It's been a couple months now since the global microchip shortage first hit, and the new-car dealers that weren't very much affected in the beginning are now starting to be. This means more and more dealerships' new inventory supply is not being replensished; therefore more customers than before are starting to go for pre-owned vehicles. Which in return means your pre-owned vehicle is worth much more than it was a few months ago.
So if you've been sitting on the idea on whether or not you should trade in your used car, here are a couple reasons why you should not hesitate any longer...
It is not certain when the shortage will end, but it's important to acknowledge that it is happening right now, and you can be taking advantage of the opportunity. Don't wait until it's over, and your vehicle's value lessens even more so.
New-car inventory has decreased a staggering 15% since the shortage began. Unsurprisingly, the most afforadable vehicles were the first ones to start going. With there being limited supply of the more affordable options, or certain models- the demand for alternatives is quite extensive. Knowing your vehicle's worth and the amount of people who would love to purchase it helps your case in asking for more money when it comes to your trade in.
Just knowing that there is a microchip shortage is not enough to have the upperhand in bargaining for your trade in. Many different factors come into play when it comes to the value of a car... Make, model, mileage, condition, age, vehicle history, and demand for that particular vehicle type all have a role when determining the value. Right now large SUV's and Trucks are in heavy demand, as well as vehicles that are within the last five years.
If you are thinking of trading in your vehicle, now is definitley the time to do so. Contact me today for help with knowing your vehicle's worth and value! I would love to help you with your trade in experience! :-)