The constant shortage of inventory leads to a high demand for used cars and their prices remain high as a result. It’s undoubtedly a tough time to buy a car—especially for frugal shoppers—but with the challenge comes opportunity: A Cars.com survey found that consumers who have a car for sale or trade-in are likely to get more money than they expected for their old car. In fact, many have reported making thousands of dollars more than they expected for their trade deals in recent weeks.
Related: Now is the time to sell your extra car; here why
Cars.com and Accu-Trade data also reveal that some used car values rise faster than others. This is especially true for electric cars, popular nameplates, pickup trucks and sports cars. Read on to see which used car values are rising the most and decide if it’s time to sell them or trade them in.
Traders and consumers reported higher trade values
According to the survey, 60% of merchants estimate that trade-in payments are between 11% and 20% more than in the last two years, and more than 1 in 3 merchants report payments greater than 20%. Consumers see a similar trend: nearly two-thirds of car owners who traded in their cars received a higher bid than expected, about half of respondents received $1,000 more than the expected exchange amount, and 20% reported receiving $3,000. Or more.
Top 10 Fastest Growing Resale Value Cars
The following used cars from 2018 to 21 saw the highest jump in resale value from March to April 2022. An intermediate list of vehicle prices is also included among Cars.com dealerships as of April. While list price provides a benchmark for the market value of vehicles, it is worth noting that dealer-listed prices differ from negotiated prices that consumers actually pay for the vehicle or the vehicle’s trade-in value.
1. Tesla Model 3: 12% increase in resale value; Average price $49,500
2. Kia Optima: 12%; $22922
3. Toyota RAV4 Prime: 12%; $47,494
4. Tesla Model Y: 9%; $64,767
5. Toyota Corolla: 9%; $22,745
6. Ford Transit: 8%; $45,992
7. Kia Sportage: 8%; $25827
8. Honda Civic: 8%; $25369
9- Toyota Camry 8%. $28373
10. Chevrolet Bolt EV: 8%; $25447
Electric and hybrid vehicles
Interest in electric and hybrid vehicles has surged due to the recent rise in gas prices, and resale values for these categories are also trending higher. Used electric vehicles such as the Tesla Model 3, Tesla Model Y and Chevrolet Bolt EV, along with hybrid and hybrid vehicles such as the Hyundai Ioniq, Toyota Prius and Toyota RAV4 Prime, saw the highest jump in resale value from March to April.
- Tesla Model 3: 12%
- Toyota RAV4 Prime: 12%
- Tesla Model Y: 9%
- Chevrolet Bolt EV: 8%
- Kia Niro: 7%
- Hyundai Ionic: 6%
- Toyota Prius: 4%
In addition to electric vehicles, the resale values of popular models are rising rapidly. Despite the growing popularity of larger vehicles such as SUVs and pickup trucks, many small and mid-size sedans have seen a significant increase in resale value. When it comes to average resale value by brand, Kia and Tesla lead the group with an increase of 7% month over month.
- Kia Optima: 12%
- Toyota Corolla: 9%
- Kia Sportage: 8%
- Honda Civic: 8%
- Toyota Camry: 8%
- Honda Accord: 7%
Large trucks and sports cars
There were two additional vehicle classes that saw an upward trend in the resale value of used cars: pickup trucks and sport utility vehicles. Among the first group, Ford Transit trade values increased 8% while Nissan NV’s value increased 7%. The Dodge Charger and Challenger were 6% and 5%, respectively.
Should you sell your car?
Before you rush to sell or trade your car, consider your next steps. While it might be a great time to sell an extra car that’s been sitting in the driveway, if you need to trade in your car for a new one, you might run into a few snags: Experts predict inventory restrictions will last until 2022 and may be plagued by the plague. Car shoppers in 2023. Replacing your old car may cost significantly more in the current environment, and the increased trade value may not offset the premium.
How to get the most money for your car
If you decide that selling or trading your car is the way to go, it’s a good idea to shop around for the best offer whether you plan to sell it privately or at a dealership. With the high demand for used cars and the low supply, your car may be worth more than you think. Estimate the market value of your car using tools like Cars.com’s used car sale page, and use your results as leverage to negotiate the best commercial offer.
Even if your car landed among the most valuable used cars for resale above, remember that a car’s value is determined by many factors in addition to make and model. The current vehicle condition, mileage, and accident history all play a role. To get the most money for your car, it’s a good idea to prepare by cleaning the interior and exterior, taking care of minor repairs and collecting all necessary documents, as well as extras like key chains.
More from Cars.com:
Related video: How to prepare your car for sale
The editorial department at Cars.com is your source for auto news and reviews. In line with Cars.com’s longstanding ethics policy, editors and reviewers do not accept gifts or free rides from car manufacturers. The editorial department is independent of the advertising, sales and sponsored content departments of Cars.com.
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