Now may be a good time to trade in your used car

Tuesday, August 4, 2020

The pandemic is affecting things in ways none of us could have imagined.

In May, the Nebraska State Patrol put out a news release stating that 200 speeders had been ticketed for exceeding 100 mph over the previous two months.

Perhaps the drivers were releasing pent-up energy from quarantine, or perhaps it was a fatalistic attitude that manifested itself in dangerous driving behavior.

Maybe it’s just us, but we’ve noticed a lot more “in transit” stickers in vehicles than normal.

Perhaps people are using their covid checks for down payments, or perhaps the confinement has given them time to look for a new vehicle.

Local drivers may be wise, according to a Wall Street Journal story, that pointed out that auto retailers sold 2.1 million preowned vehicles in May and June, a 9% increase over last year, and used-car stockpiles dwindled to just under 2.2 million vehicles by late July, roughly 22% lower than last year.

Earlier information from the IHS Markit consulting firm noted that the average age of a vehicle on American highways rose by a month this year to a record 11.9 years.

Before COVID-19 set in, dealers expected to sell a little under 17 million cars in 2020, but the pandemic cut that projection to 14 million for the year.

Cars are lasting longer, according to the figures, with the average age climbing to 12 years, compared to 10.6 years a decade ago.

Dealers paid an average of $14,895 for a used car in June, up from $12,548 in April.

Local trades are always more attractive to buyers, however, so if trading cars is something you’ve been thinking about, perhaps now is a good time.

Respond to this story

Posting a comment requires free registration: