Get the Most for your Used Car

  1. Research Center
    2. /
  2. Car Selling Research Articles
    3. /
  3. Get the Most for your Used Car
Used Cars are HOT! 
The demand for used cars has driven the price for quality used vehicles out of sight. Right now is an excellent time to get the most for your used car. Before we tell you how to get the most for your car, truck or SUV, let's look at why used cars are in such high demand. 

How we got here

As you know, there is a worldwide shortage of semiconductor computer chips. The shortage impacts literally hundreds of industries that rely on these chips, and it really hit the auto industry hard. It seems that the COVID-19 pandemic caused a wave of shutdowns to production at factories producing the computer chips at the same time that the population was facing shutdowns. Those stranded at home were seeking consumer electronics to keep themselves entertained. 

It soon became difficult for manufacturing facilities to get computer chips as the pandemic impacted the global supply chain. Shipping ports faced bottlenecks with freighters that were locked in full of goods. Cargo is still backed up and labor shortages only made the problem worse. Estimates are that the shortage of computer chips will not be resolved for at least another year or two. 
How this affects the Auto Industry 
As it turns out, the auto industry is one of the key driving factors behind the current shortage of computer chips. Think about a new car. Computer chips control the engine and its fuel mixture, monitor all internal engine codes, control the complicated safety and driver assist features, as well as all the infotainment systems that are "must have" goodies on every new car. 

A few years ago, automakers curtailed their computer chip orders to produce fewer cars because of the pandemic. They believed that there would be a reduced demand for new vehicles. The car manufacturers were wrong about that. Production dropped during COVID but demand for new cars was still high. "We see the semiconductor requirements more than doubling over the next several years as the vehicles that we produce become more of a technology platform," said General Motors President Mark Reuss. 

Fewer new cars in production means fewer cars in auto dealerships. When eager buyers couldn't find a new car from a lot, they turned to buying good used cars. And that, my friends, is why your used car is worth more money today than it was worth yesterday. According to industry experts, this trend will continue for at least the next year. That means there has never been a better time to get the most for your used car. 

It's a Seller’s Market

If you're thinking of trading in your car for another vehicle or are perhaps buying a new "custom order" that is so popular right now (That's where you pick out the make, model, trim level, color, and specific details and order a new vehicle from your dealership.), there are a number of things you can do to get the most from your trade in.
What's your Car Worth? 
Before driving down to the dealership, it's a good idea to have an idea what you might be offered for your car. There are plenty of Used Car Calculators online. You'll find our Lithia calculator right here on this site. Get a trade in offer in just minutes. Value Your Trade Here.

Enter the year, make, model, and trim to get started. You may be surprised at what your used car is worth today.Â