• Older vehicles with over 100,000 miles can suddenly be more valuable than their owners might have imagined; they are now selling much faster and for a lot more money in a context of increasing demand.
• Trucks saw the biggest increase in average transaction prices year-over-year, according to the consumers site Edmunds, with the Chevy Silverado 1500 and the Ford F-150 in the lead.
• Owners of used vehicles of any vintage should check the current value of their car; chances are they’re worth a lot more than you might think.

If you have a used vehicle in the driveway, you might be sitting on a pile of money without even knowing it. Influenced by the global chip shortage and the continuing effects of the COVID-19 pandemic, the demand for used vehicles is increasing amid a shortage of new vehicles to buy.

The consumer site Edmunds noted that older, high-mileage vehicles, and used cars in general, “are selling faster and more expensive than ever.” The same goes for used cars in general, as our family recently discovered. In September 2017, we purchased a new entry-level 2017 Mitsubishi Mirage ES hatchback for $ 9,600, a significant discount from the MSRP, which was in the order of $ 13,000. Almost four years later, with 18,266 miles driven, we sold the car to CarMax for $ 9,400, just $ 200 less than its original purchase price. The car was then listed at $ 12,998, essentially the same as the MSRP.

Edmunds data shows this was no accident. Its analysts said the average transaction price for older, high-mileage vehicles sold at dealerships was up 31% year-over-year for vehicles with odometers ranging from 100,000 to 109. 999 miles. Where the average was $ 12,626 in June 2020, last month it rose to $ 16,489. This set of vehicles also sold an average of 30.5 days in June 2021 compared to 37.7 days in June 2020.

The Edmunds list of top sellers over 100,000 miles was led by the Chevrolet Silverado 1500, up 49% year on year with an average transaction price of $ 26,914, followed by the Ford F-150 at an average price of $ 25,924, up 43%. , and the Ram 1500, up 42% with an average transaction price of $ 24,657. The Ford Escape completed the top 10; Honda Accord, Civic and CR-V; Jeep Grand Cherokee and Wrangler; and the Toyota Camry. All the top 10 were at least 6.5 years old and some were over eight years old.

Neal Coppola, General Manager of Sales at the Oregon dealership Tonkin Gresham Honda, has been in the automotive industry since 2001 and said Car and driver: “We adjust the inventory to the needs of the people. A five-year-old SUV that cost $ 20,000 is now $ 28,000. . . [but] you have to backfill and still have that $ 20,000 car. He adds with increasing values, the only way to do that is to offer older and / or higher mileage vehicles.

Coppola said the company is now being forced to pay “appalling amounts” for cars at auction or in exchange. “We’ve seen General Motors full-size SUVs like the GMC Yukon or the Chevy Suburban, over the months of May and June, go up from $ 3,000 to $ 4,000 …at a weekly basis. “

Although he noted that prices have leveled off somewhat since then, costs are still difficult to predict. “We adjust our prices on a weekly basis based on market supply.” Therefore, customers who wait a week to purchase a vehicle may return to see the price increase by $ 1,200 or more, depending on market demand.

Coppola plans to continue focusing on high mileage vehicles until “the market tells us we don’t need them.” As the 2022 models begin to arrive, he expects to be “completely short of new cars by the end of this month.”

Ivan Drury of Edmunds noted, “Consumers with an old truck sitting in their driveway are in the best position to enjoy this wild marketAnd as used pickup trucks and popular vehicle models soar from dealership lots, all kinds of cars come back to life. Perhaps the moral of the story is that you don’t need to own a highly desirable or nearly new vehicle. vehicle to sell for more than you ever imagined. Take our word for it: see how we managed to sell this Mitsubishi.

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