MINNEAPOLIS (WCCO-TV) — The value of cars is spiking, so if you’ve been thinking about trading in your old ride for something newer, now might be the time.
Jason Myles, a former employee at WCCO-TV in Minneapolis, is moving to New York City this week, so he no longer needed the 2017 Subaru Outback he bought last July. After putting $5,500 down, Myles got $5,600 selling it back to his dealership. He says the value of the car increased approximately $2,000 in the last two months.READ MORE: Suspect In Shopping Center Parking Lot Shootout With Milpitas Police Dies Of Wounds
“I thought I would get like a couple thousand back, I was hoping for maybe like two or three, but then when I got back exactly what I put down, it was like dang, it’s almost like I, you know, rented my car for a year,” Myles tells WCCO.
Ben Saxon, a sales manager at Inver Grove Ford, says deals like that aren’t uncommon right now. “Especially if you have a trade-in, you’re going to get more than you’ve ever been able to,” Saxon says.READ MORE: Rain Helps Wash Away Fears Of Another Devastating Wildfire For Santa Rosa Couple
He explains that new vehicles aren’t coming on the lots as quickly as in the past, and there isn’t always enough inventory to meet demand. “You have a lot of people, now that things are opening up a little bit more, they’re wanting to add [vehicles], you know, so they can take the family trip or both people in the household can get to work,” he adds.
Saxon says selling or trading in a pickup truck will get exceptional value right now. Family vehicles like minivans or third-row SUVs also are valuable.MORE NEWS: UPDATE: Phish Fan Injured After Being Fallen On at SF Chase Center Concert Describes Brush with Death
There are pros and cons to selling a car to a dealer, through a private sale, or an online dealer like Carvana, so it’s important to research. On the flip side of it being a good time to sell, don’t necessarily expect good deals if you’re buying. Money Magazine also says this month it’s the worst time ever to buy a car.