Car

‘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 Autotrader.com, 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 Edmunds.com.

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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Students to give refurbished car to family in need at Oxnard event

A dozen high school students will hand over keys to a car they’ve fixed up for a family in need on Saturday in Oxnard.

The moment will cap off a vehicle-heavy day that starts with a car show in Port Hueneme and a cruise through neighborhoods during which — with social distancing still a priority — residents can vote online for their favorite ride.

This year’s annual car giveaway through DRAGG, an after-school youth automotive program started by the Oxnard Police Department, has been updated with pandemic safety in mind. The car show, for example, won’t be open to the public and will be streamed online. The cruise is limited to about 65 participants who preregistered.

But other changes will bring the event closer to people who live in south Oxnard and Port Hueneme. The cruise route, which starts on Surfside Drive near the Port of Hueneme — the main

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Tampa airport strikes car sharing deal, allowing for peer-to-peer rentals

Car sharing just got a little easier at Tampa International Airport.

The Hillsborough County Aviation Authority on Thursday approved updated rules for peer-to-peer car sharing apps and services that connect car owners and renters, like an automotive version of Airbnb. It also approved an official concessions agreement with one such service, Turo, with which it has waged a long legal battle over licenses and fees.

The agreement follows the Florida legislature’s recent passage of a bill setting tax, surcharge and insurance rules for the peer-to-peer car sharing industry, and comes after a more than two-year court battle between the Aviation Authority and Turo.

“This is a major step forward in ensuring Turo and all other peer-to-peer car sharing companies do business here legally and responsibly, which is what we expect from all the businesses that operate out of TPA,” Michael Stephens, the airport’s general counsel, said in an emailed statement.

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