Day: May 8, 2021

‘If you have an extra car to sell, there may never be another time greater than this’

By Weston Blasi

The average cost of a used car or truck has surpassed $20,000, a 10% increase over the past 12 months

The used car market is booming.

The average cost of a used car or truck has surpassed $20,000 (link), a 10% increase over the past 12 months.

The surge may not be slowing down anytime soon due to low supply and high demand (link) issues in the automobile industry. Cox Automotive, which owns Kelley Blue Book and, estimates that demand for used vehicles has doubled since last March.

Rental car companies struggled (link)in 2020 because of the pandemic and as a result Hertz (HTZGQ), Enterprise and others bought fewer new cars — and sold more of their existing fleets. In addition, recent production issues (link) for many automakers, and an influx of federal stimulus checks (link)

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Here’s what to know about trading in your used car

If you have a used car, now may be a good time to pull the trigger on trading up.

The average trade-in value for all used vehicles reached an all-time high of $17,080 in March 2021, according to a report by automotive website

The pandemic wreaked havoc on automobile supply chains, leading to several key shortages that tightened the supply of new vehicles. As a result, consumers are turning to the used market in search of more alternatives and better value.

“If you plan to purchase a new car and trade in your existing vehicle, you’ll be in an excellent position to get top dollar for it,” said Laura Adams, a personal finance expert. “The most desirable cars will be under two years old and in excellent condition.”

But trading in a used car for a newer vehicle isn’t the right move for everyone. Here’s how to

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