As the summer months approach, many people begin to think about buying or selling a car. However, recent data shows that those looking to sell their used vehicle in June may want to reconsider their timing. According to a report by Black Book, a leading provider of used car values, the average used vehicle lost 0.9% of its value in June.
This decrease in value is not uncommon during the summer months. In fact, it is a trend that has been observed for several years. The reason for this decline in value is due to a combination of factors, including an increase in supply and a decrease in demand.
During the summer months, many people are on vacation or spending time outdoors, which means they are less likely to be in the market for a new or used car. Additionally, dealerships often have an influx of trade-ins during this time, which increases the supply of used vehicles on the market.
Another factor that contributes to the decrease in value is the introduction of new models. As new cars hit the market, older models become less desirable and lose value. This is especially true for vehicles that have undergone significant redesigns or updates.
While this trend may be concerning for those looking to sell their used vehicle in June, there are steps that can be taken to mitigate the impact. One option is to sell the vehicle earlier in the year, before the summer months hit. Another option is to wait until later in the year when demand typically picks up again.
It is also important to note that not all vehicles are affected equally by seasonal trends. Luxury and sports cars tend to hold their value better than other types of vehicles, while trucks and SUVs may see a smaller decline in value during the summer months.
Overall, it is important for both buyers and sellers to be aware of seasonal trends when it comes to used car values. By understanding these trends, individuals can make informed decisions about when to buy or sell a vehicle and how to get the best value for their money.
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- Source: Plato Data Intelligence.