Next two months could offer best prices in a long time for sellers
Buy low, sell high. While that’s a mantra for many when it comes to investing, it could also apply to car sellers today.
“You’re not going to find a situation like this very often,” says Jonathan Banks, executive auto analyst for the National Automobile Dealers Association (NADA) used car pricing guide, regarding the 16 year high in used car prices.
So, is now the perfect time to sell your hybrid vehicle?
If you’ve contemplated a trade-in on a new hybrid or plug-in vehicle and can get by with one less car for a couple months, then now might be the perfect time to try to sell your hybrid.
But analysts warn, these high used prices won’t last long.
While vehicle supplies, especially fuel efficient vehicles, are low because of the supply shortage caused by the Japanese earthquake and tsunami, the Japanese auto industry is getting back on track faster than originally predicted. Consequently, NADA believes that used car pricing will begin leveling off in the next few months before declining as new supplies help offset demand.
So, why not try biking, public transportation or carpooling for a while? Maybe you’ll find you don’t even need a new car. But if you can sell high, and wait for a few months, you’ll also probably be able to buy a little lower later on.