HOUSTON - If you're in the market to buy or sell a used car, listen up. Demand for used cars is driving up prices right now. You could get an average of $1200 more for your used car right now, according to the online car search engine www.iSeeCars.com.
Their research shows used car prices in Houston shot up 5.5% in August over July. "The used car market is very hot right now. At iSeeCars, we've seen a heightened demand for used cars. That's because there's a shortage of inventory because people aren't buying new cars due to the COVID-related production interruption," said iSeeCars' Julie Blackley.
That's right. New car production shut down for two months when the country shut down for the pandemic. That, coupled with people wanting to save money and not wanting to take public transportation during the pandemic, drove up demand and prices for used cars.
iSeeCars reports these are the fastest-selling used vehicles in Houston right now:
1. Infiniti Q60
2. Land Rover Range Rover Velar
3. Tesla Model X
4. Land Rover Range Rover Evoque
5. Audi A7
"Mainly luxury vehicles. So cars like the Infinity Q60 as well as Land Rovers and the Tesla Model X are the fastest-selling cars in the Houston market," said Blackley.
She says used luxury cars and SUV's are fetching top dollar. "If you are in the position to trade-in your vehicle, now is a good time due to the historic record high prices of used cars. But if you are trading in your vehicle, just be sure to not take the first offer," Blackley suggested. But it's not all bad news if you're looking to buy a used car. iSeeCars found prices for some models, such as the Toyota Prius and Ford Expedition, which went down in August. And they expect overall used car prices to decline soon."If you're willing to wait it out, there is expected to be a drop in used car prices in the month ahead as a lot of vehicles are coming off lease," said Blackley.