The lingering inventory shortage is keeping used cars in high demand and their prices remain elevated as a result. It’s undoubtedly a challenging time to buy a car — especially for frugal shoppers — but with challenge comes opportunity: A Cars.com survey found that consumers who have a vehicle to sell or trade in will likely get more money than they expected for their old car. In fact, many reported getting thousands of dollars over what they anticipated for their trade-ins in recent weeks.
Cars.com and Accu-Trade data also reveals that some used-vehicle values are rising faster than others. This is especially true for electric vehicles, popular nameplates, vans and sporty cars. Read on to see which used-vehicle values are surging the most and determine if it’s time to sell or trade in.
Dealers, Consumers Report Rising Trade-in Values
According to the survey, 60% of dealers estimate trade-in payouts are up between 11% and 20% compared to two years ago, and more than 1 in 3 dealers report payouts greater than 20%. Consumers are seeing a similar trend: Approximately two-thirds of car owners who traded in their vehicles received a higher offer than expected, about half of the respondents received more than $1,000 above their expected trade-in amount, and 20% reported they received $3,000 or more.