Driving around in old compact car? That fuel efficient old beater may be worth more then one anticipates. According to a senior analyst at NADA Used Car Guide we may be looking at record high trade in values on fuel efficient cars over the next few months.
In general, the market value on trade-ins depreciates post March. However, this year the value on compact and smaller vehicles has gone up 3% from March to April. Within the next four months this increase is projected to grow to a record breaking high.
Although most of the trade-in value will drop by 1.5% of April’s value, September may in fact be record breaking. But what does this mean for you, the consumer?
If you’re the proud owner of a beat up, old, junky compact car, and are in the market for a new one, this should be music to your ears. What it means for consumers is aggressive trade-in offers. You will be offered more upfront, and always have the option to haggle for more.
The cause of this ‘index peak’ are rising gas prices and a shortage of used economy cars. With a seemingly unstable economy people are driving their cars longer than usual, and putting in the expense of fixing problems as opposed to trading up. The benefit is clearly passed on to those with the savvy to trade in at the right time.
If you are looking to trade in a decent compact car for something newer or more luxurious, keep an eye on the trade-in values or simply wait until early September. You may be surprised at what you get.
In the mean time, you can browse for new vehicles, financing options, and get insurance quotes on your new ride; right here at AutoCricket.com.