- Jun 5, 2020
- Oz with Dorothy and Toto
^ which is weird because this came out too:
Your car probably isn't worth as much as you think. Here's how to know what it's really worth.
Trade-in values are plummeting as inventory rebounds and prices finally cool, but you might be in luck trading certain types of used cars.
Trade-in values hit a high of $25,556 in June 2022, according to Edmunds. Meanwhile, the average transaction price for a used vehicle peaked at $31,300 in April 2022, J.D. Power said.
"All consumers have been hearing for the last couple years is, the value of their used cars are so high, you can get a lot of money for used cars," George Chamoun, CEO of ACV, a digital auto marketplace, told Insider. But, "These used car values have been dropping over the last year. As the consumer goes into the dealership, it's not going to be as high as it was last year at this time.
"Many of these vehicles have dropped anywhere from 15 to 30% less year over year."
It's true: In January, trade-in values stood at $21,984 (down 14% from the peak), per Edmunds.
Meanwhile, the average used vehicle transaction price was $29,226 in February (down 6.6% from the high), per J.D. Power.