Here’s Why You Should Sell Your Used Car Right Now

We looked and asked around, and no, this has never happened before – at least to this extent. Used cars are a hot commodity, and they are selling for dollar amounts that no one could have predicted when purchasing them. You’ve heard the naysayers tell you to never buy a new car. “They lose half their value the second you drive them off the lot!” Who’s wrong now!?

Ok, to be fair, this is a once-in-a-lifetime situation that we may never see again, or it could stick around for a while, that’s yet to be determined. What we can tell you with confidence is that if you own a used car, and you don’t need it, of course, it’s time to sell it in and get your money back, and then some.

As we discussed in a recent article, used truck prices have soared because of the pandemic, which has been caused by a massive chip shortage and affected the entire auto industry. However, the trend isn’t isolated to just trucks as cars are soaring in value as well, but we wanted to take a look at some examples we dug up.

One price comparison we found after scouring the web was between a 2021 Toyota Tundra Limited and a 2019 Toyota Tundra Limited. The brand new Tundra with no miles is selling for $52,142, while a 2019, same trim level, with 66,819 miles, is selling for $53,990. What this means is you can drive the hell out of the truck, sell it, recoup your initial investment, and still net a $1,848 profit. Hey, that’s a lot cheaper than a rental car right now.

Here’s another example. A 2021 Ford F-150 XL with no miles is selling for $39,710, while a 2019 Ford F-150 XL with 16,868 miles is going for $39,999. Some people put value on that new car smell, but it isn’t worth that much. With that said, it’s astonishing to see, and we found some graphs to visualize the data we’ve dissected.

A graph from CarGurus shows the trajectory of all used car prices trending upward over the past several months. The average price of an SUV is $33,135, up 6.59 percent over the last 30 days, and the average price of a convertible is $36,593, up 3.65 percent. As of now, used pickup trucks have increased in value the most. The average price is $34,564, up 7.62 percent in the last month, according to the most current values.

Specific car manufacturers are also enjoying better than average appreciation prices. For example, used Chevrolet’s are up 8.36 percent, Dodge is up 8.32 percent, Ford is up 8.98 percent, GMC is up 8.30 percent, Pontiac is up 8.86 percent, and Toyota is up 7.26 percent in the past 30 days.

The average used car is 30 percent more expensive than it was a year ago. While some of this is attributed to the chip shortage, it also has a lot to do with people returning back to their offices and avoiding public transportation because they’re still fearful after what we’ve endured in the past year plus.

According to Edmunds, the average value for used vehicles traded in the month of March hit an all-time high of $17,080, up significantly from $14,160 just a year ago. While some may be feeling the pinch, others are cashing in on this rare opportunity.

Right now, we’re witnessing a sellers market, and if you have a car that you’ve been waiting to sell, now is the time. Don’t wait any longer because who knows how long this will last, or if this phenomenon will happen again.

Are there any other examples you’ve seen where a used and high-mileage car is priced higher than a new model without any miles?