If you’ve been contacted by a local dealership about their “We Buy Cars” campaign, you’re not alone. Dealerships are working hard to build up their inventory of used cars to meet the ever-growing demands of the market.
Drivers are in a fantastic position to make bank when they participate in a “We Buy Cars” campaign at their local dealership.
Here’s what you need to know:
How Did We Get Here?
The market for used cars is on fire right now. The reason why ultimately goes back to the basic economic principle of supply and demand. Thanks to the world-altering COVID-19 pandemic, lots of wheels went into motion.
On the one hand, you have a surge in automobile sales. Many people decided to ditch their metro cards to avoid potentially unsafe public transportation. Others found freedom to move away from crowded cities with the ability to work remotely and found they needed cars.
At the same time, automakers found themselves in a tough spot. A shortage of semiconductor computer chips put electronic makers behind. Of course, the various shutdowns and remote working opportunities led to an increased need for computers, phones, video game systems, and more.
The shortage and competition for computer chips meant these chips weren’t as available for vehicle systems, and new cars couldn’t come off of the line in a fully functional state. There were reports of auto manufacturers having parking lots full of nearly complete vehicles.
Drivers looking to purchase a new car either had to wait a substantial amount of time or look towards pre-owned options. Supply and demand strikes again. Everyone started looking at used options, which led to higher demand. Car dealerships had to make moves to meet the need.
The Birth of The “We Buy Cars” Campaign
To keep up with the demand for used cars, car dealerships increased their efforts to buy vehicles to build up their inventory. The competition for used cars was pretty intense, which worked out wonderfully for people looking to sell or trade in their used cars. Sellers were able to get top dollar for their vehicles, even if the vehicle had issues. Dealerships knew they could repair and restore the vehicle and still make a solid profit.
In some cases, dealerships became more aggressive with their campaigns. This included sending out mailers and e-mails and even calling people to make offers on their used cars. Some vehicles, like the Honda Civic, were in such high demand that a used version would cost more than a brand new one.
Why You Should Consider Selling Your Car
Anyone with an extra car or a vehicle that is ready for an upgrade can benefit from the current “We Buy Cars” programs. In the past, sellers had to be careful that they negotiated a good deal from a dealership and not leave money on the table. That is no longer the case.
With such a high demand for used cars, dealerships aren’t playing games when it comes to building up their stock. They simply need the inventory too much to play around. That means you can get a great price without spending all day going back and forth with the dealership.
The current market is such that you even get a great deal on your trade. The computer chip shortage isn’t over, but new vehicles are coming off the production line. That means you can get an excellent price for your used car and buy a fresh model in one spot.
Stop by your local auto dealerships or visit them online to learn more about how you can sell your car for a wonderful profit. Most dealerships will even offer a no-obligation quote online. There’s never been a better time to explore selling your car than right now.
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