Why Now Is a Great Time to Trade in Your Chevy Corvette
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Used car prices tend to remain fairly static year over year, or even decline as newer models enter the market, but 2021 is set to buck this trend.
According to a recent study by iSeeCars, the average cost to buy a used car has gone up by 16.8% in the last 12 months, an increase of $3,926! Second-hand pickup trucks and sports cars have seen the greatest price increases, with the Chevrolet Corvette topping the list.
If you own a Corvette, there has never been a better time to trade in your car. If you have just bought a new vehicle, sign up with Jerry and compare car insurance quotes from up to 45 top insurance companies.
The value of used Chevy Corevettes has jump drastically | Twenty20
What is behind the increase in used car sale prices?
As explained by iSeeCars analyst, Karl Brauer, “used vehicles have proven to be appreciating assets over the past year—a circumstance not typically associated with used cars.”
The driving force behind this surge in pricing is the semiconductor microchip shortage, which is affecting a wide range of industries all over the world. Automakers have been forced to halt production of popular models, and the rollout of vehicles is being delayed.
While the supply of new cars is struggling to meet demand, drivers are willing to pay more for used ones.
Why are used Corvettes so expensive now?
According to the iSeeCars study, the average resale price has increased by 16.8% across all makes and models, but the Chevy Corvette has seen the biggest single jump, year over year.
The average price of a used Corvette was $51,372 in April 2020, and is $68,804 today. This represents an eye-watering 33.9% increase!
That the Corvette in particular is in high demand, is in-keeping with a recent trend of booming sports car and other luxury vehicle sales across the U.S.
Experts attribute the boom to wealthy individuals, who haven’t been able to splash the cash during COVID-19, looking to alleviate boredom by purchasing high-end sports cars. These are not practical vehicles, but they sure are fun to drive.
Which other used vehicles have increased in price?
Another of Chevy’s iconic sports cars, the Camaro, and several luxury models join the Corvette in the list of used vehicles with the biggest price increases. All of these cars have seen their price go up by at least 25% in the last 12 months:
- Chevrolet Corvette
- Mercedes-Benz G-Class
- Ram 1500
- GMC Sierra 1500
- Mercedes-Benz S-Class
- Chevrolet Silverado 1500
- Chevrolet Camaro
- Toyota Tundra
- Mitsubishi Mirage
- Land Rover Range Rover Sport
There are four pickup trucks in the top 10, which points to the fact that thousands of Americans rely on them for work, keeping demand high, even when good deals are hard to find.
Of course, this is great news if you already own a pickup truck or sports car, and are willing to part with it. There may never be a better time to sell.
Are there any affordable used cars?
Out of every car in the iSeeCars study, the Tesla Model S was the only used vehicle that has decreased in price since April 2020. And they still cost well over $50,000 used.
While this makes for depressing reading for anyone trying to buy a used car, some models are still close to their pre-pandemic price. Most hatchbacks, SUVs and minivans for example, have increased less than the 16.8% average.
Also, depending on where you live, the price increases in second-hand autos might not be so bad. Cars in Milwaukee, WI have seen the lowest year over year price increases (10.6% more expensive than in April 2020), while cars in Las Vegas, NV, have seen the biggest (25.2%).
When it comes to used cars, it is a good time to sell and a bad time to buy. If you are in a position to sell or trade in your vehicle, you might be pleasantly surprised by its value. If you desperately need a new car but have been priced out by the increases, look for direct sellers who are willing to negotiate.
A new car, even a new used car, rarely comes cheap. But you can keep the cost of car ownership down by getting a great deal on insurance.
If you want cheap car insurance quotes fast, go to Jerry. A licensed broker that offers end-to-end support, the free Jerry app gathers affordable quotes, helps you switch plans, and even cancels your old policy for you.