The COVID-19 pandemic had an effect on just about every and all industries, and the car sales industry was no exception. Car sales dropped sharply after April 2020, and many dealerships halted purchasing larger quantities of cars after the pandemic hit. Now, there is a vehicle shortage. For this reason, used car trade-in values have hit a peak since after the pandemic. Here are 2 big reasons you should get your car trade-in ready, and 4 ways to prepare your car for trade in.
- Used Car Prices are Steadily Going Up
At the height of the pandemic, used car trade-ins values were dipping. However, a few weeks after June 1, prices began to skyrocket. Between June and November 2020, the index price of used cars increased by approximately $2,500. By February of this year, the index price of trade-in’s was about 8% higher.
2. Benefits of Trading In
In many cases, there is a possibility you can make money off of your vehicle, especially if you have taken care of the collision damage and weather damage. If you are considering trading in a vehicle, here are a few resources that may be helpful for you:
What Steps Should I Take Before Trading In My Car?
- Take Care of Maintenance Issues
If your car has collision damage or hail damage, contact Color Customs Collision to schedule a free estimate appointment. Our team will take the time to inspect your car for damage and give you a quote on what the repair would cost. From there, you can determine if it is appropriate to fix up your vehicle for trade in.
- Visit Several Difference Places to See Trade-In Value
Don’t sell yourself short by only visiting one dealership. Visit several in the area and contact those dealers for quotes. The price may vary more than you think. Then, use those quotes to your advantage when trading in your vehicle.
- Negotiate Your Trade-In
You may be able to negotiate your new car purchase with your trade in. During these times, there is more of a chance of a good deal on both your trade-in and purchase.
Color Customs is here to help. If you live in Denton, Sanger, Krum or Argyle and are considering trading in your car, and you are in need of collision or hail repair, contact family-owned and operated Color Customs Collision today. Color Custom Collisions is located at 936 Fort Worth Drive in Denton, Texas.