Take Advantage of Hot Used Car Market

Take Advantage of the Hot Used Car Market

Prices seem to be going up everywhere from grocery stores to the fuel pump.

The same holds true for used cars and truck prices. A recent report showed the average price of pre-owned vehicles has risen almost 17% since this time last year.

Due to the chip shortage for brand new vehicles, consumers are gobbling up used cars faster than ever. Prices for used cars are rising faster than a Maserati on the Autobahn.

Dealers Are Firm On Used Vehicle Prices

You have likely noticed how most car dealership lots are looking a little barren these days. As they wait for new cars and trucks to arrive, things are nuts on the used car side of the lot, too.

Haggling over prices isn’t happening. The price you see online or listed on the windshield is probably the price you can expect to pay.

You should certainly try to get the price down. Just don’t take it personally when you’re told the price is firm.

Here's Where You Have the Power

The good news is that the dealer isn’t in complete control. Your used car is likely worth more than you imagined.

And this is where you can negotiate with the dealer.

Since dealerships are desperate for used cars and trucks, your vehicle may attract a handsome price.

If you don’t get the offer you were hoping to receive from one dealer, call other dealerships to see what they’ll pay you. Let them battle it out. A few phone calls could make you hundreds of dollars. Most dealerships will offer you cash on the spot even if you aren’t trading it in for one of their cars.

Consider Going It Alone to Sell Your Car

Not satisfied with the final offer price? Look into listing your used car privately on one of the popular sites like Craigslist.com and Facebook Marketplace. We often hear stories of people selling their vehicles on their own within a day or two. And for impressive prices.

If you're going it along to sell your car, the easiest way to increase its value is to make it shine. Fix anything that can be done inexpensively.

Once the car is prepped and ready to list online, be sure to take plenty of pictures. Don’t waste your time showing the car to people that are turned off by unwanted surprises. The photos also increase your buyer's confidence that there are no hidden glitches.

Next, list the car at a price comparable to others you see online. Start a bit higher than the average price so you have room to negotiate a price you that will make you happy as the car drives away.

Private sales work well for buyers, too. The car you want is often found at a lower price than a dealer. Keep in mind dealerships are scouring these sites, too. They can swoop in and make a cash sale happen within a few hours of the car appearing online.

Remember This Important Step

Since the price of your next car will likely be steep, save as much money as possible by financing with the credit union. Our 1.49% APR rate is better than most dealerships and financial institutions. That 1.49% APR is for 2018-2021 vehicles and a 36-month term. Our rates are still as low as 2.19% APR for 60 months!

-------

Top Ten Vehicles That Have Appreciated in Value Since 2020

Chevrolet Corvette (33.9%), Mercedes Benz G-Class (33.2%), Dodge Ram 1500 (28.8%), GMC Sierra (28.6%), Mercedes Benz S Class (27.9%), GM Silverado (26.7%), Chevrolet Camaro (26.7), Toyota Tundra (26.0%), Mitsubishi Mirage (25.9%), Land Rover Range Rover (25.1%).