Now is a good time to sell your nice car and buy a beater
I just had my car appraised by a dealer and was offered surprisingly more for it than I thought it was worth. Only slightly less than I paid for it 3 years ago. As you know there is a computer chip shortage due to covid which is forcing car manufacturers to reduce production, which is affecting new and used car prices. Anything nice (newer than 5 years, or even 10 years if it's higher end) is up in price, according to this article up by 40% this year:
https://www.businessinsider.com/why-are ... als-2021-7
That article is from the US, but as you know trends tend to start in the US and reach Canada a bit later. So if you bought a new or newish car a year or 2 ago, you can sell it now for very close to what you paid, or in some cases even a slight profit. Driving a car for a year for free is a once in a life time opportunity. I have already started shopping for a beater and will soon trade in my car. I'd rather have the money in the bank than an expensive car, especially now that I work from home and don't require a reliable car.
https://www.businessinsider.com/why-are ... als-2021-7
That article is from the US, but as you know trends tend to start in the US and reach Canada a bit later. So if you bought a new or newish car a year or 2 ago, you can sell it now for very close to what you paid, or in some cases even a slight profit. Driving a car for a year for free is a once in a life time opportunity. I have already started shopping for a beater and will soon trade in my car. I'd rather have the money in the bank than an expensive car, especially now that I work from home and don't require a reliable car.
