If you’ve been thinking about selling your old used car that’s been sitting in your garage, now is the perfect time. Earlier this year, it was announced that there was a global microchip shortage, which means that dealerships can’t get in as many new cars onto their lots as they’d like. That also means that people will be willing to buy a great used car, and that dealerships will more than likely make a deal with you to get more cars into their inventories.
Before you even start your selling journey though, be sure to check out some of our tips on what you need to know about the microchip shortage, and how to get the most money out of your used car.
What is the Chip Shortage Fiasco?
To put it simply: the microchip shortage is happening because the demand for semiconductors is far surpassing the ability to supply them. Because cars rely so heavily on these semiconductors, car companies are not able to manufacture them at a rate they normally would’ve pre-COVID. This has led to people not having enough work, factories being temporarily shut down, and much more. With the damage it’s already caused, the effects of the shortage are expected to last through the rest of 2021.
How Does the Chip Shortage Affect Dealers?
The microchip shortage is just one of the aftereffects dealerships are feeling post COVID. Many big companies depended on post COVID car sales to make up what they lost during 2020, but the shortage will only set them back even more by not giving them any opportunities to get new inventory onto their lots. That means as more people becoming willing to spend money in the next months, dealerships won’t be able to provide anything and won’t have an answer of when they’ll be able to get new cars in.
How to Make the Most Money off your Used Car During the Shortage
Prep it beforehand
Getting your car detailed and cleaning the interior and exterior beforehand is a must before trying to sell your car. By having every part of your vehicle clean and sparkly, you’ll be marketing your car as having been well cared for. Potential buyers really appreciate this step because it means one less thing for them to do once they get your car. Plus, no one wants to find years worth of old candies stuck in their seat panels when they just spent thousands for a car they’ll be having for a long time!
Don’t Stick With the First Trade Offer
We cannot stress this enough: don’t just take the first trade offer you get. It can be tempting to sell you car quickly and have the money in your hands but we promise you that if you’re patient, you really will get the best deal possible.
When you’re in the trading stage, shop around. Compare offers from the different dealerships in your area and don’t be afraid to ask what else they can offer you because they need a great deal just as much as you do currently.
Watch Market Prices
You don’t want to just sell your used car for any price! Before you start advertising your car or head to a dealership, you’ll need to keep up with current prices for your specific model. By doing this, you’ll be able to have a reasonable estimate and will be able to tell right away if an offer you receive is good enough for you to settle on.
Comentários