Consumers considering selling or trading in their vehicle in the near future might want to…
Consumers considering selling or trading in their vehicle in the near future might want to pull the trigger now, according to the car shopping experts at Edmunds.
As a follow-up to recent research released by Edmunds about used vehicle retail prices rising during the coronavirus pandemic, Edmunds analysts say that used vehicle trade-in values are also increasing dramatically.
Edmunds data reveals that the average value for all vehicles traded in during the month of July climbed to $14,066 compared to $12,083 in June, marking a 16.4% increase that is just shy of $2,000.
The company’s analysts note that limited new vehicle inventory and a surge in demand for used vehicles are driving values up: Edmunds data reveals that the average days to turn (DTT) for used vehicles dropped to 38.3 days in July compared to 44.1 days in June.
This 13.1% decrease is the steepest month-over-month drop that Edmunds has on record.
To help car shoppers who are looking to take advantage of this seller’s market, Edmunds experts created an insider guide on how to appraise and sell your vehicle safely during the pandemic:
Do your research and know how much your vehicle is worth. Whether you’re planning on selling to a private party or trading in your vehicle as part of your next purchase, you’ll first need to find out what the car is worth.
The good news is you can quickly appraise your vehicle on third-party sites including Edmunds. It is important to accurately take into account all the car’s options and be honest about the condition. On the results page, you’ll want to focus on the trade-in value number. This is roughly what you can expect a dealership to offer you.
Get an offer for your vehicle. Call the used-car manager at your local dealership to set up an appointment for an appraisal on your vehicle and ask about social distancing measures and other precautions that will be taken to ensure your safety.
Or more conveniently, you can get an instant cash offer for your vehicle from a site such as Edmunds.
No personal information is required: All you need to do is enter the details on your vehicle and you’ll get an instant redeemable offer good for seven days. You can use this offer as a baseline for your asking price. Or if you’re comfortable with the offer, you can accept it.
Negotiate or close the deal. Once you have firm offers, you have a couple of options. You can either accept one of the offers or negotiate for a better price at the dealership (offers on Edmunds aren’t negotiable).
If you’re comfortable with the offer on Edmunds and would like to expedite the selling process, consider selling through the site. But if you are upside down on your car and need to fold the loan balance into your next car’s financing, the dealership is probably the best place to do so.
For more automotive research and insights, visit the Edmunds Industry Center here: https://www.edmunds.com/industry/insights/.