Edmunds: Trade-in Values Jump

By Staff Writer August 19, 2020

Edmunds analysts reported that used vehicle trade-in values are increasing dramatically. Edmunds data reveals that the average value for all vehicles traded in during the month of July climbed to $14,066 compared to $12,083 in June, marking a 16.4 percent increase that is just shy of $2,000. Our analysts note that limited new vehicle inventory and a surge in demand for used vehicles are driving values up: Edmunds data reveals that the average days to turn (DTT) for used vehicles dropped to 38.3 days in July compared to 44.1 days in June. This 13.1 percent decrease is the steepest month-over-month drop that Edmunds has on record.

“The used market is experiencing a dramatic recovery: Used vehicles were sitting almost untouched at the start of the pandemic, and now they’re practically flying off dealer lots,” said Jessica Caldwell, Edmunds’ executive director of insights. “Dealers are willing to pay more to acquire inventory to meet the surge in demand for used cars, which is great news for car owners because it means they can expect to get a higher value for their vehicle if they sell or trade right now. But time is of the essence because there’s no guarantee that these unique market conditions will continue for long.”

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Last modified on Monday, 24 August 2020 14:12