It’s a good time to sell your car, but hang onto your truck
If you follow this blog, you probably know that average prices for used vehicles are sky high right now.
But if you break the numbers down you’ll find that's really only true for cars while average prices for used trucks are more mixed.
That’s music to the ears of anyone with a used car to sell.
But truck owners need to think about what might happen with prices later this summer before putting their pickup or sport-utility vehicle on the market.
Each month the consumer-information website AutoTrader.com, issues its trend report listing the 20 most-searched new and the 20 most-searched used vehicles on its site.
Included are the average asking prices for the listed vehicles for the month reported and the same month one year ago.
AutoTrader just issued its May report.
Of the top-twenty used vehicles in which visitors to the site were most interested in May, 10 happened to be cars and 10 were SUVs/trucks.
Twelve of those vehicles experienced a jump in price since last May. Eight were cars and four were SUVs/trucks.
Only two of the ten cars among the top-twenty used vehicles had lower asking prices this year than last.
The Audi A4 was down less than 1% and the BMW 5 Series was down less than 1.5% from May of last year.
The most-searched cars with the biggest asking-price increases were the Toyota Camry (+12.9%), Honda Accord (+9.9%) and Honda Civic (+9.1%).
Higher costs at the gas pump are having a negative impact on used truck prices.
Even in an atmosphere of soaring used-vehicle prices, higher fuel costs were probably responsible for six of the ten trucks on AutoTrader's most-searched list experiencing a drop in asking price.
The biggest losers were the Chevrolet Tahoe (-8.5%) and the Dodge Ram 1500 (-4.4%).
The four trucks with higher asking prices were the Jeep Wrangler (+1.1%), Toyota Tacoma (+8.1%), Jeep Grand Cherokee (+6.1%) and Dodge Ram 2500 (+0.4%).
If you have a used car to sell, now is probably a good time to sell it.
Selling a used truck is more a roll of the dice. But if fuel prices continue dropping, SUV and pickup prices should trend higher.
A betting person might want to hold out for a few weeks before putting a used truck on the market.
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