Why are Vehicle Trade-In Values at an All-Time High?
Now really is the best time to trade in your vehicle, with values at an all-time high. Why is it that your vehicle may now be worth more than you ever thought it might be as a used trade-in? A ripple effect caused by the still-lingering pandemic has had an especially dramatic impact on the auto industry. From plant shutdowns to the microchip shortage to new vehicle inventory and customer demand has greatly suppressed the new vehicle side of the industry, which conversely has buoyed the used market with great value. If you want the full backstory, follow along with us here at Davey Auto Sales as we outline why your vehicle’s value may be at an all-time high, making it the perfect time to trade in.
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Supply & Demand
Among many things, what the pandemic has made abundantly clear is the effects of supply and demand. Where previously before the pandemic vehicles could easily be met to match the needs of the customer, with the negative effects of the pandemic on factory shutdowns, part & component shortages, shipping issues and more it all clamped down on the ability to produce vehicles, but with customer demand still at a high mark. These effects ran through both 2020 and 2021, all adding up to the position we’re in now with low supply and a high demand. People still need vehicles to get around, and with much fewer selection on the new vehicle sides sees many turning to used vehicles.
Lack of New Car Inventory
Many shoppers like to shop new when looking for their next vehicle, but the current shortage of new vehicles means that those same shoppers aren’t just doing away with their purchase altogether, but instead turning to used vehicles. Yes, with this increased demand for used vehicles in the place of new vehicles it means that used vehicle prices have gone up as well, but so has the value for your trade-in vehicle that dealerships like ours want so much, so you shouldn’t be concerned about any price rise.
Dealership Demand for Your Vehicle
As dealerships pivot toward a bigger focus on the used vehicle side of the business, they need to fill that inventory somehow, and that’s where people like you come in. Dealerships like us rely on buying vehicles from regular people to help stock our inventory and serve others with a variety of options. This is why your used vehicle is so valuable now, with so many dealerships and people in demand for a fresh vehicle. If you’ve thought about upgrading your current vehicle to something a bit newer or different, now is the time to take advantage of the market, by getting a terrific price for your vehicle from a dealership and getting into another car, truck, SUV or van.
Trade In Your Vehicle at Davey Auto Sales
Trade-in values are at generous heights, and you can get a great price for your vehicle from us here at Davey Auto Sales. We’ve been a used dealer here in Oshawa since 1977, which means we have experience in the used vehicle market that new dealerships just don’t have. Our current inventory is of the highest quality, clean and thoroughly inspected, the perfect place for you to trade in your vehicle. To start the process, or if you have any questions, please contact us, today.