Now’s the time to sell your used or junk vehicle, reports Edmunds and Rusty’s Auto Salvage

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Consumers considering trading in their used vehicles will find booming prices, as auto dealerships try to keep up with demand.

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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.

If considering selling your used vehicle or trading in for a newer model, now is the time to jump. Used vehicles are having a surge in value over the summer months, largely due to inventory crises caused by Covid-19 shutdowns. Edmunds reports that both trade in and sale values of used cars have risen more on average than usual.

For those looking to sell their vehicle to a private buyer or used car dealership, Edmunds data has shown the average listing in July was $21,588, which is an increase from previous months. This is likely due to a shortage of vehicles caused by decreased production during the early months of the covid-19 pandemic.

"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.”

Edmunds has also reported that trucks have retained the most value during covid-19, meaning that truck owners may be better off selling or trading in their car rather than junking it. Though trucks contain a lot of metal and can fetch a good price for their parts, a booming market means truck sellers may get more from a car dealership than Rusty’s Auto Salvage.

For private buyers, you may want to hold off until prices cool off. However, the boom also means that your dream car may be on the market only for a short time.

Junk cars are also having a price surge this summer, as the value of scrap steel has been rising in August. Given that most of a car is made up of steel, this is good news for junk car sellers. Rusty’s Auto Salvage is offering higher prices than average for people looking to scrap their old, junk car before jumping into the used car market. These rates may not last through the rest of the year, though, so sellers should contact Rusty’s Auto Salvage soon for the best rates.

Higher scrap metal prices are often caused by an increase in demand from construction, auto manufacturing, or other industry. As summer comes to an end and the weather turns, construction may slow down and scrap metal prices will fall. If considering selling a junk car, now is the time to do so. The scrap metal market is volatile, changing from day to day, so those looking to sell their junk cars should keep a close eye on market value of steel over the next few weeks.

It’s a sellers market right now, no matter if you are selling to a dealership or private buyer or junking your car with Rusty’s Auto Salvage. The inventory is low due to factory closures, and dealerships need vehicles to sell so they are buying anything and everything. Junk car buyers like Rusty’s Auto Salvage are trying to keep up with the demand for scrap metal, lending themselves to offer high prices.

If looking to sell your junk car, contact Rusty’s Auto Salvage to see if they are available in your area.

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Jeff Foreman