For those who are seriously looking for ways on how to effectively “sell my car for cash”, according to Susan Tompor of the Detroit Free Press, you might be surprised at how much you can get for a clunker today.
It has been all over the news that old vehicles are raking in a serious amount of cash for owners. However, back in 2010, as Tompor reminds us, the used vehicles industry was selling like hotcakes! This happened during the surging demands and short supply after the occurrence of the Great Recession program to eradicate older models of vehicles and to push the purchase of newer, more gas-efficient models.
Remember Cash for Clunkers?
Cash for Clunkers was a campaign by the Obama administration which was signed as law into the Car Allowance Rebate System (CARS) and is commonly known as ‘Cash-For-Clunkers’. This was one of several stimulus programs with the purpose of shifting the spending habits of Americans when the economy was suffering.
This was one federal program being run by the National Highway Traffic Safety Administration with a budget allocation of 1 billion US dollars. It provided car owners with a valid way to “sell my car for cash” and for car dealers to move new cars off the lot.
The basic idea of the CARS (Cash for Clunkers) was that car owners with gas guzzlers would replace them with new cars which had better mileage. In this program, the government paid cash from $3500 or $4500 for the vehicle you chose to trade in. Most car owners were most likely to receive money that is more than the actual worth of the car.
However, now used cars are in short supply because through the “sell my car for cash” program, the cars were required to be disassembled for parts.
Want to know more? Check out the following video explaining the details of the Clash for Clunkers and the latest California Vehicle Retirement Program:
Why can I sell my car for cash at a good price?
So what is driving up the price of clunker cars? Why are they in high demand now? Wondering, can I sell my car for cash at a good price? Those older cars with higher mileage are now tougher to find a dealer despite the fact that they are the most affordable ones to purchase.
According to Tompor’s research, this fact is also supported by the report coming from Cox Automotive that the number of high-mileage vehicles (with an average mileage of 121,000) av (which was reported to be a 40% decrease from last year). The Great Recession has left us with fewer 2009-2011 vehicles than the older ones have been cited by Jonathan Smoke, chief economist for Cox Automotive.
Smoke also predicted that the country will most likely face similar issues in the coming years. In 2009-2011, the car industry has experienced many struggles as they try to recover from the adverse effects of the severe recession.
Now, new vehicle sales are not moving up as several consumers are not capable of owning vehicles with high price tags. On the other hand, the semiconductor chip is in shortage which is slashing the supply of the latest cars and big trucks on dealer yards and lots.
Short supply, high demand
So, the question, “Can I sell my car for cash at a good price” has a surprising answer. Consumers might be amazed at how much they could get if they are aiming to unload the car or truck. It has been cited that prices of used cars sharply rose in the month of June which is around one-third of the seasonally adjusted increase of inflation.
According to the US Bureau of Labor Statistics, in the past year, the prices of used vehicles tipped over 45 percent. This would simply mean that it is getting difficult to get a bargain when you are trying to buy a car.
Last year, used cars under the price tag of 15,000 US dollars are all over the market. However, after a year, they now appear to be nonexistent.
The figures are like this according to the research made by Edmunds.com: 5-year old cars will be sold for around 24,000 US dollars in June. This is 36.3 percent from the average of 17,636 US dollars. For 7-year old cars, the average price will be around 18,000 US dollars which is up to 44.5 percent.
For 6-year old vehicles, the average trading value was nearly 10,500 US dollars in June. This is up 43 percent from the trading-in deals.
What to remember when selling a clunker
Never rush yourself into a deal for your old car if you cannot find that new car which you really want to own or even rent. If you do not find a decent deal for your next car, it may not be worth putting your old car up for sale.
That first offer is not something you need to jump on. Try to do some homework. You can try comparing prices that you can find online. Talk to a few car dealers and buyers to really get a thorough comparison of various offers in the market.
How can I sell my car for cash easily and quickly?
Always remember that you will never get as much cash for a trade-in as you would selling it yourself. But if you are intimidated by selling your car yourself, Cash for Clunkers is here to help. We can answer your question, “Can I sell my car for cash?” And we can get you the best price available PLUS a free tow!
Check us out now for more details and your free, no-obligation quote today!