Latest
If you bought a car last year, it could now be worth more than what you would pay for it
[ad_1]
In that case, you probably made an amazing investment because you could now sell your one-year-old car at a profit or at least recoup almost what you paid for it, according to an analysis Edmunds.com did on CNN. Business.
Typically, a chevy dealership that sells a one-year-old used car will get between 80% and 85% of its original price, according to Edmunds.com. But according to the latest figures from the site, car dealers can now sell one-year-old used cars for about 95% of the original price. This is the average. And some used cars and trucks are worth even more than they cost when they were new.
In an extreme case, a According to Edmunds.com analysis, the 2020 Chevrolet Corvette is worth $ 26,000 more than a new car did a year ago. People paid, on average, about $ 81,000 for brand new Corvettes last summer. (It was a little above the price of the sticker). The current retail value of a used Corvette for a year is about $ 107,000, according to Edmunds.com.
Two factors are creating this strange and apparent price differential: low prices for new cars a year ago and high prices for used cars now, Drury said.
Customers of new vehicles were scarce a year ago, as buying vehicles became difficult during coronavirus closures and many people they became insecure about their financial futures. At the time, new vehicle inventories were high and vehicle dealers were willing to negotiate, Drury said. This led to low prices for these cars.
However, don’t expect to get this kind of increase if you sell a car or change it. The values of used vehicles in Edmunds analysis reflect why a used car dealership could sell the car. If you sell the car yourself, directly to a new owner or at a used car dealership, you will usually get a little less than a dealer will get to sell the car. Such transactions are difficult to track reliably broadly, however, Drury said, so Edmunds.com had no price estimates in such situations.
If you change your car at a dealership while buying a new car, you’ll get substantially less (between 5% and 15% less) of its total retail value, according to Edmunds.com.
In most cases, even cars that have earned their full retail value since they were bought a year ago will continue to net a little less of their purchase price in return. Jeep Wranglers, for example, will get about $ 2,300 less than its original purchase price if resold to a car dealership. A Honda Civic, about $ 1,200 less than its original price. These are small amounts, however, compared to the financial success that a buyer of a car would normally have when quoting on a car after one year. Typically, someone who traded in a car after a year could expect to lose 20% to 25% of its value, Drury said.
It is likely that this strange situation will not end soon, Drury said. Even if car companies are able to replenish the supply of computer chips, the level of production will take a long time to cover all the demand.
“I give people a year before they see a dealership many look like what they are used to, ”he said.
.
[ad_2]
Extended Validation Certificates: What They Are, Why You Should Care
Is Delta 10 Legal in Texas?
4 Ultimate Reasons Why You Should Check Out The U.S. Shopping App Temu
Is MP3 Juice Safe to Use?
New York firefighters travel to Mayfield to help with debris cleanup
