Do you own a used car? If so, it’s time to sell
I was just talking with a guy who is a mechanic and in his spare time he buys cars in the best mechanical shape and completely overhauls them and then sells them. I was actually a person who bought one of these cars for one of my kids and after 8 years it continues.
He informed me that today is a great time to sell a used car, people and used dealers are getting the best price for them due to the global semiconductor chip shortage.
Now, I just read an article in the Washington Examiner that:
“The average cost of a used car hit a record $ 25,463 in April, about $ 2,800 more than the price consumers paid in the same month last year, according to the firm. JD Power Automotive Research.
This is the first time that the average price of a used vehicle has exceeded the $ 25,000 level.
We were then informed via the TrueCar car sales website that used car sales exceeded 3.4 million vehicles last month. This was a 58% increase from April 2020.
What is causing the global shortage of semiconductor chips? Good question I found an article in the UK Guardian that said:
Initially, the problem was only a temporary delay in supplies, with factories closing when the coronavirus pandemic first struck.
However, although production has returned to normal, a further surge in demand driven by the change in habits fueled by the pandemic means it is now reaching a crisis point.
Automakers investing in high-tech electric vehicles, booming sales of televisions and personal computers, and the launch of new 5G-enabled game consoles and mobile phones have all driven demand. “
If you have a used car and don’t need to buy one to replace it, now is the time to do it.
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