COVID-19 pandemic drives up values of used cars

If you’ve been thinking about getting into a new car, now maybe the time to take a serious look at selling or trading in your current vehicle.  Used car values are way up, and it’s due in part to the pandemic. 

“Values are up. Not year over year; we're talking about from last month to this month an additional $700 to $1,500. It really depends on what kind of car you have. There's so much demand for used cars,” said Ivan Drury with Edmunds.com. 

New car production shut down for a couple months during the pandemic.  That, combined with people wanting to save money, drove up demand and prices for used cars.

“If you currently own one, and you go to trade it in, you’re going to get a lot more than you thought,” Drury said.

“If you look, a trade-in six months ago is valued more now than what it was six months ago,” agreed Mike Bedenbeaugh, the general sales manager at Bartow Ford. 

He and other experts point out that vehicles demanding top dollar right now include used luxury cars and larger trucks and SUVs. 

“The heavy-duty truck market is incredible,” he said.

However, as Bedenbeaugh points out, like all good deals, this one has a limited-time offer. 

“I think as you see the new car inventories ramping back up, which were starting to see, it'll slow down a little bit. I suspect the November-December range,” he added.