Is now the best time to sell your car?
Used car prices are up 65% since 2019, is it worth cashing in?
Thanks to the unprecedented combination of supply chain issues, inflation, natural disasters and ongoing pandemic issues, the used car market has never been hotter.
"In this current climate, the demand and price for used cars in Australia has soared," Sell2Dealers founder Desmond Sanborn said. "Moody's Analytics has shown used cars are selling for 65% more in 2022 than they were before the pandemic, with 18% of the rise occurring over the past 3 months.
"Traditionally deemed as a "bad investment", in 2022 cars have become mini-assets and it's never been a better time to sell a used car. But beware, once supply chain issues are rectified and new cars begin to flood the market, used car prices may very well correct themselves," said Sanborn.
How should I sell my car?
You have two main options when it comes to selling your car: selling privately or by using a dealer. You can see the pros and cons of each option here.
How do I know how much my car is worth?
"The best way to gauge the value of your car is to visit at least 2 marketplace websites and look at what other people are selling their car for," Sanborn said. "Keep in mind that some cars may have been on the market for a few months if they are priced higher than other cars. You can ask your local dealer what they would pay for the car and then you can determine your selling price."
"Whatever route you decide to take when selling your car, keeping it clean and well-maintained with all the paperwork ready to go will help you get a sale at a price that matches the market."