Market economic factors have become more poignant for most consumers this year. The shortage of vehicles all around has caused interesting trends in terms of used car prices.
Both new and used cars are becoming so scarce that some dealerships will pay up to $3,000 over invoice price just for used models.
This has created a shortage of high-demand vehicles like trucks and SUVs which is driving up their value on the open market.
Autozen Data - Where older used models values are similar to newer
A trickle down effect from economics factors such as:
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The COVID-19 pandemic and chip shortage
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Increased domestic travel
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Remote work and urban migration from city centers
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Inflation and oil prices
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Disruptions in the global supply chain
This has led to a shortage in quality used vehicles—Creating a seller's market. Embrace the electric vehicle guide with our comprehensive information. Discover eco-friendly options and make an informed switch today!
However, these conditions are not meant to last. Our projections for the remainder of 2022 and beyond suggest that valuations will eventually normalize.
Autozen Data - Average Car Sales Price by Type
We also compiled the sales price of all vehicles sold by their general model type to find the average price.
Trucks, in general, had the highest sales price of any non-commercial vehicle, followed by sedans/coupes and sports cars.
At Autozen we love data! And are making an effort to make data more transparent within the used car industry. Timing is key! Learn when to sell your used car for the best value with our expert guidance and maximize your returns.
Why?
Car sales data is now more democratic and no longer a tool afforded only to dealerships and car sales professionals. We strongly believe that used car sales data should be more transparent and available to consumers with the goal of creating more standardized pricing within the market.
You may also be interested in our services:
- Factors That Affect Your Car's Resale Value in Today's Economy
- Instant Used Cars Value & Trade-In Value in Canada
- Unlocking Your Car's Worth: Discover Used Cars Price Value
Good Luck to You 🌊
