5 Best Cars to Sell in July 2023

best cars to sell in october

5 Best Cars to Sell in July

Carmigo is bringing you the best-selling used cars for July (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 has been so weird so long, that weird is normal

When the used car market is unstable, people want a car that will last long and will hold its value no matter what the future holds.

People want Camrys. 

The market has been so unpredictable for a year now that dealerships and the general public alike are more comfortable with a safe bet.

So what’s the safest bed? A Camry.

In fact, used mid-sized cars in general are selling the best in the current kangaroo market.

You know the ones: Malibu, Altima, Accord, Avalon

According to the Conference Board Consumer Confidence Index®, consumer sentiment around vehicle buying conditions hit the lowest level so far this year in May, but remains higher than this time last year. 

And much like with the general car-buying public, car dealers have a similar sentiment. According to the monthly Cox Automotive industry survey, dealerships aren’t really expecting the market to go up or down. That doesn’t necessarily mean everyone expects the market to hold, we’re just not not sure which way it’s going to go and how fast. 

When it comes to the economy-priced reliable mid-size cars in the used car market, we’re seeing a continued trend of higher sales, higher relative prices, lower inventory and, lower depreciation.

Best Cars to Sell in July

green light chat box

You've Got the Green-Light

Toyota Camry best cars to sell in november, Toyota Camry best cars to sell in may, and one of the best cars to sell in june

For the last five months, Camrys have ranked near the top of sales on the Carmigo marketplace. Month over month, we list more and sell more Camrys than nearly any other car. 

The reason is simple: You can’t beat the Camry. They hold value well and are always in fairly high demand because of their year-over-year reliability, fuel economy, and safety standards.

When luxury cars and trucks start to decline in sales. When folks are opting for economy and fuel efficiency, that’s when the mid-size cars reign. The Camry fits into this category, but it’s its own thing. The Malibu led the way for mid-size, but we saw them all do well, including the Nisan Altima, Honda Accord, and Toyota Avalon.

mid sized sedans like this chevy malibu are some of the best cars to sell in june
2023 Honda CR-V

Folks who drive CR-Vs love CR-Vs because they’re tough and reliable. In the rare event someone sells a used CR-V, it gets snatched up quickly because they’re a sure bet for dealerships to turn around and retail them.

The subcompact SUV has done a good job over the years incorporating the things we love about larger utility vehicles into an economic package.

With updated features and a longer track record, drivers are trying subcompact SUVs to combat gas prices soaring and car prices acting crazy.

SUVs like this 2022 hyundai santa fe are some of the best cars to sell in july

The Hyundai Santa Fe always does well, it leads the among SUVs that middle-class families can afford. Alongside sub-compact SUVs, mid-tier, affordable SUVs are doing well. 

Worst Selling Used Cars

red light chat box

You've Got the Red Light

Ford Maverick

Because of market volatility and rising gas prices, we saw the bottom fall out on trucks in June. As long as gas prices stay high, that trend should continue. 

The Ford Maverick is the truck that leads the way among worst trucks to sell on the Carmigo Marketplace, mostly because new Mavericks are so affordable most people would rather buy one new than used.

Broncos have still not recovered from their massively inflated wait-list prices during the pandemic.


This, like the Tesla, had so much demand that manufacturers couldn’t keep up. But unlike the Tesla, this demand had been bubbling for decades — ever since Ford quit making the Bronco.

But once production caught up, everyone who wanted a Bronco had one, and almost all of those buyers overpaid for the cars in an inflated market. Now it’s not worth what the car loans cost to repay.

2023 Ford Bronco

A Maserati, in this economy? I think this is just an overall reflection of how inflated spending became before the used market slowdown. Now, coming out of a pandemic with weird markets, the only kinds of people who can afford used luxury cars can buy them new.

These cars didn’t even sell last month. Not one. Most people are opting for a more affordable mid-sized crossover.


People can’t afford this kind of luxury vehicle right now, and they’re certainly not taking out high interest loans to buy them used. 

Sellers listed multiple CX 9s and CX 5s on the Carmigo Marketplace in June, and only one out of the whole bunch sold.

It looks like the buyers are undervaluing these cars even compared to MMR estimated values. The highest offers are car coming in well below MMR.

The Best Way to Sell Your Green-Light Car

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. 

July Used Car Prices, Dr. Suess, Kangaroos, and Camrys

July Used Car Prices, Dr. Suess, Kangaroos, and Camrys

When used car prices are unstable, people want a car that will last long and will hold its value no matter what the future holds.

The market has been so weird so long, that weird is normal

Table of Contents

When the used car market is unstable, people want a car that will last long and will hold its value no matter what the future holds.

People want Camrys. 

The market has been so unpredictable for a year now that dealerships and the general public alike are more comfortable with a safe bet.

