Is it time to sell or trade in?
Australian trams, trains and planes are being abandoned as people try to avoid catching COVID-19.
As people become uncomfortable with public transport, many have searched for alternative forms of transport. As a result, the used car market has been flooded with customers that’s driving up prices in the process.
In fact, there was a 30% surge in used car prices between April and August.
Used car dealers are even having troubles keeping up with demand right now and are facing stock shortages. The decreasing new car sales trend seen over the past few years means that there isn’t much used car stock readily available, again pushing up the used car price.
On top of this, due to COVID-19 there are tougher import conditions and restrictions resulting in difficulties surrounding new car imports. New car customers are having to face delays when ordering their new car, leading to some choosing to purchase a used car and receive it immediately.
These factors all resulting the used car market experiencing the ‘substitution effect’ whereby former new car shoppers are now turning to used cars. Again, increasing demand and boosting the price.
This means that if you’re looking to sell and upgrade your car, you will get A LOT more for it now compared with this time last year. With dealers desperate for good quality used cars, sellers will receive top dollar for their trade-ins.
Remunerator ‘Sell My Car’ is a program where we help you get the best deal when selling your car. We make selling your car easy and eliminate all the hard work of selling your car yourself. You simply submit your cars details to us, and we distribute it to our network of Australia-wide dealer network. Buyers will come back to you with the best price in cash!
Are you ready to upgrade your car and sell your existing one? Visit Remunerator Sell My Car here or talk to one of our Remunerator Novated Leasing specialists today on 1800 501 703 or novated@remunerator.com.au.