Rising Used Car Prices: Here’s What You Can Do

If you have been following the auto sector news, you must know that the pandemic has caused used car prices to rise for the first time in history. In May 2020, the average price of used cars in America rose above its highest figure of $20,000 and in May 2021, that number crossed $22,000. Due to the economic uncertainty brought about by the pandemic, people are holding on to their old cars longer, which is drying up supplies to used car dealerships. Additionally, the demand for used vehicles has increased due to the social distancing norms in place and the government stimulus packages on offer. The net result – increased used car prices, and a dip is nowhere in sight soon.

With the market poised like this, what should you do as a consumer? Certainly, you do not want to pay that extra price that the pandemic has brought about but neither can you pass a few more years without a car. The answer, unsurprisingly, lies with the best used car dealerships in Spartanburg, SC, and that is where you should be headed when the vehicles’ prices are inflated.

Dealerships with large inventories can help your budget

If the supply of used cars is dry, small dealerships are affected first. They run out of used cars to sell and are left with limited options. This narrows down your available choices. You will get used cars only in a few price brackets. Your budget may very well go for a toss as you will not have enough alternatives to consider. Used car lots in Spartanburg, SC, which boast of a large inventory will not have this particular issue. Even when the supply is dry, the dealership’s deep inventory will continue to offer a wide range of choices in used cars and their prices. You can thus stick to your budget in a dealership with a large inventory. You do not have to flex your affordability as per the market and ensure that you drive home a used car.

Trade-in your old vehicle to bypass the market effect

Along with the market value of used cars, resale value also rises. And when the situation is like it is now, you must trade in to get the best resale price. So, pick the best buy here pay here no credit check dealership in Spartanburg that accepts used car trade-ins. You will then be selling your old car at an above-average price and the inflated market price will get adjusted in the process. Here again, choosing the right dealership is important as only a big brand can afford the higher resale rates. The smaller dealerships will look to bring down the offer price to increase their profits and make up for the hit they had taken during the pandemic.

So, get a used car if you need one and do not worry much about the rising used car prices. The market will move as it is supposed to but that does not have to stop your life in its tracks. Visit one of the top used car dealerships in Spartanburg, SC, like Uncle Joe’s, make use of the above tactics, and beat the market movements to own a quality car.