So what’s the safest bed? A Camry.

In fact, used mid-sized cars in general are selling the best in the current kangaroo market.

You know the ones: Malibu, Altima, Accord, Avalon

According to the Conference Board Consumer Confidence Index®, consumer sentiment around vehicle buying conditions hit the lowest level so far this year in May, but remains higher than this time last year. 

And much like with the general car-buying public, car dealers have a similar sentiment. According to the monthly Cox Automotive industry survey, dealerships aren’t really expecting the market to go up or down. That doesn’t necessarily mean everyone expects the market to hold, we’re just not not sure which way it’s going to go and how fast. 

When it comes to the economy-priced reliable mid-size cars in the used car market, we’re seeing a continued trend of higher sales, higher relative prices, lower inventory and, lower depreciation.

Used Prices Hold Into Summer 2023

Last month we reported the used vehicle listing price at just under $27,000. That’s up to $27,256 heading into last month. We certainly don’t expect to see big price gains for used cars in these summer months, but holding prices is a good sign during a season that usually sees drop-off. 

May 2023 used car sales (the most recent data) on the other hand are down compared with both April of this year and May of 2022. Early returns from June seem to show a slight uptick in retail sales similar to March sales numbers. 

Here’s what Cox Automotive’s senior manager of Economic and Industry Insights Chris Frey has to say about used vehicle sales going into July:

“The retail used-vehicle story is still being influenced by inventory, which is near the lowest point in our data set, which goes back to 2019. The tight inventory is holding prices higher, but our team also believes that high interest rates and elevated retail prices are hurting demand. Wholesale prices have been coming down in recent months, which likely means lower retail prices are on the horizon.”

As it stands, there are still fewer recent used cars — “new” used cars if you will — because of the pandemic production shortages and economic slowdowns. 

Similarly, fleet companies were flipping fewer lightly used cars into the mused car market. So more recent models of used cars are in higher demand, while some folks are settling for slightly older used cars because there is a shortage in more recent year models. 

Wholesale used car prices are slipping, but because of the inventory issues listed above, retail used car sale prices could continue to hold. 

New Cars Becoming More Affordable (but only a little)

New car sales dipped this month as inventory hit a year-year high, about 825,000 available new cars more than this time last year.

And thankfully, we’re seeing the average new car listing price slip a little as manufacturer incentives continue to tick up. 

Manufacturer incentives continued to rise to nearly $2,000 per transaction as brands try to move this extra inventory in the face of decreased demand. 

Here’s what Cox Automotive senior economist Charlie Chesbrough had to say about the weird month:

“The month of May ended on a slightly less positive note than when it started, suggesting some weakening of demand. Sales for new vehicles began to decline near the end of the month, after rising throughout the month as supply continued to increase. That caused days of supply, which is based on active supply and the daily sales rate, to edge higher. Meantime, prices for new vehicles slipped, another indication of slightly weaker demand.”

Even with sales decreasing, new car sales are still 23% higher than this time last year, which is why the used car market feels so loose right now. 

Income Growth Beats Inflation to Help Vehicle Affordability 

The vehicle affordability index improved slightly going into June (lower is better, like golf), but only because income went up, not because prices improved. 

In fact, the average new auto loan rate  increased to nearly 9% and the average monthly used car payment continued to climb past $750 per month. 

Monthly New Car Payment Hits $768

The US median income increased by nearly half of a percent (.3%) and manufacturer incentive pricing on new cars continued to ease up. Both of those factors helped the vehicle affordability index in the face of increased interest rates and rising monthly payments. 

Cox Automotive Chief Economist Jonathan Smoke said we’re experiencing some ripples from Fed rate hikes. 

“The Fed pausing rate hikes after 15 months doesn’t undo the numerous increases that have limited new-vehicle retail sales growth over the past year. However, the good news for consumers is that the rates they see on auto loans likely peaked earlier this year and may not move up despite the threat of another rate increase in July.” 

While used car loan rates are much higher than for new cars, used car sales could benefit from falling interest rates as new car rates stay near all-time highs. 

Will Carmax Buy My Car: Yes, But Is It The Best Way To Sell?

Will Carmax Buy My Car: Yes, But Is It The Best Way To Sell?

Will Carmax buy your car? The answer is yes, but there are several pros and cons to consider, plus an alternative option that’s way easier. In this blog post, we’ll go over what Carmax is all about, how its process works, and its pros and cons.

carmax buy my car

Understanding CarMax

CarMax is a renowned automotive retailer specializing in the sale of used cars. It was founded in 1993 by Austin Ligon, Richard Sharp, and several other executives from Circuit City, a consumer electronics retailer. The idea for CarMax originated within Circuit City as a way to diversify the company’s business ventures. CarMax established itself with a unique approach to car sales, offering a transparent and customer-centric approach. Their motto, “The way car buying should be,” exemplifies their commitment to revolutionizing the traditional car-selling experience.

