ONGOING INVENTORY CHALLENGES CREATE PRIME OPPORTUNITY TO MAXIMIZE USED CARS' RESALE VALUE
Recent Cars.com Surveys Conclude: In Current Seller's Market, Most Vehicle Trade-In Payouts Exceed Expectations by Thousands of Dollars for Consumers
CHICAGO, May 16, 2022 /PRNewswire/ -- Cars.com™ (NYSE: CARS), the car-shopping marketplace, today released findings from a survey of consumers and auto dealers regarding rising vehicle resale values amid ongoing inventory challenges. An overwhelming 99% of surveyed dealers said they are paying more for trade-ins now than two years ago; almost 60% estimate an increased payout between 11% and 20%, and more than 1 in 3 dealers report paying over 20% more than two years ago.1
Consumer experiences support the dealer findings. Among those surveyed who traded in a vehicle in the last year, approximately two-thirds received a higher offer than expected. Sixty-three percent of consumers cited above-expectation values for mass-market models and 59% for luxury brands.2
What the Data Says
According to wholesale data from Accu-Trade, a Cars.com Inc. company, consumers can gain the highest resale value on vehicles that are electric or hybrid, best sellers in the market, from desirable manufacturers, sporty cars just in time for summer and, interestingly, full-size vans. Some of the most valuable used vehicles for resale right now include the 2018-21 model years of the following vehicles³:
Consumers looking to maximize the return on their current vehicle in this profitable market can sell safely to other individuals for free on Cars.com/sell or use its industry-leading marketplace to connect with and sell directly to nearly 20,000 dealers across the country. Consumers should check with their local dealership to find out which vehicles are most valuable in their local market.
"The ongoing inventory shortage has caused a broad ripple effect in market conditions. As new vehicles became more elusive, shoppers pivoted to the used-car market, pushing used-car prices up 37% in the first quarter," said Jenni Newman, Cars.com editor-in-chief. "Eager for quality inventory, dealers are making lucrative offers for popular vehicles maintained in good condition with low mileage. I sold one of my family's extra cars to our local dealership just as used-car prices were increasing, making 50% more on its sale than I would have before the pandemic. Today, I'm considering selling our second family car to capitalize on the high used-car prices."
Through its acquisition of Accu-Trade, CARS will continue adding features that facilitate fast and easy online consumer-to-consumer and consumer-to-dealer car sales, including instant offer capabilities in the near future. The tools create a seamless, trustworthy and digital experience for private sellers to safely trade in their vehicles to local dealerships.
Cars.com has a decades-long history of providing robust educational resources for car shopping consumers, including guidance on the pros and cons of private sale, dealer sale and dealer trade-in. For more information about selling or trading in a vehicle, visit Cars.com/sell.
1Cars.com dealer panel survey, April 18, 2022, 163 responses
2Cars.com consumer survey, April 11-14, 2022, 2,974 responses
³Accu-Trade internal data, April vs. March 2022
ABOUT CARS.COM
CARS is the leading automotive marketplace platform that provides a robust set of digital solutions that connect car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share.
In addition to Cars.com, CARS brands include Dealer Inspire, a technology provider building solutions that future-proof dealerships with more efficient operations and connected digital experiences; FUEL, which gives dealers and OEMs the opportunity to harness the untapped power of digital video by leveraging Cars.com's pure audience of in-market car shoppers; DealerRater, a leading car dealer review and reputation management platform; automotive fintech platform CreditIQ and Accu-Trade a vehicle valuation and appraisal technology.
The full suite of CARS properties includes Cars.com™, Dealer Inspire®, FUEL™, DealerRater®, CreditIQ™, Accu-Trade.com™, Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information, visit www.Cars.com.
SOURCE Cars.com Inc.
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