I checked KBB for my small car value and it's up almost $3000 over last year. I don't NEED to trade it in, but this is tempting. It might make sense to advance the upgrade a year and do it now.
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Used car prices way up
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You do realize that the price you see on kbb online does not always equate into cash in hand. Depending on the make/model of your car, the trade in value might be considerably less. Likewise trying to sell it privately may not produce results that in line with kbb
I've found they use neither. Insurance companies use NADA mostly, but dealers usually quote a price they claim that is all they can get from reselling the car or some other lame excuse.
Used car sales and prices are up due to several factors including higher gas prices forcing people to buy more economic models, the cash for clunkers program which took a lot of cars out of the used market and the shortage of new cars due to the earthquake/tsunami in Japan.
I've been selling highline vehicles for the last 8 years and yes I can tell you used cars values are through the roof.
The largest portion of pre-owned cars on the market come from off lease vehicles. The average lease in the US is 3 years. 3 years ago the world was coming to an end, sales were down and leases sucked.
A larger than normal number of those who actually did lease are keeping the car rather then turning it in and buying a new one. This creates some of the shortage of used cars. Cash for clunkers took a lot of used cars off that road that didn't need to be creating yet another shortage.
Cars have been on the road longer then normal. That means more wear and tear and higher miles. If you find a really clean, low mile car that you like, buy it and do so quickly.
Its a perfect storm of used car prices. So if you dealer tells you he is paying top dollar for your car right now, its not just a sales schtick.
So many used car shoppers want to play the waiting game and "look around". New cars, while in short supply for some makers, are easy to replace. There is no used car factory to call up and get another used car like the one you let get away because you wanted to "think about it"
The largest portion of pre-owned cars on the market come from off lease vehicles. The average lease in the US is 3 years. 3 years ago the world was coming to an end, sales were down and leases sucked.
A larger than normal number of those who actually did lease are keeping the car rather then turning it in and buying a new one. This creates some of the shortage of used cars. Cash for clunkers took a lot of used cars off that road that didn't need to be creating yet another shortage.
Cars have been on the road longer then normal. That means more wear and tear and higher miles. If you find a really clean, low mile car that you like, buy it and do so quickly.
Its a perfect storm of used car prices. So if you dealer tells you he is paying top dollar for your car right now, its not just a sales schtick.
So many used car shoppers want to play the waiting game and "look around". New cars, while in short supply for some makers, are easy to replace. There is no used car factory to call up and get another used car like the one you let get away because you wanted to "think about it"
Yep another post already explain it and add in people are just keeping their cars longer.
Used car prices going up for me personally does not really matter as I have picked up my dads treat of driving the cars into the ground. When a car is over 10 years old and has a 100k on it. They just are not worth that much money.
No kidding. I was in the market for a used 2009 Civic, but the asking price was the same as a brand new 2011.
I ended up buying new.
Apparently, a Honda Odyssey is in high demand?
We're getting offers to sell ours (04 model) for around $28,000.
....we bought it for ~$15,000 used in 08.
We're getting offers to sell ours (04 model) for around $28,000.
....we bought it for ~$15,000 used in 08.
Yeah, I have an 05 focus wagon with low miles (just passed 50k today) that I've been contemplating trading in for a new vehicle sometime to take advantage of this.
Though I guess you really only benefit if you buy new with the trade in.
Though I guess you really only benefit if you buy new with the trade in.
I visited a few dealers and it appears to be true that good gas mileage cars are way up in value. My Honda has 88,000 miles and I planned on keeping it another year, but waiting may not make economic sense.