CarMax’s approach to car sales was revolutionary for its time. Traditional used car dealerships were often associated with high-pressure sales tactics, negotiation games, and uncertainty about the quality of vehicles. CarMax sought to change this perception and built its foundation on three core principles:

  1. No-Haggle Pricing: CarMax adopted a one-price, no-haggle policy, which meant that the price listed on the vehicle was non-negotiable. This eliminated the need for customers to engage in lengthy negotiations and allowed them to focus on choosing the right car without any pressure.
  2. Quality Assurance: CarMax took significant steps to ensure the quality of its used cars. Each vehicle undergoes a thorough inspection and reconditioning process, which includes addressing any mechanical issues and cosmetic imperfections. This commitment to quality set CarMax apart from many other used car dealerships.
  3. Customer Experience: CarMax aimed to provide an exceptional customer experience. From the moment customers walked into the dealership, they were met with friendly and knowledgeable staff who were dedicated to helping them find the right car for their needs.

Today, CarMax remains true to its founding principles, offering a wide selection of used cars from various manufacturers, makes, and models. Customers can visit CarMax’s physical locations to browse their extensive inventory or take advantage of their user-friendly website to search for cars online.

CarMax continues to offer a convenient and transparent process to buy your car. Car owners can have their vehicles appraised at a CarMax location, and if they accept the offer, they can receive immediate payment without any obligation to buy a car from CarMax.

In addition to buying and selling used cars, CarMax also offers vehicle financing, extended service plans, and a 30-day limited warranty to provide further peace of mind to its customers.

How Carmax Buys A Car

carmax buy my car

Selling your car to CarMax is remarkably simple and convenient. With just a few steps, you can have your vehicle appraised and walk away with a competitive offer, all within a short span of time. Here’s how it works:

Step 1: Appraisal Process – To begin the process, visit your nearest CarMax location or take advantage of their online appraisal tool. With the latter option, you can receive an initial offer online without even leaving the comfort of your home.

Step 2: In-Person Appraisal – If you opt for an in-person appraisal, a certified CarMax appraiser will inspect your vehicle thoroughly. They consider factors like the car’s condition, model year, mileage, and current market trends to offer a fair and competitive price.

Step 3: The Offer – Once the appraisal is complete, you’ll be presented with a no-obligation offer for your vehicle. You have the flexibility to accept the offer immediately or take your time to think about it.

Step 4: No Strings Attached – CarMax’s appraisal offer is valid for seven days, giving you time to decide without any pressure. If you change your mind, you can walk away without any strings attached.

carmax buy my car

Pros & Cons of Selling on CarMax

Pros of Selling on CarMax

Selling your car to CarMax is a convenient and efficient process. You can get an initial appraisal online or visit a CarMax location for an in-person appraisal. The process is streamlined, and you can receive an offer in a relatively short amount of time.

CarMax follows a no-haggle pricing policy, which means the offer you receive is the final price for your car. There’s no need to negotiate, saving you time and potential stress.

CarMax appraisers use up-to-date market data to provide competitive offers for your vehicle. They take into account factors like the car’s condition, make, model, mileage, and current market trends to offer a fair price.

If you accept CarMax’s offer, you can receive immediate payment for your car. This can be especially beneficial if you need to sell your car quickly or are looking for a hassle-free transaction.

 Selling your car to CarMax doesn’t require you to purchase a car from them. You can simply sell your vehicle and walk away without any strings attached.

Cons of Selling on CarMax

While CarMax offers competitive prices, they may not always be the highest offers you can receive for your car. Private buyers or other dealerships might be willing to pay more, especially if your car is in high demand or rare.

CarMax buys most types of cars, but they might not purchase vehicles that are too old, have extensive damage, or certain niche models. If your car doesn’t meet their criteria, you’ll need to explore other selling options.

CarMax’s physical locations might not be accessible to everyone, depending on where you live. If there isn’t a CarMax near you, it might be less convenient to sell your car to them.

CarMax’s appraisal offer is typically valid for seven days. If you need more time to decide or explore other selling options, you might feel rushed to make a decision.

If you have a rare or high-value car, you might benefit from selling it through specialty dealers or auctions, where potential buyers with a specific interest in such vehicles are more likely to be found.

carmigo

Sell on Carmigo Instead

While CarMax provides a single offer for your vehicle, Carmigo offers a dynamic platform that connects you with multiple retailers, resulting in multiple offers. Consider this: would you prefer just one offer for your car or the opportunity to receive multiple offers? With Carmigo, you gain access to a network of dealerships spanning across different states, actively competing for cars similar to yours.

