WHEN IS THE BEST TIME TO SELL YOUR CAR?
With the shortage of new cars and trucks, the value of your preowned car or truck will be through the roof!
I’ve been buying used cars for Kempton Chevrolet Buick in Arizona for well over 20 years. I’ve been in auction lanes watching cars go for unbelievably low prices. I’ve watched new cars sell and lose half the value in a matter of months. I’ve seen used cars depreciate over 20% in a month’s time. As a Car Dealer, we are trained to get rid of a used car after 60 days. No one, they say, should hold onto a depreciating asset or in other words a preowned car or truck. I’ve heard speakers call used car guys the dumbest people on earth because they buy cars and trucks that will not hold value.
I’ve been buying used cars for Kempton Chevrolet Buick in Arizona for well over 20 years. I’ve been in auction lanes watching cars go for unbelievably low prices. I’ve watched new cars sell and lose half the value in a matter of months. I’ve seen used cars depreciate over 20% in a month’s time. As a Car Dealer, we are trained to get rid of a used car after 60 days. No one, they say, should hold onto a depreciating asset or in other words a preowned car or truck. I’ve heard speakers call used car guys the dumbest people on earth because they buy cars and trucks that will not hold value.
Currently, low mileage cars and trucks sell for up to $7000 more!
The currently used car environment is unprecedented. New car manufacturers are experiencing computer chip shortages and can’t meet current demand. This shortage of new cars and trucks dramatically increases the value of used cars and trucks like never before. As I try to fill my used inventory, I watch auctions daily and bid on preowned vehicles 100 times a day. Currently, low mileage cars and trucks sell for up to $7000 more than what they cost Kempton Chevrolet Buick brand spanking new. I take my old inventory to auctions, and it sells for more than I was asking for it when it was on my lot new. Customers who bought cars from me in the past are getting more for their trade than they paid a year ago. They’re making big bucks on their trade in. This means they drove, in many cases, for over a year for free and actually made money upon selling or trading their vehicle to Kempton’s.
I had a friend the other day who traded his truck. When he bought it, he was $10,000 upside down or owed $10000 more than his truck was worth. When he sold it 10 months later, he got what he owed. He was no longer in the hole on his trade. Crazy stuff. Weird voodoo going on with cars and trucks. The used car gods are rewarding us. Cash in.
I had a friend the other day who traded his truck. When he bought it, he was $10,000 upside down or owed $10000 more than his truck was worth. When he sold it 10 months later, he got what he owed. He was no longer in the hole on his trade. Crazy stuff. Weird voodoo going on with cars and trucks. The used car gods are rewarding us. Cash in.
