“Used car prices rose 21% during the pandemic: How buyers can find a good deal and sellers can take advantage”
July 26, 2021
“Used car prices averaged $25,410 during the second quarter of 2021, up from $20,942 a year ago, according to automotive resource site Edmunds. That’s a 21% jump. Because of the global microchip shortage, manufacturers are unable to produce enough new cars to meet demand. That’s driven consumers to the used-car market, where prices are spiking and many lots are totally sold out.
If you’re in the market for a new or used car, you can expect slim pickings when you get to the lot… The trade-in value of vehicles is increasing, even for cars with a decent amount of miles. A year ago, a car with 100,000 to 109,999 miles would have been valued, on average, at $12,626. This year, the average value is $16,489, according to Edmunds.
Trucks, specifically, are spiking in value. For example, the average Chevy Silverado 1500 sold for $26,914 in June, a 49% jump from a year ago...”
https://grow.acorns.com/used-car-prices-have-skyrocketed-during-the-pandemic/
Listen. Do not sell your used vehicle. There’s no telling how long these shortages will last. Furthermore the longer it last the more valuable your vehicle is. Now is a time to save and stock up. Do not sell your stuff in general unless you have to. I said this before but I still think the economy is going to get really bad.