At Carmigo, the process is even easier than at Carmax. All you have to do is give us your vehicle’s basic information and snap a few guided photos to build your vehicle listing. 

Then, just sit back, relax, and watch in real-time as the offers come in for your vehicle. After your car sells, we handle all the paperwork, transfers, and transportation. We do all the work, so you don’t have to.

Selling A Car With A Loan in 5 Easy Steps

Selling A Car With A Loan in 5 Easy Steps

Table of Contents

Selling a car can be a daunting task, especially when you still have an outstanding loan on it. Many car owners find themselves in a situation where they need to sell their vehicle before fully paying off the loan. In this article, we will guide you through the process of selling your car with a loan, ensuring a smooth transaction and a successful sale.

Steps to Sell Car With a Loan

two men shaking hands on a car loan payment deal

1. Determine the Loan Payoff Amount

The first step in selling your car with a loan is to determine the exact amount you owe the lender. Contact your auto loan provider to obtain the payoff amount, which includes the remaining principal balance, any outstanding interest, and any applicable fees. This information is crucial as it will help you calculate the minimum selling price you need to cover the loan balance.

Here are the steps to follow:

  • Gather Loan Information: Collect all the relevant documents related to your car loan, including the loan agreement, payment history, and any correspondence with the lender. Having these documents at hand will help you communicate effectively with the loan provider.
  • Contact Your Lender: Reach out to your auto loan provider by phone, email, or through their online customer portal. Identify the appropriate department or representative who handles loan inquiries.
  • Request the Payoff Amount: Clearly state your intention to sell your car and ask for the current loan payoff amount. The payoff amount is the total sum required to completely satisfy the outstanding balance on the loan. It includes the principal balance, any accrued interest up to the date of the request, and any applicable fees or penalties.
  • Provide Required Information: The lender may ask for specific information to identify your loan account accurately. Be prepared to provide details such as your loan account number, the VIN (Vehicle Identification Number) of the car, and personal information to verify your identity.
  • Confirm Calculation Details: Once you receive the loan payoff amount from your lender, take a moment to review the calculations. Ensure that all relevant factors, such as any outstanding interest or fees, are included. If you have any questions or concerns, seek clarification from the lender’s representative.
  • Consider a Payoff Quote Expiration Date: Some lenders provide a “payoff quote” that is valid for a specific period, usually a few days. If you plan to sell your car within that time frame, make a note of the expiration date. If the quote expires before the sale, contact the lender to obtain an updated payoff amount.
  • Verify Payment Instructions: Inquire about the preferred method of payment for the loan payoff. The lender will typically provide instructions on how to make the payment, such as via check, electronic transfer, or through an online portal. Be sure to clarify any specific requirements or deadlines to ensure a smooth transaction.
person reviewing numbers and stats for a car loan

2. Assess the Market Value of Your Car

Next, research the current market value of your car. Consider factors such as the make, model, year, mileage, condition, and any additional features. Several online platforms provide estimated values for used cars, such as Kelley Blue Book or Edmunds. Compare these figures with local listings to get a realistic idea of your car’s worth.

where can i sell my car for the most money? hand full of money

3. Calculate the Equity or Negative Equity

To determine whether you have equity or negative equity, subtract the loan payoff amount from the market value of your car. If the market value exceeds the loan balance, you have equity. Conversely, if the loan balance is higher, you have negative equity. In the latter case, you will need to consider additional steps to handle the difference.

Equity Formula: Car Value – What You Owe = Equity

tools under hood of used vehicle
luxury cars at a dealership

4. Decide on the Selling Method

Once you have a clear understanding of your car’s value and loan payoff amount, you can choose the selling method that suits you best. Some common options include:

a. Private Sale: Selling your car directly to another individual allows you to negotiate the selling price and potentially maximize your earnings. However, keep in mind that handling paperwork and advertising the sale will be your responsibility.

b. Trade-In: If you plan to purchase a new vehicle from a dealership, consider trading in your car. The dealership will assess its value and deduct the outstanding loan amount from the trade-in value. This option may be more convenient, but you may not receive the highest possible price.

c. Sell to a Dealership: Dealerships may be willing to buy your car even if you have an outstanding loan. They will pay off the loan directly and offer you the remaining equity, if any. Remember that the price offered by dealerships might be lower than what you could get through a private sale.

D. Carmigo: The best way to sell your car if you’re looking for ease and speed without missing out on a great deal. Carmigo handles loan payoff for you, so you don’t have to worry about anything.

keys to used car being handed over after loan purchase

5. Complete the Sale

Regardless of the selling method you choose, there are a few essential steps to complete the sale:

a. Gather Documentation: Collect all relevant paperwork, including the vehicle title, loan documents, maintenance records, and any warranties. Ensure that you have a lien release from your lender once the loan is paid off.

b. Negotiate and Close the Deal: In a private sale, be prepared to negotiate the selling price with potential buyers. Once an agreement is reached, create a bill of sale and transfer the ownership properly. If selling to a dealership, review their offer and negotiate if necessary before signing the necessary documents.

c. Pay Off the Loan: Use the funds from the sale to pay off your car loan. If the selling price is lower than the loan balance, you’ll need to cover the difference personally. Ensure that the lender updates the vehicle’s title status to reflect the loan’s closure.

car driving in snow
carmigo marketplace on mobile phone

Skip All These Steps When You Use Carmigo

Carmigo provides an easy and speedy method to sell your car with a loan. After listing your car, Carmigo handles all the paperwork including loan payoff. With a huge network of dealerships, your vehicle receives multiple offers so you get the best price for your car. You set the reserve, and if none of the offers meets it, you don’t pay a dime. Once your car sells, you only have to wait for pickup and then get paid. It’s the ideal way to sell a car with a loan.

Sell My Truck: When, Where and How

Sell My Truck: When, Where and How

Selling a truck can be a significant decision, whether you’re looking to upgrade to a new vehicle or simply need to part ways with your current one. However, knowing when, where, and how to sell your truck can greatly impact your selling experience. In this blog post, we’ll guide you through the essential considerations for successfully selling your truck and maximizing its value.
man using wrench to work on truck engine

When to Sell My Truck

Timing plays a crucial role when selling your truck. Here are a few factors to consider regarding when to put your vehicle on the market:

Mileage and Condition: High mileage and extensive wear and tear can significantly affect your truck’s resale value. If your truck is nearing a significant maintenance milestone or requires expensive repairs, it may be a good time to consider selling it.

Seasonal Demand: Certain seasons and weather conditions can influence the demand for trucks. For example, four-wheel-drive trucks are more sought after during the winter months in areas with harsh weather conditions. Consider the local market and demand fluctuations to determine the best time to sell.

New Model Releases: When a new model year is released, it can impact the resale value of older models. If you’re planning to sell your truck, it might be wise to do so before a new model hits the market, as it could affect the perceived value of your vehicle.

parking lot with rows of trucks

Where to Sell My Truck

Choosing the right platform or method to sell your truck can make a significant difference in finding the right buyer and obtaining a fair price. Here are some options to consider:

Online Marketplaces: Websites like Autotrader, Cars.com, and Craigslist offer a broad reach and allow you to list your truck for sale to a wide audience. Take clear, high-quality photos and write an accurate description to attract potential buyers.

Local Classifieds: Consider advertising in local newspapers or online classifieds specific to your region. This approach can be particularly effective for reaching buyers in your immediate vicinity.

Dealerships and Trade-ins: If convenience and a hassle-free experience are your priorities, trading in your truck at a dealership can be a viable option. However, keep in mind that trade-in offers may not always match the potential value you could obtain through private sales.

car with for sale sign

How to Sell My Truck

Successfully selling your truck involves taking a few crucial steps to ensure a smooth process. Here’s how you can maximize your chances of a successful sale:

Set a Competitive Price: Research the market value of your truck by checking similar listings and pricing guides. Aim for a competitive price that reflects your truck’s condition, mileage, and additional features.

Prepare Your Truck: Before listing your truck for sale, thoroughly clean both the interior and exterior. Consider addressing any minor repairs or cosmetic issues to make your truck more appealing to potential buyers.

Gather Documentation: Collect all relevant paperwork, including the vehicle title, maintenance records, and any warranties. Buyers are more likely to trust and be willing to pay a fair price for a truck with a comprehensive documentation history.

Be Available and Responsive: Promptly respond to inquiries from potential buyers and be flexible with scheduling viewings and test drives. Being accessible and accommodating can expedite the selling process.

Easiest Way to Sell My Truck

When it comes to selling your truck, there are numerous platforms and methods available. However, Carmigo stands out as the easiest way to sell your truck quickly and effortlessly. Here’s why:

1. Simplified Listing Process:

Carmigo streamlines the listing process, making it incredibly simple to create an attractive and detailed advertisement for your truck. With user-friendly tools and intuitive interfaces, you can quickly upload high-quality photos, provide essential vehicle details, and set your desired price. Carmigo’s platform ensures that your listing looks professional and appealing to potential buyers.

2. Extensive Reach:

Carmigo has a vast network of dealerships actively searching for vehicles. By listing your truck on Carmigo, you gain exposure to a wide audience of interested dealerships looking specifically for trucks. This significantly increases your chances of finding the right buyer quickly. Carmigo’s user base is constantly growing, ensuring a higher likelihood of receiving inquiries and offers.

3. Expert Support:

Carmigo understands that selling a truck can be overwhelming for some individuals. Therefore, they provide reliable customer support to assist you every step of the way. Whether you have questions about creating a listing, pricing your truck, or navigating the platform’s features, Carmigo’s dedicated support team is there to help. Their assistance ensures a smooth and hassle-free selling experience.

4. Convenience and Time-Saving:

Perhaps one of the most significant advantages of using Carmigo is the convenience and time-saving aspect. Selling a truck privately often requires multiple listings on various platforms, responding to inquiries from different sources, and coordinating viewings with potential buyers. Carmigo consolidates the selling process into a single platform, saving you time and effort.

5. Safe and Secure:

Carmigo verifies all the dealerships, minimizing the risk of dealing with unreliable or fraudulent individuals. The secure messaging and chat features within the platform enable communication between parties without having to disclose personal contact information, protecting privacy and maintaining a safe selling environment. Additionally, Carmigo provides dedicated customer support to assist users and address any concerns or issues that may arise. With Carmigo’s commitment to safety and security, you can have peace of mind throughout the selling process, knowing that your interactions and transactions are protected.

When it comes to selling your truck, timing, location, and strategy can significantly impact your success. Taking the time to evaluate the market conditions, such as seasonal demand or the release of new truck models, can help you determine the optimal timing for selling your truck.

Additionally, choosing the right location to advertise your truck, whether it’s through online platforms, local classifieds, or even dealership trade-ins, can ensure maximum exposure to potential buyers. Presenting your truck in its best possible condition, both visually and mechanically, and setting a competitive price based on thorough research will further enhance your chances of attracting the right buyer and securing a fair price for your truck.

Carmigo Hits 5,000 Cars Sold Milestone

Carmigo Hits 5,000 Cars Sold Milestone

5,000 Cars Sold latest in series of achievements for the automotive tech startup

We just sold our 5,000th car on the Carmigo Marketplace. 

And this comes on the heels of a $7 million Series A fundraising round, recognition as one of the Emerging 8 companies making a difference in the technology and automotive space, and selection for the VillageX incubator in New Orleans. 

The last two years of hard work are starting to pay dividends, even with month-over-month declines in the used car market.

We had an inkling the Carmigo Marketplace would work — which is why we’re all so invested in it. But to work this well, this fast feels exciting and affirming. 

How We Did It

We did it by making things easier.

Sure, we’re oversimplifying, but that’s what we do, we take a complex process and handle the tricky parts so our buyers and sellers don’t have to.

With our online marketplace, used car dealerships all over the country have access to front-line ready consumer cars that we’ve already pre-inspected and vetted. They make offers on the inventory they want without having to inspect a bunch of drive-ups in person.

And our mobile scanning technology allows sellers to list their car from their phone, so they can sell their car without ever leaving their driveway.

Carmigo’s team handles the legal paperwork, title transfer, loan payoff, ACHs the money to the seller and picks up the car. 

For our services, we charge a flat, $350 fee taken out of the final sale price. It’s a win-win-win. 

Carmigo Named an Emerging 8 Company

Speaking of easier, Cherokee Media Group named Carmigo an Emerging 8 company, an award given to “companies that improve a specific aspect of the automotive industry through technology.”

That is certainly a validation of our mission statement: Make it easy. 

Here’s what the Cherokee Media Group said about this year’s class — “We are thrilled to recognize and celebrate the accomplishments of this year’s honorees who are setting new standards for excellence in the automotive industry,” Cherokee Media Group president Bill Zadeits said. “The Emerging 8 award program was developed to fulfill our commitment to honor companies that push the boundaries of innovation.”

As a part of the recognition, Carmigo is featured in the April issue of Auto Fin Journal and will be recognized at the April 19 Auto Intel Summit in Raleigh, N.C. Our CFO, Daniel Kim, is going to be there to accept the recognition and speak on a panel. 

Here’s what our CEO Andrew had to say —“Being named an Emerging 8 company is special to us because it reflects our mission,” said Andrew Warmath, Carmigo founder and CEO. “We have the words ‘Make it easy’ covering a wall in our office because we want to use our technology to make buying and selling cars easier. This recognition affirms our mission.”

We’ll leave you with one more quote from the kind folks at Cherokee Media Group:

“The 2023 Emerging 8 honorees are making significant contributions to the automotive industry through their innovative use of technology,” said Amanda Dunlap, EVP of events and marketing at Cherokee Media Group. “We are proud to recognize their ingenuity and we look forward to celebrating their success at this year’s Auto Intel Summit.”

Carmigo Selected for VillageX Incubator

Carmigo was also selected as a VillageX Incubator startup in 2023, giving our founders the opportunity to present to investors and learn from other innovators and entrepreneurs. 

