With new vehicle shortages globally, the used car market is in the spotlight and what does that mean for you?
It means that your used car is worth more than ever before with an unprecedented demand surge outpacing supply. With fields of cars awaiting supply of unique semiconductor chips, vehicle purchasers are seeing delays of up to 6 months for new cars, leaving those desperate for a vehicle flocking to used car yards or online directories to snap up what they can - and paying a premium in doing so. And this could work in your favour.
For those who have ordered and are patiently waiting for their new car, it may be worth considering making rain while the used car market shines, capitalising on the market's desperate need for more vehicles and selling your used car while you wait.
Even if you think your car isn’t worth all that much, it may return more than you think amid elevated prices with bigger returns than we’ve seen before. According to the latest research conducted by , the average price for a used vehicle has jumped more than 34% from 12 months ago.
With this information now becoming quite interesting to you, you’re probably left wondering what you will drive in the meantime if you do decide to sell your used car?
Car subscription is perfectly suited for those who are seeking a short-term solution to vehicle access. Drive around in a new car, while you wait for your new car and put the proceeds of your inflated used car sale to better use.
With solid relationships with major manufacturers and dealer groups, Karmo continues to secure new car stock for car subscription customers and while the supply and demand curve will eventually reach equilibrium, those who are making a move now, are reaping the rewards.
**Please note that Karmo is not a financial adviser and you should consider seeking independent advice before considering if our product is right for you