Sellers Market
Mercedes Porsche Mechanic | Midtown Auto Repair | Services | Sacramento
P. 916.382.7700
Now is a great time to sell your car. If you have been thinking about selling your car, now is the time! Jump on the opportunity as it is a seller’s market. Why? Because of the chip shortage! An ongoing shortage in the supply of semiconductors has caused a huge global disruption. Obviously COVID-19 is the source of the chip shortage as it has forced several car markets to temporarily shut down and suspend production. Because of the chip shortage the demand for cars (new and used) is super high. So, if you are in the position to sell, do it now!
Typically, if your car is more than a decade old or has over 100,000 miles on it, it is hard to get a compelling amount of money for it. However, dealerships and private lots have so few models to sell that they are paying a premium for whatever you have. They are desperate and need to fill their empty lots. If you are doubtful, it does not hurt to make a few phone calls just so you can get a feel for what the market is like right now. Dealers are struggling to find used cars to sell and are bidding aggressively against one another for the ones that are in high demand.
When will this end? According to Kelley Blue Book, analysts predict that this chip shortage could potentially last into 2022. That being said it is unlikely that a flood of inexpensive new cars will relieve pressure on the used market. Again, that is great news if you are in a position to sell.
Sell now if you can and wait out this chip shortage until it is all over and you can really come out on top. Take advantage now and do not wait as your car is more valuable than you think!
For more information on selling your car today, reach out to us here at Midtown Autoworks!