Do you have a car that you're looking to sell? Did you buy a brand-new car in 2020? Have you been considering upgrading to a newer model? Today's car buying and selling climate is reaching new levels that may be extremely beneficial to you.

Some Used Cars May Be Worth More Than The Original Sticker Price

For the most part, when you buy a brand-new vehicle, you'll be losing about 20 to 25-percent of the sticker price within one year due to depreciation. Because of the circumstances surrounding the pandemic, many one-year-old cars are being bought back for about 95-percent of the original price, with some even being purchased for more than the original price.

Why is this happening? It comes down to supply and demand. During the pandemic, no one was thinking about buying a new car. If you were one of the few that wanted to lease or loan a new vehicle during 2020, you most likely got a great deal. Dealerships were highly motivated to sell because there wasn't much business coming in. Now, as people are beginning to commute again and have extra money to purchase a new vehicle, there aren't many new models being delivered. Manufacturing, especially manufacturing for the crucial computer chips automakers require, was significantly slowed, and many manufacturers are having a hard time making new cars. This means that if you bought a brand-new Ford for a low price and sell it during a high-demand time, you may get back more money than you originally paid.

According to Edmunds.com, there was one case where a 2020 Chevy Corvette was worth $26,000 more than it was new. While most models won't have that much of an overage, some popular models like the Jeep Wrangler, Subaru Ascent, and Ford F-150 have been seen to have a couple of thousand dollars of differential.

Used Cars In General Are Selling For Higher

Don't have a 2020 model? You can still find higher selling prices for your used vehicle, whether it was brand-new last year or is ten years old. However, this higher selling price is typically only effective at the dealerships and not during a personal sale. Many online car value analyses will show a more common value point for your used vehicle, while car dealerships are desperate for inventory, so they'll pay more.

If you're looking to sell your current vehicle as a trade-in, you should still receive a higher amount than normal, but not as high. Dealerships are looking to gain a car in their inventory, not gain and lose a vehicle. That being said, they'll still gladly take your business. In fact, our Empire Ford of New Bedford dealership would love to show you around our new and used inventory to see if any of our current vehicles meet your driving needs.

Contact Empire Ford Of New Bedford To Discuss Your Selling And Buying Options

Here at Empire Ford of New Bedford, we strive to help our Dartmouth, Acushnet, and beyond drivers with whatever vehicle issue they may have. Contact our dealership to talk with a member of our team or take the short drive from Fairhaven, MA, to our New Bedford location. We'd love to discuss your selling options and offer you an offer right away.