For a few months now, experts have been predicting that used car prices were on their way up. Now, according to the National Automobile Dealers Association (NADA), used car values are peaking and will remain high through May making it a great time to sell your used vehicle. Demand is high since Spring is a strong car buying season and since the recession has forced many to buy used cars vs new. Plus, gas prices are high which is driving up the prices of the fuel-efficient cars.
To give you an idea of how important timing is for your sale, if you have a 2009 Toyota Prius, you could now make almost $2000 more than if you had sold it in January (a 12% increase in 4 months). A 2010 Ford Focus has jumped over $1000 in value (about 10%). (The fuel efficient models have made the most gains of course with such high gas prices.)
NADA is also predicting prices will start to drop in June slightly by .05% and in July by 1.5% – all depending on your make and model.
So if you are considering selling or buying, visit Kelley Blue Book to use their online tool – what’s my car worth. If you create a free account, you can save your auto searches and they will track your cars value to alert you about any rise or drop.
Once you purchase, most insurance carriers give you up to 30 days to report the change for your auto insurance coverage. However, call a Sean Paul Insurance representative prior to give you an auto insurance estimate to budget all of the costs of your new or newly acquired used car.