Get the Best Trade in you can. Used Car prices are UP!

[ccwhaler]

• The worldwide shortage of semiconductors, which are critical in producing new cars and trucks, has sent the cost of previously owned vehicles to record highs. The U.S. Bureau of Labor Statistics reported that the cost of used vehicles went up by 10% in April, the fastest climb ever in the data that goes back to 1953. This increase accounted for more than a third of the 0.8% increase in the consumer price index, which was four times the level economists estimated. Manheim, U.S.’s largest vehicle auction house, stated that wholesale prices of vehicles was up 54% in April from a year earlier.

as a stock trader, I am constantly reading up on stuff like above. I am renegotiating my trade in ASAP.

Sponsored

 

[Lpetters84]

• The worldwide shortage of semiconductors, which are critical in producing new cars and trucks, has sent the cost of previously owned vehicles to record highs. The U.S. Bureau of Labor Statistics reported that the cost of used vehicles went up by 10% in April, the fastest climb ever in the data that goes back to 1953. This increase accounted for more than a third of the 0.8% increase in the consumer price index, which was four times the level economists estimated. Manheim, U.S.’s largest vehicle auction house, stated that wholesale prices of vehicles was up 54% in April from a year earlier.

as a stock trader, I am constantly reading up on stuff like above. I am renegotiating my trade in ASAP.

You’ll have to let us know how it goes. I may do the same thing.

 

[ccwhaler]

Here is a copy of the latest CPI data from the US Department of Labour

 

[ccwhaler]

In Canada, here is the site for used vehicle price index in Canada
https://www.adesa.ca/price-index/
I have attached their latest report for April

 

[ccwhaler]

Remember these reports are relative and backward looking. They also represent April’s numbers, May will be greater imho.
“Price movements by segment were mostly positive in April. Fullsize Pickups showed the most drastic increase at 7.8% ($2,833”

 

[jhopkinson]

Well prices are off the charts right now. In the Fall I sold my 2018 F150 to Carvana for $38,000 which is more than I paid new, and figured I would just get a 2021. I was waiting to get a PCO so in December so I picked up at 2019 Kia Soul with 16k miles for $12,000 from a dealership to get me through. I just sold that car to Carvana for $17,000 with 27K miles on it!!! They picked it up Friday. I hope my new truck comes soon...lol.

 

[ccwhaler]

You’ll have to let us know how it goes. I may do the same thing.

Dealer has agreed to up my trade in from original offer in February. They won’t negotiate details until we have my new truck confirmed shipped. I have had several offers on autotrader for my 2009 Lariat but can’t sell until I know my new one is at the dealer. I figure the dealers will go from my original 15k offer to 17,500k max. Private offers I have had start at $20k. With dealer trade in there is GST added to trade in value and no work on my end. With private sale, I would certify and car fax it and entertain buyers. I prefer the ease of a trade in.

 

[ccwhaler]

My current truck on Autotrader canada

https://www.autotrader.ca/a/ford/f-150/port hope/ontario/19_11837509_/

 

[Lpetters84]

Dealer has agreed to up my trade in from original offer in February. They won’t negotiate details until we have my new truck confirmed shipped. I have had several offers on autotrader for my 2009 Lariat but can’t sell until I know my new one is at the dealer. I figure the dealers will go from my original 15k offer to 17,500k max. Private offers I have had start at $20k. With dealer trade in there is GST added to trade in value and no work on my end. With private sale, I would certify and car fax it and entertain buyers. I prefer the ease of a trade in.

Thanks for the update. I’m in the same boat. I’d love to sell private for a couple extra $$ but I would likely never be able to time it out with all the production delays then would potentially be without a vehicle haha. Also something to keep in mind.. At least here in Kentucky if you trade your vehicle in for let’s say $10k you get to take that value on your taxable vehicle price. For example a $70k with a $10k trade drops your taxable liability by $10k.

 

[ccwhaler]

Thanks for the update. I’m in the same boat. I’d love to sell private for a couple extra $$ but I would likely never be able to time it out with all the production delays then would potentially be without a vehicle haha. Also something to keep in mind.. At least here in Kentucky if you trade your vehicle in for let’s say $10k you get to take that value on your taxable vehicle price. For example a $70k with a $10k trade drops your taxable liability by $10k.

well, I sold my truck today to a retail buyer. Buyer is willing to wait for my new build to come in and gave me a deposit. I agreed to sell it to them for $22,000 (my full ask on Autotrader). I paid for carfax and will certify at that price. Could of held out for a little more but I liked the buyer and am good with the deal. The wait for my new truck is now their wait as well. Lol

 

[jeff82z28]

I sold my 2013 platinum 2 weeks ago kinda by accident - thats how i ended up here !
I wasnt happy with the dealers trade #s, so on a whim, i posted it on kijiji at 8:15 am to see if id get any bites.. An hr later, the truck was sold to the first person who called !
Then it was a scramble to find a replacement , which I was fortunate to find a 2021 with nobodys name on it yet .

 

[ColoradoHunter]

I just went through KBB to get an idea of what I should get for my 2015 Platinum on trade. They valued it 33K-37 K for trade. I then ask for offers through them. They said 33K, 5 minutes later I had a phone call from the dealer that sit on my order for 6 weeks without submitting it. After telling them I had a truck on order at a different dealer and was just getting an idea of what it was worth, she told me I should get more for it. She said KKB lowballs the offers that the other price the give me for trade-in was more accurate, 35-37K.

A few minutes ago I got an email from another dealer saying they would give me more than the KBB offer and asking to see the truck.

Best part is if I can get 36k on trade +the tax advantage, I'll get the same as I paid for it 3 years and 40k miles ago.

Now I just hope my blend date, 6/18 holds and my truck ships quick.

 

[Heavishot]

I got $34,500 + the tax benefit for my 2017 Lariat with 82k on it. Dealer told me they sold a Raptor to a guy for $71k last year and he just traded it in 20k miles later for $72k.

 

[ccwhaler]

https://www.cars.com/articles/heres-why-car-trade-in-values-are-going-through-the-roof-436982/

Due to the growing demand for used vehicles, trade-in equity has seen a sharp spike in recent months, which offers some good news for shoppers navigating the current car-buying landscape. According to Jominy, trade-in equity for consumers is up 109% over the prior year, with an average of $6,200 offered. That’s a staggering increase of $3,000.

These generous trade-in values can offer some respite from the soaring used-car prices mentioned above. Although spiking vehicle prices remain a disconcerting reality, consumers might be able to make up some — or all — of the difference with their trade-in.

Cars With the Highest Trade-In Values
The amount a vehicle will yield in trade-in value depends on its age, condition and demand. According to Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions, demand is likely to play the biggest role in the current environment. Crew-cab pickup trucks, as well as those with four-wheel drive and/or diesel engines, are bringing in more trade-in equity; so are some SUVs.

“If someone brings in a four-wheel-drive pickup truck with four doors, they’re going to give you a ton of money no matter how old it is or how many miles it has,” Fiorani said.

Get the Best Offer for Your Trade-In
All three experts we interviewed agreed that patience is key when shopping during a vehicle shortage, but patience also pays off when trading in a vehicle. In the current landscape, trying to negotiate on the price of a new or used car won’t get you very far, but you do have the leverage to negotiate with your trade-in value.

 

[ccwhaler]

https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html

definitely worth a read. May renegotiate my tentative deal with current buyer if this goes on much longer and my new truck is delayed another months. Lol. Nah.

Sponsored