“The goal of the VILLAGEx accelerator program is to identify the entrepreneurs who are the future business leaders for our region and give them the tools needed to grow their companies,” said Jon Atkinson, CEO of The Idea Village, in a press release. “The results will be more good jobs, more investment in our city and more economic opportunity for the Gulf South.”

Carmigo was one of 13 startups selected from a pool of more than 60 based on market potential, growth trajectory, industry potential, product stage, team readiness and traction.

$7 Million Series A Fundraising Round

After a year-and-a-half of operation, Carmigo conducted a Series A funding round and secured $7 million from both the original investors as well as new investors.

This funding round brings the total investment in Carmigo to $10 million since its launch in January 2021.

Here’s what Andrew said, “This round-close is a significant milestone for Carmigo. Our team created Carmigo after recognizing a significant pain point in the automotive industry. Our virtual platform creates a convenient and competitive environment for consumers, while helping our dealers source quality inventory. We are proud of what we have built, but this recent investment makes us excited for what’s to come.”

A major investor in the round was Southern Bancorp in partnership with Advantage Capital.

“Our core values stem from our commitment to invest in small businesses and grow communities,” said Brian Anderson, Principal at Advantage Capital. “Carmigo is the perfect example of this dedication. They are committed to bringing jobs to Tupelo and fostering the job market.”

Bill Wright, CEO of Southern Bancorp’s Western Region added, “The investment by our revolving loan fund in Carmigo meets Southern’s commitment to make flexible lending available in markets where capital is less readily available.”

Thinking About Selling Your Car?

List your car on the Carmigo marketplace in 10 minutes or less and start getting offers in as little as a day. 

Most sellers on the Carmigo marketplace get multiple offers and sell in less than a day. 

It’s always free to list, and you don’t have to take a penny less than your bottom price.

You Paid How Much for That New Car?

You Paid How Much for That New Car?

Used Car Prices lag even as New Car Payments Top $700 Per Month. But, the market rightsizing after a couple of wild years in the car market.

Used Car Sales Slow even as New Car Payments Top $700 Per Month.

Table of Contents

It’s June 2023 and the average new car-payment is more than my first mortgage payment but that’s not slowing sales. 

And even with new car prices at an all-time high, used car sales are back on the downslope.

But, what we’re seeing is actually the market rightsizing after the pandemic caused a couple of wild years in the car market. 

So, as crazy as the market seems now, this is all ok. 

Plus, we’re finally seeing some manufacturer incentives on new cars to help combat the astronomical prices they’re charging. 

Before we go any further, here are the cars selling best and worst on the Carmigo Marketplace going into June:

Red Light x Green Light

  • Green Light
      • Camry
      • Tucson
      • RAV4
      • Soul
      • F150 (half tons)
  • Red Light
    • Mini Cooper
    • Pathfinder
    • Luxury Sedans
    • Cherokee
    • Santa Fe Sport and “Sport” Trim SUVS

You can read more about each of these models and why we chose it for the list over at the Red Light x Green Light report.

Overall, Used Car Prices are Stagnant and Sales are Down, But that’s OK

The used car market looks to have continued its return to the mean, which paused briefly this spring. 

used car prices return their slide to the mean.

When we talk about free market capitalism and letting the markets decide, this is that. Markets don’t go up forever. Even Steph Curry misses shots sometimes. 

Used sales and prices have held pretty solid over the past few months, considering the volatility in the market since the beginning of the pandemic supply shortages.

Volatility in Used Car Prices

I’ve always lived near the gulf coast, home of oil companies and hurricanes. 

After a major hurricane disrupts gas supply, gas prices go up fast. But sooner or later, supply catches back up through a combination of repairing the storm damage and of folks using less gas due to prices. 

Going into the Pandemic, in 2020, the manheim index was around 150, steadily rising a couple points most year.

But when new cars stopped being made during the pandemic, used car prices skyrocketed, higher than they’ve ever been. Just like with gas, those numbers are going to end up going back down sooner or later.

And this is a fairly steady return to the mean, which is the best we can hope for.

While no one wants to sell as a market is on the way down, it’s not going back up anytime soon. So if you’ve got to sell a used car, now is as good a time as any.

Average Used Car Prices Higher Than Last Month, Lower Than Last Year

The average used vehicle listing price was $26,969 going into last month, the highest since the beginning of 2023, but that’s still down 4% from last year. 

This could be due partially to a preference for inexpensive used vehicles. With vehicle prices near all-time highs, people are reaching for the cheap stuff.

used car prices affected by days of supply

Days’ supply for under $10,000 vehicles was 31. Days’ supply for vehicles priced between $10,000 and $15,000 was 37, between $15,000 and $20,000 was 40 and $20,000 to $35,000 was 44. Vehicles priced above $35,000 had the highest days’ supply at 46.

