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Market Conditions Prime for Peak Consumer Profit Amid Low Inventory, High Prices. Used Car Sitting in Your Garage Currently Worth on Average 18% More than Last Year
IRVINE, Calif., May 6, 2021 /PRNewswire/ — If you have been considering selling or trading in your car anytime soon, now is the time to get serious. With low vehicle inventory on dealership lots, increased car-shopper demand and resulting high prices, the market conditions are prime for peak consumer profit for people selling their vehicle, according to Kelley Blue Book.
Used-car prices are up 18% year-over-year, meaning that a used car sitting in someone’s garage right now is currently worth on average nearly one-fifth more than it was last year. Given the high-ticket prices of vehicles, that percentage can translate into quite a bit more cash lining a seller’s pockets. To view it another way, vehicles that were retaining 55% of their value a few months ago are fetching 60% to 65% of it now.