Selling a Used Car? Here's What You Should Know.
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Here's your money briefing for Tuesday, August 17th. I'm Charlie Turner for The Wall Street Journal, filling in for J.R. Whalen. Prices are soaring for used cars, and car owners are jumping into the market, hoping to strike while the iron is hot.
The average used vehicle price increase at the moment is at $5,000. And so a lot of consumers are seeing this as an opportunity to sell their vehicle and to make profit, or at least break even on what they bought it for before.
But before selling that used car, there are some things you should consider. Our reporter J.J. McCorvey has some tips after the break.
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If you're looking to sell your used car, there's probably never been a better time to do it than right now. The used vehicle market is hot, with prices up nearly 42% over the past year, according to the Consumer Price Index. So consumers are rushing to cash in. But there are some things you ought to consider before you sell your vehicle, and not just the price. Let's bring in Wall Street Journal reporter J.J. McCorvey.
Why are used-car prices soaring and is now a good time to sell?
J.J., thanks for joining us. Thanks for having me, Charlie. First of all, JJ, you've spoken with experts and people who've sold their car. What's the environment like right now?
So to quote one expert I've talked to from J.D. Power, everything is bonkers. Prices for used vehicles right now are at a near all-time high. Over the past 12 months, the index for used cars and trucks rose, like you said, nearly 42%. The average used vehicle price increase at the moment is at $5,000. And so a lot of consumers are seeing this as an opportunity to sell their vehicle and to make profit or at least break even on what they sold, what they bought it for before.
But I imagine that just because I can sell my car to profit doesn't mean that I should. So what's the first thing a person should think about before putting a used vehicle on the market?
Car buyers will probably know that the price for new vehicles is kind of crazy right now, too. So the average transaction for new vehicles recently surpassed Forty thousand dollars, which is up almost 15 percent from last year. And so, you know, the first thing you should think about before selling your current car in order to try to make a profit is, well, do I need to buy a new car? Because you might not want to be out on this market trying to find new. a new car because you know the environment is a bit crazy right now you also want to consider what your household situation is like do you have you know are you married or you live with your partner and you guys have you know one car or or two cars experts i talked to said that the people most likely to benefit from the current inflated prices are definitely people with
multiple cars. So if you have one car, obviously you might think twice about selling that so that you won't be without a car or be jammed up and find yourself in a position where you can't find a new vehicle.
So let's talk about getting the best possible price.
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