Have you tried to purchase a car anytime since the pandemic started? Inventory is super low. As the inventory is low, the prices are high. The average new car price is $41,000! Why is there such a shortage? There is a shortage of computer chips needed for most modern vehicles. The shortage is so great, major car companies are halting production of vehicles. This shortage is expected to run well into 2022.
This, however, has caused an increase in the value of used cars. Maybe you've noticed the value of your used car continually increasing? With a lack of new cars, people that want a "new to them" vehicle or need a new car, are turning to used cars. The value of a used car is up over 10 percent from pre-pandemic levels. The average price of a used car is $26,500. Experts, however, do expect that growth to slow. So, uh, if you want to sell your used car with over 100K miles for more than you paid for it, sell it now!