If you haven’t heard it yet – now is the best time to sell your used car. Yep, right now: whatever time or date you’re reading this. This isn’t just some sales ploy to get you to sell your car. After all, we don’t really benefit from telling you that. This is one of the first cases in history where used cars have increased in value by 30, 40 and 50%. Let’s take a look at why, if you have a car to sell, you should put it on the market now.

The beginnings of a used car boom

Since late 2020, we’ve been experiencing a used car boom. Why? Long story short, the COVID-19 pandemic required the world to use social distancing methods to stop the spread of the virus. This then forced many car factories around the world to shut and there were barely any new cars being produced for a long time. 

Since then, the waiting time on new vehicles has increased tenfold, turning people to the used car market. And once the production of cars resumed, the world experienced a shortage of components, particularly semiconductor chips. You can’t build a car without one. See the problem (or opportunity) here?

Used car prices now

These two facts have driven the prices of used cars through the roof. In many cases, we’re seeing cars that were purchased before the pandemic being sold for more than their original purchase price, even after a year of ownership. Basically, there’s a chance you can actually turn a profit on a car even after you’ve driven it around for the past year or two years. Or, if you’re not turning a profit, you’re certainly going to lose a lot less money when you sell it now than if you had sold it before the used car boom.

The catch

However, there’s a catch. You should consider whether this car needs replacing after selling it, or whether it’s just lying around, not being used. If it needs replacing, it might be difficult to A) buy a new car of any sort or B) buy a used car that hasn’t ridiculously increased in price. Therefore, you should talk to someone who knows their stuff before you head to your local car dealer and think you’re getting the best trade in deal, just because you read this article.

So, who’s that someone who knows their stuff? The team at Fingo. They’re Australia’s leaders in car brokerage and finance, offering smart car advice so that you keep more money in your pocket. Fingo work for you, delivering the best results and using their enormous database of over 2,000 dealerships across Australia to find you your dream car at a dream price.

Fingo Finance