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The stock market has been having a rough patch lately, but many Americans may have appreciating assets they’re not aware of.
Not in their bank or brokerage account, but in the driveway.
A new survey from Cars.com found that the trade-in values for used cars and trucks from 2018-2021 remain high amid the ongoing vehicle shortage, with a third of dealers paying over 20% more than they were two years ago.
“Eager for quality inventory, dealers are making lucrative offers for popular vehicles maintained in good condition with low mileage,” Cars.com editor-in-chief Jenni Newman explained.
Car dealers like this Kia store in Richmond, California, are desperate for quality used vehicle inventory. (David Paul Morris/Bloomberg via Getty Images)
Two-thirds of sellers said they were given offers higher than they expected, with 20% of respondents getting $3,000 more than they thought their vehicle was worth.
The Tesla Model 3 is one of the most sought-after used cars on the trade-in market. (Tesla)
Several models have also seen significant gains in recent weeks, with payouts for the Tesla Model 3 and Toyota Rav4 Prime up 12% from March to April.
The Tesla Model Y followed closely at 9%, but it’s not just electrics and plug-in hybrids that are increasing in value.
The Toyota Corolla continues to hold its value as a used vehicle. (Toyota)
The Kia Optima and Toyota Corolla were also up 12% and 9%, respectively, to round out the top five.
Kia’s and Tesla’s lineups were the strongest overall, with an average boost of 7% during the period.
Of course, the flip side of this is that used and new car prices remain high, but if you come across a good deal or have an extra vehicle you can live without, now may be as good a time as any to unload your old vehicle.