History doesn’t repeat itself, it rhymes, and this latest verse on tariffs rhymes a lot with those old Covid verses. With vehicle and parts tariffs in effect, this is going to raise the price on just about every new car.
When price goes up, demand goes down, steering more people towards more affordable used cars. Supply on used cars is still constrained from all of the inventory that wasn’t built during the Covid shutdowns, and with demand increasing, we’re going to see used car prices rise again (there’s that “rhyme” with Covid), and fluctuate significantly depending upon local availability and whatever else gets thrown at the industry.
Valuing Cars with Real-Time, Local Market Data
A reminder to everyone out there: TradePending uses real-time market data, i.e. the retail asking price of cars, from your local market to value cars. As your market raises prices, we’re going to update the values of used cars every single day.
We don’t use books, we don’t use wholesale values, we don’t use regional data. Our valuation methodology is built for this.
When Trade-In Tools Can’t Reflect Rising Use Car Prices Quickly
Some of you might remember, we certainly do, that during the used car price fluctuations during Covid the other big trade-in tool providers, including the most trusted name, sending notices to their customers literally saying “please don’t use our values”, with dealers having to put up disclaimers on their websites to notify customers the valuations were wrong. TradePending customers do not have this problem.
Trade-in Valuation Configurability Is Key
We also let dealers configure the ranges and single price offers. If you feel like you need to be more aggressive on acquiring used cars right now, ratchet those values up. Those other tools…you have no control.
Looking for either a trade-in range tool or a guaranteed single price offer tool that will keep up and let you configure it? You know where to find us.
