Are you in need of cash but don’t have tons of assets to liquidate? Are you savvy enough to know the current demand for used cars is insanely high? Either way now is the perfect time to take advantage of the market when you sell your car to Indy Cash For Cars. Market forces combined to create a perfect storm in the car market, which drives demand and means you can benefit. This article explains why.
Supply Chain Issues: Microchips
Microchips are a central component of many electronics, and microchips are in short supply. Why? Partly because of production plant fires that limited the number of manufacturers. But also because of the pandemic, forced, global-wide shutdowns limited their production. Both these factors and more contribute to the shortage, which probably won’t go away any time soon.
Fewer Microchips. What’s That Mean?
Without microchips, you can’t sell new electronics, and that includes cars. As a result, new car dealerships run on limited inventory. Specifically, Business Insider reported new car inventory was down 54% in June 2021 compared to June 2019.
What’s that mean? You can’t buy what’s not available. Where do new car buyers with a limited number of new cars available do instead? They pay more for a new car if they can get it, or they buy a used car instead. Then, those buyers flood the used market with cash for used cars, driving up those prices, too.
Rental car companies play a role in all of this, too. The rental car industry buys a couple of million cars a year and sells them after a year or two. But not now. Why? Like many companies trying to stay afloat during the pandemic, rental car companies sold off lots of inventory. Now, they’re buying more to replace their inventory, but they’re not selling them.
More Cash for Used Cars
As you can see, several things impact supply and demand, which impact prices, car buying, and selling. Did you know used cars sold for 30%-40% more in June 2021 than in the 12-15 months prior? What’s that mean? Right now, you’re in a good position if you’re someone who wants to sell your car in Indianapolis.
Things can change from month to month. Why not make a strategic decision to make the most of the opportunity?
Sell to Indy Cash For Cars
For anyone who wants to earn some cash and get rid of their used car, now is a prime opportunity to do so. From clunker to gently used, take advantage of the current demand for used cars when you sell to Indy Cash For Cars. We’re local to Indy, and we serve Indianapolis and the surrounding area. Curious? Get a quick online quote to see how much money we’ll pay you for your used car. Or call (800) 404-6461 to speak to someone. And, get this. Junk cars are okay, too.