It’s a great time to sell your used car, even if it has over 100,000 miles on the odometer. It’s currently a “seller’s market,” thanks to the global chip shortage, which caused used car values to surge. Fortunately, anyone that has an older car with high mileage that’s collecting dust in their driveway can sell it for more than ever before.
“Beaters are commanding hefty sums these days”
When it comes to the used car market, it’s fairly common knowledge that used cars are cheaper than new ones, and the older and more used the car, the cheaper it is. However, that’s no longer the case. Edmunds reported that the average pre-owned vehicle with over 100,000 miles on the odometer increased in value by over 31% year over year; from $12,626 to $16,489.
Forbes reports that the global chip shortage and lack of supply have caused consumers to search for a car in the used car market, even the ones with higher mileage. “Beaters are commanding hefty sums these days,” Forbes noted. They even reported that some used cars are fetching higher prices than their brand-new counterparts. For instance, a used Kia Telluride is selling for around $3,500 more than a new one on average, according to iSeeCars.com.
These high values aren’t just for the popular cars
Of course, with the rising popularity of cars like the Kia Telluride, it’s no wonder that used ones are selling for more than new ones. However, this boom in pricing isn’t only isolated to the popular makes and models. The editors at Car and Driver noted that they purchased a brand-new 2017 Mitsubishi Mirage for $9,600, which is far less than the MSRP of around $13,000.
The publication then turned around and sold the car to Carmax four years later with 18,266 miles on the odometer for a cool $9,400. The retailer then priced it for sale at $12,998, which goes to show that even the unpopular makes and models are still increasing in value. This means that it’s a great time to clear out your garage or driveway of any unused cars that are sitting around.
According to Forbes, you should especially think about selling your extra car if you have one of the following:
- Chevrolet Silverado 1500: Average age 6.6 years
- Ford Escape: Average age 7.1 years
- Ford F-150: Average age 7.2 years
- Honda Accord: Average age 8.4 years
- Honda Civic: Average age 8.0 years
- Honda CR-V: Average age 8.5 years
- Jeep Grand Cherokee: Average age 7.3 years
- Jeep Wrangler: Average age 8.6 years
- Ram 1500: Average age 6.5 years
- Toyota Camry: Average age 8.0 years
It’s a seller’s market for used cars, but don’t wait too long
While it’s a good idea to off-load any used cars that you don’t need, keep in mind that you might want to act quickly. The car market goes in waves, so while used car values are at a high point right now, they could eventually come down. Some even think they could decrease by the end of the year. So, if you have a “beater” with a ton of miles on it, don’t worry, it could be worth a lot more than you think.