The used vehicle market has always been changing in nature, but for some time now, it has been moving at lightning speed! Several elements have disrupted it, including the COVID-19 pandemic and the lack of inventory on the side of new vehicles, which has forced dealerships to turn to the second-hand market, and buy on sales platforms like aukcio.
Now, it is the meteoric rise in interest rates and the cost of living that is once again shaking up the market. How to find your way around? Above all, how do you know when to sell your vehicle in order to get the best possible price? Here are some explanations.
Your SUV is no longer worth what it was worth, for now…
If SUVs were the most popular models just a few months ago, the trend has recently made a 180-degree turn. Indeed, the most recent sales statistics in the second-hand market show that it is now subcompact, compact and midsize cars that are most in demand. Indeed, the rise in the cost of living and the price of gasoline is being felt.
Your SUV is no longer worth what it was worth, for now…
If SUVs were the most popular models just a few months ago, the trend has recently made a 180-degree turn. Indeed, the most recent sales statistics in the second-hand market show that it is now subcompact, compact and midsize cars that are most in demand. Indeed, the rise in the cost of living and the price of gasoline is being felt.
According to Canadian Black book’s most recent analysis released on October 11, 2022, sales of subcompact cars jumped 0.12%, while sales of midsize cars rose 0.02%. Full-size pickup trucks, meanwhile, continue to be popular, up 0.26%.
On the other hand, light trucks and midsize SUVs are down 0.34% and 0.24% respectively, while compact SUVs are down a meteoric -0.76%!
Is it time to sell?
If you’re about to put your compact car on sale, the market is currently working in your favor. By displaying models such as a Honda Civic, a Toyota Corolla, a Mazda3, a Volkswagen Golf, a Hyundai Elentra or a Subaru Impreza on a platform like aukcio you will ensure that you meet the demand of dealerships that wish to appropriate these models. This is how you can pocket the maximum amount of money for your vehicle.
In addition, the fact that aukcio allows your vehicle to be exposed to multiple dealerships will ensure that you only sell to the dealership that offers you the most. In this way, you maximize your chances of getting the desired price.
However, if you own a midsize SUV, this may not be the best time to display your vehicle. Unless you need to get rid of your vehicle, it would be wise to wait and wait for the market to work in your favor again.
If you are currently in such a situation, know that there is hope. The good news in all this is that the second-hand market moves very quickly and can always surprise you.
However, if SUVs are not popular these days, the situation may be totally different in a few months. That’s why we suggest you constantly monitor market trends through reliable sources like the Canadian Black Book site. By understanding how the market moves, you will be able to know the perfect time to sell your vehicle and pocket as much money as possible.