value of their car. Perhaps it’s far more valuable than you think.

    If you have a used car on the driveway, you may be sitting in a pile of cash and not even know it.Global influence Shortage of chips Due to the continued impact of the COVID-19 pandemic, the demand for used cars is increasing as there is a shortage of new cars to buy.

    Consumer website Edmonds Older cars with longer mileage, and generally used cars, say they are “faster and sell for more money than ever before.” As our family recently learned, the same generally applies to used cars. Purchased entry level in September 2017 2017 Mitsubishi Mirage ES Hatchback A new product for $ 9,600, a significant discount from MSRP, which ranged from $ 13,000. Almost four years later, it ran 18,266 miles and sold to CarMax for $ 9,400. This is only $ 200 lower than the original purchase price. The car was later listed for $ 12,998, which is essentially the same as the MSRP.

    Edmonds data show that this was not a fluke. According to analysts, the average transaction price for older long-haul vehicles sold at dealers increased 31% year-on-year for vehicles with odometers between 100,000 and 109,999 miles. The average for June 2020 was $ 12,626, but rose to $ 16,489 last month. This vehicle set was also sold on average 30.5 days in June 2021 compared to 37.7 days in June 2020.

    The list of Edmonds’ top 100,000-mile or more sellers, led by the Chevrolet Silverado 1500, averaged $ 26,914, up 49% year-over-year. The Ford F-150 was followed by a 43% increase with an average price of $ 25,924. , And Ram 1500 rose 42%, with an average trading price of $ 24,657. It was Ford Escape that filled the top ten. Honda Accord, Civic, and CR-V; Jeep Grand Cherokee and Wrangler; and Toyota Camry. The top 10 were all over 6.5 years old, and some were over 8 years old.

    Neil Coppola, General Sales Manager, Oregon Dealer Tonkin Gresham HondaHas been involved in the automobile industry since 2001, Car and driver: “We are adjusting our inventory to meet people’s needs. The SUV five years ago, which used to be $ 20,000, is now $ 28,000. [but] You need to backfill and still own a $ 20,000 car.

    According to Coppola, the company is currently forced to pay “horrible amounts” for auctions and trade-in vehicles. “We saw General Motors full-size SUVs such as the GMC Yukon and Chevrolet Suburban rising $ 3,000 to $ 4,000 in May and June.on Weekly.. “

    He said prices have been somewhat flat since then, but costs are still difficult to predict. “We adjust prices weekly based on market supply.” As a result, customers who wait a week and buy a car come back to see a price increase of over $ 1200, depending on market demand. There is a possibility.

    Coppola hopes to continue to focus on long-haul vehicles until “the market tells us that we don’t need to do that.” When the 2022 model begins to come in little by little, he expects that “there will be no new cars by the end of this month.”

    Edmonds’ Ivan Drury said: “Consumers with old trucks sitting on the driveway Take advantage of this wild marketAnd while used pickup trucks and popular vehicle models are popping out of the dealer’s premises, all types of cars are getting new leases. The lesson of the story may be that you don’t have to own something very desirable or almost new. It is a car that sells better than expected. In our words, see how we achieved by selling that Mitsubishi.

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Did you get a car with a long mileage?You may want to sell it now

Source link Did you get a car with a long mileage?You may want to sell it now

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