A recent survey from Cars.com revealed that both dealers and consumers report getting higher trade-in values for vehicles compared to two years ago. A staggering 99% of dealers reported they are paying higher prices for used cars, with many saying they are paying between 11% and 20% more and over 33% saying they are paying even more than that.
Consumers are reporting the same, with 63% of non-luxury vehicle owners and 59% of luxury vehicle owners saying they got more money than expected for their trade-ins.
Cars.com’s Editor-in-Chief, Jenni Newman, noted, “Eager for quality inventory, dealers are making lucrative offers for popular vehicles maintained in good condition with low mileage.”
“As new vehicles became more elusive, shoppers pivoted to the used-car market, pushing used-car prices up 37% in the first quarter,” Newman added after citing the ongoing market disruptions due to low inventory.
Vehicle acquisition and valuation solutions firm Accu-Trade found that the most valuable used cars right now include those from model years 2018 to 2021. Hybrids and electric vehicles, best-selling models, full-size vans, and sports cars are the most valuable trade-ins. Leading the charts for these segments include the Tesla Model 3, Kia Optima, Ford Transit, and Dodge Challenger, respectively.
Cars.com recommends that consumers “check with their local dealership to find out which vehicles are most valuable in their local market.”
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