Time to Trade Up? Car Trade-In Values Skyrocket in July

Demand for used cars drives historic spike

If you've been on the fence about selling or trading in your vehicle, now is a great time to take action with Edmunds. According to the latest report from our analysts, used car values have risen rapidly during the COVID-19 pandemic. "Dealers are willing to pay more to acquire inventory to meet the surge in demand for used cars," said Jessica Caldwell, Edmunds' executive director of insights, "which is great news for car owners because it means they can expect to get a higher value for their vehicle if they sell or trade right now."

What you need to know

  • Used vehicle trade-in values have shot up due to limited new inventory and shopper interest in quality used vehicles.

  • Edmunds data reveals that the average trade-in value rose nearly $2,000 from June to July.

  • The average DTT for used vehicles ("days to turn" — how long it takes to sell a car on the lot) dropped to 38.3 days in July from 44.1 days in June.

  • This 13% decrease in DTT is the steepest month-over-month drop Edmunds has ever recorded, underscoring just how quickly demand for used cars has increased.

Intrigued? Head over to Edmunds and see how much your car is worth. If your vehicle qualifies, you'll get an instant offer good for seven days, which you can redeem at a participating dealer or take to another to help bolster your trade-in negotiation. Check it out — a new set of wheels might be more attainable than you thought.

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