Cars.com survey finding about trades confirmed by 99% of dealers
Cars.com found a way to get 99% of dealers to agree on something.
And if you’re a used-car manager, you might need only one guess to pinpoint what it is.
Cars.com said an overwhelming 99% of surveyed dealers said they are paying more for trade-ins now than two years ago.
According to a news release, almost 60% of surveyed dealer estimate an increased payout between 11% and 20%.
Furthermore, more than one in three dealers report paying over 20% more than two years ago, based on findings from a Cars.com dealer panel survey conducted on April 18.
According to wholesale data from Accu-Trade, a Cars.com Inc. company, consumers can gain the highest resale value on vehicles that are electric or hybrid, best sellers in the market, from desirable manufacturers, sporty cars just in time for summer and, interestingly, full-size vans.
Some of the most valuable used vehicles for resale right now include the 2018 through 2021 model years.
Cars.com added that consumer experiences support the dealer findings.
Among those surveyed who traded in a vehicle in the last year, approximately two-thirds received a higher offer than expected.
Cars.com also reported that 63% of consumers cited above-expectation values for mass-market models and 59% for luxury brands. That’s according to the Cars.com consumer survey fielded on April 11-14.
“The ongoing inventory shortage has caused a broad ripple effect in market conditions. As new vehicles became more elusive, shoppers pivoted to the used-car market, pushing used-car prices up 37% in the first quarter,” Cars.com editor in chief Jenni Newman said in the news release. “Eager for quality inventory, dealers are making lucrative offers for popular vehicles maintained in good condition with low mileage.
“I sold one of my family’s extra cars to our local dealership just as used-car prices were increasing, making 50% more on its sale than I would have before the pandemic. Today, I’m considering selling our second family car to capitalize on the high used-car prices,” Newman went on to say.
Consumers looking to maximize the return on their current vehicle in this profitable market can sell to other individuals for free on Cars.com/sell or use its marketplace to connect with and sell directly to nearly 20,000 dealers across the country.
“Consumers should check with their local dealership to find out which vehicles are most valuable in their local market,” Cars.com said.