The good news for car shoppers is that used car resale values increased by about 20 percent over the first half of 2010, according to Black Book, which tracks both the wholesale and retail values of used vehicles. This is mostly due to the fact that new car sales plummeted to about 10 million units in 2009, down from the 16 million range the previous couple of years. That means there were fewer trade-ins coming in to car lots, which created a higher demand for used vehicles, which in turn increased their value. So, if you’re pondering whether to buy a new vehicle, this could be a good time to act.
The size of your windfall will depends on what you’re driving, as resale values of some models increased more than others. Here’s a tip: If you’ve been driving that gas guzzling SUV wishing there was some way you could sell it and buy something more fuel efficient, well, your ship may have come in.
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“Right now, the 2007 models are a steady piece of the used car market, as far as sales volumes are concerned,” explained Ricky Beggs, vice president and managing editor at Black Book. “They’re a good guideline because an ’07 is old enough to significantly differentiate from the new models, pricewise, but recent enough that they don’t have too many miles on them, and are mostly still in good shape.”
Black Book provided a price range for each vehicle, which will depend on factors like what features it’s equipped with, the vehicle’s overall condition, and the total mileage. For a slightly older or even newer model, you’ll have to adjust your pricing expectations accordingly. Comments by Beggs are in italics.
|Top Ten Vehicles With Rising Resale Values|
|Ford Edge||GMC Envoy||Chevrolet Equinox||Suzuki Reno||Dodge Durango|
|Dodge Grand Caravan||Ford Explorer||Dodge Charger||Suzuki XL-7||Chevrolet Trailblazer|