Carmigo is bringing you the best-selling used cars this August (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.
The Market
August is a bit of a mystery. The market is doing weird stuff — it’s up over here, down over there. No one is really sure how things are going to shake out. But, we’ve got some tips on which cars we think are going to sell the best, and which aren’t.
Current used car market factors include:
With fuel prices as high as they have been, and the fact that they’ve been so unpredictable, lots of people are selling gas guzzlers and buying EVs and hybrids. That means electric prices are up and large vehicle prices are down.
Our system is simple. We compare the prices from the Carmigo Marketplace with national auto sales and U.S. economic trends. We even talk to some of our dealership buyers to see what they plan to purchase in August.
Then we label them. Cars that are regularly selling for higher prices are Green-Light Cars. Cars that are not selling as well or that have dipped in price are Red-Light Cars.
If you have a Green-Light Car, now is the time to sell. But if you have a Red-Light Car, maybe wait and see.
Here’s the deal, people already wanted Teslas before the price of gas went haywire. In fact, Teslas are topping “fastest selling” lists month after month.
And demand for new Teslas is as high as it’s ever been, so lots of people are willing to pay extra for a used Tesla if it means they can drive it now. If you’ve got one, consider offloading it before prices go back down.
In May, Tesla Sellers were averaging a highest offer of $66,000. That number dropped to $56,000 in June but bounced back up to $60,000 in July.
Hyundai Sonatas and Ioniqs have been getting extra attention in the marketplace because they’re very reasonably priced and have solid fuel efficiency (especially the hybrids and EVs).
Even with overall market prices cooling off, the average Hyundai sale price is higher than at any other point in 2022 on the Carmigo Marketplace.
All hybrid and EV cars on the Carmigo platform are averaging higher prices than in any other month this year thanks to the soaring fuel prices.
This sustained increase in EV prices can also be attributed to less EV inventory overall. Since electric and hybrid models are newer than most gas and diesel models, there are simply fewer available, so prices are up.
For drivers not ready to make the switch to EVs, reasonable sedans and compact cars are the best way to save money at the pump.
Used Toyota Camry and Corolla prices are steady on the Carmigo Marketplace, despite ongoing drops in the overall market.
Minivans are a great fuel-efficient alternative to SUVs for big families. But minivans are also divisive. I can fit my whole family, and a couple of sheets of plywood in my electric Pacifica, so I love it. But some people don’t think they’re cool, manly, or powerful enough. That’s cool too.
If you’re having trouble stomaching the thought of driving your minivan any longer, this summer is the time to sell it. Especially before the end of family road trip season.
Just like minivans, crossovers are a fuel-efficient alternative to SUVs. And SUVs are expensive to keep fueled. Overall, crossovers aren’t selling for more than they were in previous months, but their used value is holding during an overall market dip.
Here’s the deal: diesel trucks sell every month. But for the first half of the year they were selling fast, often, and for all-time, record-breaking prices. However, diesel prices are still through the roof so diesel trucks aren’t fetching as much in the used car market.
So if you need to sell one, go right ahead — someone is almost always in need of a diesel truck in good condition. But if you’ve got some time and want to make a little more money, wait for fuel prices to normalize.
SUVs are cool. You can go offroad, but you don’t have to. And it’s always nice to know you can safely make it through highway traffic to pick up the kids, but also you could skip the traffic and go through some fields.
But when the market gets a little weird, it’s harder for most people to justify fueling up a giant SUV they’re not using to its full extent.
So if you’re trying to get rid of your SUV, it might be worth it to wait a little while. Or at least until gas prices have been below $4 for more than a month.
Luxury cars? In this economy? I don’t think so. Unless your luxury car is a hybrid or EV, you’ll probably want to hold onto it until the market is a little more stable. When prices start moving and economists start talking about inflation, most folks pause all luxury spending.
Shameless Plug: A lot of these price trends are based on the Carmigo Marketplace platform data. Carmigo is a one-of-a-kind marketplace that lets private car owners get offers on their cars from a network of dealerships in a day.
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.
