How COVID-19 Impacted Used Car Sales
2020 was a tough year for many industries, including car manufacturers. COVID-19 stalled car and auto components production at many sites, creating global shortages. Many factories went through shutdowns to implement new safety procedures and ensure their employees’ health and well-being. Since car usage dropped during the pandemic, the auto industry also grossly underestimated the demand for 2021.
As a result, the used car market skyrocketed, raising the prices by at least 10-15%. The current market has the used car priced at a historically high level, which is too good not to sell. The demand growth may be calming down, but used car prices remain high. It creates an opportunity to sell and gain some extra money.
Additionally, the automotive industry has a distinct seasonal trend – used car prices historically are the highest in spring and early summer. Warmer weather, tax refund, and new stimulus checks encourage consumer spending and peaking car demand.
Benefits of Trading your Old Car and Buying a New One
Now it is also a great time to take advantage of incentives and to buy a new car. There are many money-saving deals on recently redesigned models. Many automakers are offering 0% financing for 60 up to 84 months and many generous cash back deals for new cars.
If you were considering selling your old car for a while and buying a new one, now is a great time.
by Maria Climan – Content Creator for Half Full Marketing