HOUSTON – If you have been thinking about getting a new car, you can probably get a sweet deal on your trade-in. Used car inventories at dealerships across the country are way down and they need cars to sell.
There are several things causing the shortage. Many dealerships closed or limited business early on in the pandemic. That meant fewer people were trading in vehicles. Some lenders let drivers extend their leases as a type of COVID relief.
According to the Wall Street Journal, some car dealerships are turning to individuals selling their vehicles online to make offers.
Vehicle auction company Manheim said the average price paid for a used car in April was $12,548. In June, the average price had jumped up $2,347 to $14,895. It means dealerships are doling out more money for used cars to fill up their lots.