16-08-2022
If you own a car that you are planning to use in part exchange for another vehicle in the near future, it might be in your benefit to consider selling sooner rather than later.
Used car prices are the highest they have been for some years, brought on mainly by the global chip shortage. New car production came to a halt for some months, meaning that consumers who have a new car on order, are waiting several months for delivery.
Because of this chip shortage, used car prices are at an all-time high. If consumers cannot get hold of a brand-new car, they will look for a quality used car that has few miles on the clock and is in excellent condition.
You might have noticed a lack of used cars on forecourts across the country, especially if you are looking to change your car. One problem dealerships have is that used car prices are so competitive at the moment that dealers only want to purchase cars they know they can sell quickly, to avoid the car ending up in negative equity.
So, when is the best time to sell your used car and what should you consider?
If your car is under 2 years old, it might be considered gold dust, so if you want to free up some of the equity within your car, your local car dealer should be able to give you a fair valuation.
Some dealerships may be offering additional incentives if you trade in your used car now, rather than waiting a few months.
If you have a specifically rare car, you may find it is more sought after and therefore you will receive more for it when you come to part exchanging. If you are unsure how rare your car is, you can check by making a quick search.
If your car isn’t particularly rare or over 2 years old, the condition of your car could make it desirable to used car dealers. If your car has regularly been serviced (to the manufacturers schedule) and the paintwork and interior is well kept (no chips, marks, scrapes or stains), you should expect a good return.
During the pandemic, work from home became the new normal and some businesses have decided to continue this way of working. This means there are less cars on the road as people simply head to their home office instead of battling with rush hour traffic.
If you only used your car to commute to and from work, the option of selling your car might be high on your list of priorities.
You should speak to your local car dealer in order to get an up to date price on your car – this will allow you to decide whether now is the right time to sell, or you want to hang on to your car for a little longer.