Business Wire India Currently, the used car market is experiencing high demand and short supply. As a consequence, the prices of second hand cars have increased. Hence, if you were planning to sell your car, it is the best time to make the most out of this seller’s market. That said, Spinny’s SellRight initiative can help you get the best valuation for the car you want to sell.
Here are a couple of the reasons why there is a rise in demand and an undersupply of used cars:
People are not looking to upgrade their cars
Many car manufacturers have increased the prices of some old and upcoming car models. The hikes range anywhere between 20,000 to 80,000 rupees for many popular models. As a result, people are not that keen on upgrading their private cars. Instead, they are holding onto their vehicle for longer periods of time. With an undersupply of second hand cars in the market, car owners who are selling their car now are receiving much higher prices for their cars.
The waiting period for upcoming cars is increasing
Following the lockdowns placed due to the pandemic, the production of cars has slowed down considerably. We are seeing longer waiting periods for most cars, especially popular models like XUV700, Creta, and Brezza. Since used cars are available more readily, people are able to sell their cars more quickly while still getting a good resale value for their car. This is in contrast to the norm where there were fewer used car buyers causing lower prices. With more buyers in the market, people selling their cars have been able to price their cars closer to the deserved value of the car.
The Prices of Second Hand Cars have Increased
As we pointed out above, used cars are high in demand and short in supply. This seller’s market is benefiting a lot of car owners. It is a great opportunity for many car owners to sell cars at higher rates. If someone is looking to replace their car with a new one, they might have to wait a lot of time for its arrival. In this time period, they have enough time to get a great deal on their current car. On the other hand, the buyer might be opting for a used car since they do not want to wait for a new one. In this case, the seller might have the upper hand in the negotiation.
How Can I Get the Best Valuation for My Car?
If you want to sell car online, you should choose the right platform for the best valuation. That said, renowned second hand car retailer Spinny offers a doorstep evaluation service called SellRight that examines the condition of your car while following all the safety procedures. Along with getting a free evaluation, SellRight will value your car more than its market rate. This will allow you to sell car online for a higher amount than you intended.