Did you know that between 2019 and 2020, the number of US citizens working from home grew from 22 percent to 42 percent? For many, that change is permanent, with offices offering full-time remote opportunities or more flexibility in office work schedules. If you and your partner are both working from home, you may have noticed that having two vehicles is starting to feel unnecessary. That’s why now may be a great time to sell your second car.
The current used car market
According to Market Watch, the average cost of a used car has increased by 10% over the last 12 months. This rise in price doesn’t look like it will be hitting the brakes anytime soon; demand for used cars has doubled since March 2021. Eric Ibara, director of residual values at Kelley Blue Book, said, “If you have an extra car to sell…there may never be another time greater than this.” Let’s talk about why right now may be the best time to sell your used car.
Why is this happening?
When the pandemic hit, so many industries were affected, and car manufacturers were no exception. Many manufacturers and dealerships had to shut down for safety reasons. This meant fewer new cars were hitting the market. Just when production got back underway, a recent shortage caused even more disruption.
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