used cars

Looking to Sell Your Car? Do It Now While the Market Is Hot

NBC 7 Responds looked at the car market and how the car in your driveway could be worth more now than it was a few years ago

NBC Universal, Inc.

There's a big demand for used and new cars. Now is a great time to sell if you can and a lot of the power is in your hands.

"Car dealers need something to sell and the next viable option is a used car," said Ivan Drury, Senior Manager of Insights at Edmunds. "It's probably your car."

Continuing demand for cars plus a smaller supply due to the shortage of chips means prices are up a lot.

"It's probably the best time possible to consider selling your vehicle," said Drury. "Trade-in value is up 30 to 40%."

Of course that also means that buying a car will also cost more, so keep that in mind if you need to turn around and get something new.

"I've never seen anything like this," said Mike Quincy, an Automotive Writer for Consumer Reports. "It used to be a great deal if you could get a car for under manufacturer's suggested retail price and now you'll be lucky to get it at MSRP."

Quincy thinks the market will stay tight into 2023 as manufacturers work to catch back up to demand. If you're looking at the market, there are some key areas of value and high demand.

"Traditionally a two or three year old used car is almost always the best buy," said Quincy. "SUVs are the big family car these days and have been selling like hotcakes."

If you are looking to sell, shop around and get multiple offers. Remember the steering wheel is in your hands.

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