The used car market is so hot right now that even high-mileage cars are selling for more than their normal market values. Depending on the make and model you have in your garage, you could have the car keys to some cash.
When it comes to selling your used vehicle in today’s market, money expert Clark Howard says to make sure it’s an extra vehicle: not one you actually need.
“If you have to replace a vehicle, you’re nowhere,” he says. “Because If you sell one at an inflated price, you have to buy one at an inflated price.”
Do You Have One of These Used Vehicles in Your Garage?
Vehicle research site iSeeCars.com recently published a list of used cars with the largest price increases in June 2021. Because of their inflated values, the cars that made the list are among the best vehicles to sell right now.
To compile its list, iSeeCars.com analyzed the average listing prices of more than 1.9 million used car sales in June. The vehicles considered were those from model years 2015 to 2019 in June 2020 and those from model years 2016 to 2020 in June 2021.
Here are some key findings from the report:
- The Nissan Leaf leads the rankings: It has risen in price by 48.1% since June 2020.
- The 10 vehicles with the biggest price jumps saw hikes from 1.2 to 1.5 times greater than the average price increase of all vehicles in the study.
- Used car prices jumped 32.7% on average in June, or $7,583, over the last year.
Let’s take a look at the list of used cars with the largest price increases, according to iSeeCars.
These Cars Have Experienced the Biggest Price Increases
|Used Car||Average Used Price|
|$ Price Change|
Since June 2020
|% Price Change
Since June 2020
|Lincoln Navigator L||$66,508||$20,392||44.2%|
|Ram Pickup 1500||$40,200||$12,016||42.6%|
|GMC Sierra 1500||$47,791||$13,963||41.3%|
According to a news release, iSeeCars Executive Analyst Karl Brauer says that the time is ripe for owners of the vehicles on the list to test the market: “Shoppers interested in these vehicles should consider holding off on purchasing them, while consumers who have these vehicles in their garage and are willing to part with them can take advantage of significantly higher trade-in values,”
When Will Used Car Prices Drop?
Clark says he expects the current market to continue for some time but that things will eventually return to normal. “I know it’s an ugly market right now,” he says. “The ugly will fade, and supply and demand will come back into balance.”
Ready to put your vehicle on the market? Here’s some advice on how to sell it.