If you’ve stepped onto a dealership lot recently, you may have noticed something different. No, your eyes aren’t deceiving you. There are fewer cars available for sale this year, and vehicle inventory is affecting pricing in a huge way. But for those looking to sell their car, now may also be a great time to trade in your vehicle for something new. For anyone on the fence, here are four reasons to see what your car is worth:
- Trade-In Values Are High*
- You’re Working Remotely and Driving Less
- You Want to Minimize the Cost of Ownership
- It’s Just Time to Move On
TRADE-IN VALUES ARE HIGH*
The value of your car fluctuates over time, with factors like depreciation and seasonality playing a huge part. Today, automakers face challenges in producing new vehicles. That’s leading buyers to turn their attention to used and certified pre-owned vehicles. This increased competition means that trade-in values are high, and that trend looks to continue for as long as new cars are in short supply.
Nobody knows for certain when the market will correct its course. At the moment, limited inventory of new vehicles is keeping the price of used cars at a premium. But sooner or later, supply will catch up with demand. If you have an extra vehicle and need the cash, it may be a great time to consider selling it. And if you need a car in the future, you can always buy again when prices normalize. Many dealerships offer programs that allow you to buy a car from your home, ensuring your purchase is delivered safely and conveniently.
YOUR LIFESTYLE HAS CHANGED
The past year has changed the way we work. According to Forbes, 74% of professionals expect remote work to become standard. And as flexible working arrangements become more common, there’s less need to commute and spend time driving to the office. For anyone thinking about becoming a one-car family, there’s never been a better time to make the switch.
There are plenty of other life changes that can change the way your driveway looks. You might be moving to a new city or starting a family, which can affect the number of cars or the type of car you need. Empty nesters may have a spare car that doesn’t get much use and could be looking to downsize. Your financial needs may also have changed, and selling your car today could lead to a bigger payout than during normal times.
YOU WANT TO MINIMIZE THE COST OF OWNERSHIP
There are a lot of costs that come with owning a car. It all starts with the upfront purchase price, which for many people is financed and paid off monthly. If you have a high-interest loan on your vehicle, a higher trade-in value can eliminate monthly costs and sometimes leave you with positive equity. You may also be able to trade in a leased vehicle with similar results.
There are plenty of other costs that add up, no matter how many miles you put on your vehicle. From insurance premiums to state registration, you might be surprised at what it takes just to own a vehicle without factoring in fuel, maintenance and repairs. If you’ve already thought about getting rid of your car, you may be able to save on these annual costs while getting a great sale price.
IT’S JUST TIME TO MOVE ON
Some cars just need constant repairs that can drain your time, energy, and finances. When it comes to resale value, many owners don’t see a return on parts and labor. That’s money you could be spending on a down payment. If your car spends more time in the shop than it should, it might be time to sell and drive something else. And even if your vehicle isn’t highly desirable, there’s a good chance it’s worth more than it was a year ago.
Sometimes, it’s not about the car. It could be you. If you’re tired of your current vehicle and find yourself eyeing a new model, you might feel the itch to upgrade to the latest and greatest. You might also want something completely different, like switching to an electric vehicle. Whatever your reason is, it could be time to just move on.
READY TO TRADE IN OR SELL YOUR VEHICLE?
It’s a sellers’ market for used cars, and information is power. If you’re not sure what your current car is worth, consider utilizing a service like TrueCar or Edmunds. Just enter basic information about your vehicle, answer a few simple questions about your vehicle’s condition and you can quickly get an estimate of your car’s value ― all without leaving the comfort of your own home.
This content was created in partnership with TrueCar.
*Trade-in and used vehicles values are based on data available to TrueCar as of 9/7/2021. Vehicle pricing is subject to change without notice and individual vehicle list price may vary by factors such as location, individual vehicle attributes, and dealer.