Carmigo is bringing you the best-selling used cars for November (or at least our prediction). We’ve analyzed trends on our marketplace as well as the general car market and compared those with U.S. economic trends to help you decide if this is the month to sell your car, or if you should consider waiting.
Our system is simple. We compare the prices from the Carmigo Marketplace with national auto sales and U.S. economic trends. We even talked to some of our dealership buyers to see what they plan to purchase in November.
Cars that are regularly selling for higher prices are Green-Light Cars. Alternately, cars that are not selling as well or that have dipped in price are Red-Light Cars.
But remember, these are simply our best guesses based on current trends.
The car market is returning to pre-pandemic normality as supply continues to outpace demand.
But “normal” used car prices still feel like lowballs for drivers trying to sell their cars. That’s because used cars were selling for more than ever before this summer.
Used car availability is back up to pre-pandemic levels. And since everyone has a used car to sell, used car prices went down.
The number of used car sales is down nearly 10% compared to last year. But more used cars were sold going into the fall than during the summer, which makes sense with prices going down.
Used car prices are trending down alongside new car prices so selling today and buying in a month could be the difference of a thousand bucks (but that’s just our best guess).
Small cars have been the slowest to depreciate in market value month over month since the summer highs. They’re a safe bet during a volatile car market, especially when gas prices are equally unsteady. If you’re looking to offload a Mirage, Elantra, Corolla, or similar car, we’ve seen them sell well recently.
We’re selling passenger vans, cargo vans, and minivans. Most of the ones that list sell fast and all of them see multiple bids from our buyer network. If you’re thinking about moving on to something else, or upgrading your family transportation, now is a great time to sell a used van.
Since electric and hybrid models are newer than most gas and diesel models, there are simply fewer available, so prices are holding strong while the rest of the market has seen declines. The Carmigo platform has seen most EVs and Hybrids (other than luxury EVs) attract dozens of offers on the marketplace.
Nothing is more stable than a mid-sized sedan. And when the car market is volatile and gas prices are up and down, lots of people prefer a safe bet. When it comes to mid-sized sedans, the Toyota Camry is tried and true. If you’ve got a Toyota Camry or similar car you’re considering selling, we feel pretty good about your chances of fielding plenty of offers on the Carmigo marketplace.
Small crossovers are a fuel-efficient alternative to SUVs. And SUVs are expensive to keep fueled. For this reason, we see cars like the Ford EcoSport and Toyota Rav4 sell well. We’ve seen buyers make more offers on Rav4s, CR-Vs, Jeep Cherokees, and the like than in previous months.
Buyers are no longer willing to pay over-market prices for Teslas, but we still see most Tesla owners wanting to make a profit on their cars. We’ve seen Tesla sales grind to a halt, even when compared with other, higher-end EVs. This slowdown in sales is likely due to the flood of Tesla transactions this summer.
Large Crossovers and SUVs are both expensive to buy, expensive to refuel, and expensive to maintain. For all of those reasons, buyers have been wary of committing to such large and expensive purchases. SUVs always sell, but prices the price buyers are willing to pay is much lower than what sellers are asking these days.
Here’s what our Operations Manager Chris Michael had to say when I asked if SUVs are selling better, “Slightly better than last month, but I don’t think it’s enough to brag about.”
Luxury SUVs are a lot like Large Crossovers, expensive. When prices start moving and economists start talking about inflation, most folks pause all luxury spending. The good news here, inflation is slowing, and gas prices are going back down. This means you may be able to get a decent price for your fancy ride if you can hold out until the new year.
With the popularity, and honestly increased quality, of mid-sized cars these days, most buyers just aren’t looking for a full-sized sedan. If you list your Chrysler 300 or Chevy Impala for sale this month, expect to shave a couple of points off the asking price.
This probably isn’t the best market for offloading your executive sedan. Mid-trim, mid-size cars can pretty quickly be upgraded to include many of the bells and whistles of a luxury car at a fraction of the cost. When the economy is unpredictable, luxury is one of the first categories to take a hit.
Shameless Plug: A lot of these price trends are based on the Carmigo Marketplace data. Carmigo is a one-of-a-kind platform that lets private car owners sell their used cars to dealerships.
Note: These predictions are simply that: predictions. We cannot tell the future. They are based on trends we’ve seen in the marketplace but are not a guarantee of future market outcomes.
