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Good news for those who are currently purchasing a used car. Cox Automotive recently reported that non-seasonally adjusted used car prices have fallen 4.8% since September 2022 using data from the Manheim Used Car Value Index.
Seasonally adjusted prices also fell year over year in all categories except pickup trucks, the report said. Sales of vans decreased by 0.6%, SUVs decreased by 3.2%, luxury cars decreased by 6.7%, and midsize vehicles decreased by 5.1%. Small cars had the biggest price decline, down 9.4%.
This is good news for buyers, but not so much for those looking to sell their car and buy a new one. However, some vehicles hold their value better than others.
In particular, prices for used trucks rose by an average of 0.7% in September. Jonathan Smoak, chief economist at Cox Automotive, told MSN.com that he expects used car prices to remain “stable” for the rest of the year.
If you’re looking to sell your used car now, how can you get the most money for it? Experts at Experian Credit Bureau have some tips for you.
Know the value of your car
To find out the current value of your car, use Kelley Blue Book or another guide. Be realistic about the car’s condition, not just obvious factors like mileage, but also how well-maintained it has been and how clean it looks.
If you have maintenance records on your vehicle, this will help show potential buyers that you have properly maintained your vehicle.
personal sales
According to Experian’s blog, in most cases you can get more money by selling your car privately than by trading it in at a dealer.
Shining
Appearance is very important when selling privately. Unlike trading in your car at a dealer, when you sell privately, you want to make sure the buyer likes your car and is willing to pay your asking price.
Spend the time and money detailing your car and add a “new car scent” air freshener for a psychological boost. Shampoo your floor mats and polish your leather upholstery for a fresh, clean, and attractive look.
take the pressure off
While you may be tempted to take advantage of new car dealer incentives now, don’t rush to buy. Instead, take the time to find the best price for a used car first.
If you want a new car that will hold its value, consider a truck. If market trends continue, these vehicles will retain higher values than other types of vehicles over the next five years and beyond.
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