Experts say car owners could be sitting on thousands of dollars in extra cash due to increased demand in the used market.
Aug 19, 2020—Consumers considering selling or trading in their vehicle in the near future might want to pull the trigger now, according to a press release.
As a follow-up to recent research released by Edmunds, an online car shopping platform, about used vehicle retail prices rising during the coronavirus pandemic, Edmunds analysts say that used vehicle trade-in values are also increasing dramatically.
Edmunds data reveals that the average value for all vehicles traded in during the month of July climbed to $14,066 compared to $12,083 in June, marking a 16.4 percent increase that is just shy of $2,000. Analysts note that limited new vehicle inventory and a surge in demand for used vehicles are driving values up.
The data reveals that the average days to turn (DTT) for used vehicles dropped to 38.3 days in July compared to 44.1 days in June. This 13.1 percent decrease is the steepest month-over-month drop that Edmunds has on record.
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