Steals and Deals: Pandemic drives used car values through the roof

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LANSING, Mich. (WLNS)– If you’re driving around in your car and thinking of trading up to a brand new model, now is the time.

The used car market is booming! So right now, you should get top dollar for your current ride.

According to edmunds.com, the value of traded-in vehicles during the month of March hit a record high. Used vehicles are getting $3,000 more on average than a year ago.

Experts say this is the result of several covid-related issues. One is inventory shortages.
Many automakers and suppliers didn’t think new vehicle sales would be as strong as they have been so they scaled back production.

But the opposite has actually happened, many people who had used public transportation opted to buy their own vehicle to maintain their personal bubble.

According to Edmunds the cars with the highest resale value right now are trucks, sports cars and SUVs.

If you think it might be the time to sell your car, experts say first check its value, see how much it will appraise for, and then shop it around. Local dealers may even compete to get your vehicle out on their lots.

If you sell it yourself, experts say right now you don’t have to take that first offer especially if it’s below your asking price.

Catch Lauren Thompson with her weekly “Steals and Deals” report every Thursday on “6 News at 5:30.”

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