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Used Car Values Skyrocket Nearly 21% as New Car Inventory is Drying Up

Used Car Values Skyrocket Nearly 21% as New Car Inventory is Drying Up

Used car values are going through the roof as new vehicle inventory starts to dry up. They create a strong demand for everything that includes well-traveled minivans to late-model pickup trucks. Edmunds, the car-shopping website, has said the average value for used vehicles traded in during the month of March hit an all-time high. It has climbed to $17,080, compared with $14,160 a year ago.

Used Car aka Clunker is Looking Pretty Good

The old clunker that sits at the end of your driveway is starting to shine again. This is because the new car production is grinding to a halt during the ongoing computer chip shortage.

Buyers are Turning to the Used Vehicle Market

As the U.S. emerges from the wreckage and collapse brought on by the pandemic, there is a shortfall of new cars on dealer lots and a burgeoning number of buyers turning to the used market. Thus making it possible a great time to sell your old car. That is if you don’t plan on replacing it.

Used Cars: The Golden Age has Arrived

“In fact, for consumers that want to sell their vehicle, and they don’t need another one, I, in fact, think now is really a golden age for that,” said Jessica Caldwell. Caldwell is the executive director of insights at vehicle-shopping website Edmunds.

Used Car Corporate Segment is the Trend Now

Gone are the plaid-jacketed salesmen of the past. As well as the buyer-beware horror stories. There is now the growing corporate used vehicle segment that is playing a significant role in the automobile supply-and-demand model. They are recycling everything from rental and corporate fleet vehicles to the family sedan. That is as owners trade in the old for new. In fact, Last year, more than 38 million used vehicles were sold. That is compared with 14.5 million new cars, Caldwell said.

Now, online platforms and national retailers have supplanted the traditionally used vehicle lots for many consumers, but the more current spike in appreciation of and for used cars reflects the COVID-19, pandemic-fueled disruption of the automotive industry.

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