The year 2020 brought in a lot of changes for everyone on the planet. But in 2021, as individuals begin to settle back into a sense of normalcy, there are still some changes affecting our everyday lives.
The question of when to sell your car is always a tricky one to answer. But with used vehicle prices at an all-time high, now may be the perfect time to put your car on the market.
Read on to find out why now is the perfect time to sell or trade-in your car. You may find the inspiration you need to drive away in a brand new vehicle.
When to Sell Your Car: 2021 Could be Your Year
After the halting of many industries in 2020, 2021 is seeing those industries bounce back even stronger. The vaccination availability throughout the world is slowly revamping the economy. Individuals are beginning to plan for things like moving, vacations, and changing jobs.
There is no perfect answer to the question of when to sell your car. It is a matter of when you can do it and not affect your transportation.
However, if you have given any thought to a new Jeep, Dodge, Ram, or another vehicle, 2021 may allow you to get the best price on your sale or trade-in. The demand for used cars is not being met by current availability.
In turn, the unmet demand for used vehicles allows sellers to get a premium price for their used cars.
Why Prices Have Surged
Automobile prices are at an all-time high. Because of the coronavirus pandemic, supply chains have been bottlenecked, which affects the production of new vehicles.
During the height of quarantine, individuals were hesitant to purchase new cars with the uncertainty of income. Like most large luxury industries, the car industry became stagnant. No buyers meant no sales.
But now, the new car market is vibrant once more. The sense of normalcy that individuals are beginning to experience has injected a new life into the car industry.
The stronger a new vehicle market is, the harder it is to find used vehicles. The consumers who are not buying new cars are holding on to their old ones. Because there is not an abundance of used cars available, the demand is not being met.
Even car dealers are having a difficult time holding onto their used inventory. A used vehicle that is available one day may not be available the next day. Some consumers are desperate for a new vehicle, whether it’s brand new or a few years old.
Because so many consumers are looking for used cars, those who are selling can expect to see a jump in the value of a used vehicle. Sellers are also in the position to add a few thousand dollars to the price of their vehicles. The desperation of some consumers will drive them to pay above the asking price, just to secure a vehicle.
This vicious circle will not continue forever. Read on to find out what is predicted for the next few years in the car industry.
What to Expect in 2023
The surge in used car prices is not expected to simmer down until at least 2023. Once the coronavirus vaccines are fully rolled out and individuals feel safe and comfortable with entering into normal activities (such as vacations, family celebrations, and more) the economy can be expected to balance out.
The surges that certain industries are experiencing currently, such as cars and houses, will level off at the very least by 2022. It is far more likely that this balance will not be obtained until 2023 and later.
By 2023, experts predict that prices will begin to decrease on big-ticket items. As the demand for used cars begins to drop, so will the price. Naturally, inflation and changes to the marketplace will also affect the price, but the extreme surge that is currently affecting 2021 will very likely be gone.
Why You Should Sell Now
If you have a car to sell, there are a few reasons why you should consider selling it now.
The demand for used vehicles is so high that those selling can make a premium profit. It is possible that your competitively-priced used vehicle will go for two or three thousand more than your asking price if there is strong competition for your vehicle.
On the other hand, dealers are paying higher prices for used vehicles, either for sale or for trade-in. If you are considering a brand new vehicle and want to put your used vehicle towards a new one, now is the time.
Since supply chains are just beginning to work at maximum ability, there is still a shortage of parts needed to build cars. Another reason why 2021 is the perfect time to sell your car is to keep up with the demand for automobiles.
Those desperate for a car to get back and forth to work are prone to paying more than asking price for a vehicle to help solve their transportation problems.
Freedom Dodge Chrysler Jeep Ram by Ed Morse is Your Car Destination
If we have answered the question of when to sell your car, stop by Freedom Dodge Chrysler Jeep Ram by Ed Morse. We have a great selection of new and used vehicles. We stock new and used Jeeps, new and used Dodges, new and used Chryslers, and new and used Rams.
With a selection like this, we can’t be beat! Whether you are looking for the latest tech and a brand new vehicle, or something with a few years of experience under its belt, we are more than happy to assist you.
We also make competitive offers on your used vehicle, some of the best in the area.
Contact us for more information on our selection of vehicles or our trade-in programs. With over seventy years of experience in the automotive industry, you know that you’re getting a good deal with Freedom Dodge Chrysler Jeep Ram.