New Car Sales Outperform Bold Predictions, Even in the Face of Rising Prices

Cox predicted May would see 20% increase in new vehicle sales, and their predictions were beaten. I totally didn’t expect to see new sales to continue going up because of prices and continually increased availability. 

But, I’m not the expert, Charlie Chesbrough is. He broke it down in a way I hadn’t considered last month:

“New-vehicle sales will show strong gains this month over last year’s levels, and on the surface, this is a bit surprising. Interest rates are substantially higher than a year ago, as are vehicle prices, and yet sales will increase year-over-year. The reason? Vehicle shoppers now have a much better chance of finding something that fits their needs. Pent-up demand, held back by limited product availability last year, is now being fulfilled as inventory levels improve around the country.”  

People couldn’t buy new inventory because it wasn’t available, and now that it is, people are buying the cars they saved up for, even if its way more expensive than it was a few years ago.

“New-vehicle inventory continues to improve, supporting a pick-up in the sales pace,” said Charlie Chesbrough, Cox Automotive senior economist. “Clearly, pent-up demand is being unleashed. How much pent-up demand exists is the question. We still expect sales to slow in the second half as economic headwinds, particularly rising interest rates, grow.”

New Car Prices Can’t Stay This High

I’m still skeptical about how sustainable this trend is because the affordability index is getting a little out of control.

The average list price for a new car is now above $47,000, which brings the average monthly payment on a new car loan to more than $700. 

We’re Finally Seeing Some New Car Price Incentives

New car prices may be at record highs, but at least manufacturers are beginning to issue discounts.

The average total incentive is higher than it’s been in the past year, coming in at $1,714 per vehicle.  

New vehicle prices are slowly ticking down after reaching all-time highs this winter. But those dips aren’t enough to boost sales, which dropped slightly to just under 1.3 in April. 

At the same time, new car inventory has basically returned to pre-pandemic levels, meaning that long waiting lists are no longer propping up new car prices, and manufacturers are introducing incentive pricing. 

New car prices will likely continue to ease, but new car sales should continue to benefit from the current highs. 

5 Best Cars to Sell in June 2023

best cars to sell in october

5 Best Cars to Sell in June

Carmigo is bringing you the best-selling used cars for June (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.

New Car Sales Up Heading Into Summer

It’s June 2023 and new car prices are flirting with all time highs. Combined with increased interest rates, the average monthly car payment in 2023 has officially topped $700.

But prices can’t stay that high forever. In fact, manufacturers are beginning to implement incentive pricing to help ease the burden of buying a new car. 

Plus, used car prices are beginning their return to normal (hopefully new car prices will too).

Is this the month to sell your car? Depends, do you have a red light or a green light car this month?

Best Cars to Sell in June

green light chat box

You've Got the Green-Light

Toyota Camry best cars to sell in november, Toyota Camry best cars to sell in may, and one of the best cars to sell in june

For the last four months, Camrys have ranked near the top of sales on the Carmigo marketplace. Month over month, we list more and sell more Camrys than nearly any other car. 

The reason is simple: You can’t beat the Camry. They hold value well and are always in fairly high demand because of their year-over-year reliability, fuel economy, and safety standards.

Hyundai makes great SUVs. In fact, most months a Hyundai SUV has the highest sales ratio on the Carmigo Marketplace. That means we sell most of the Hyundais we list. And lately, the Tuscon has lead the way. 

the Hyundai Tuscon is one of the best selling cars in june
the toyota rav4 is one of the best cars to sell in October

The Toyota RAV4 is one of the models of vehicle we don’t see often (because owners will drive these things until the wheels fall off). 

But when we do see someone list a RAV4, it sells fast and it usually gets some solid offers. Because RAV4 fans are fanatics. 

Last month, we predicted the Kia Soul would be a Red Light Car. Boy were we wrong. We listed 7 Kia Souls in May, and we sold them all. In fact, we sold them all for right at market value. 

The Ford F150 is America’s truck for a reason. This truck has been selling well, selling in volume, and selling for competitive market prices on the Carmigo Marketplace for most of 2023. 

In fact, half-ton pickup trucks overall are dominating the used car market right now, especially the Carmigo Marketplace. 

Worst Selling Used Cars

red light chat box

You've Got the Red Light

The Mini Cooper sold terrible on the Carmigo Marketplace in May. It sold so bad, that it didn’t sell at all.

We listed a handful and they got a few offers, but nothing very substantial. With the market as high as it is, I have to think cars that are smaller than economy cars and almost as expensive as luxury cars don’t have a strong footing. 

The Nissan Pathfinder not only didn’t sell, none of the Nissan Pathfinders on the Carmigo Marketplace received an offer last month. I’ve never seen that before. The Pathfinder, like the Mini Cooper, simply doesn’t fit well into such an expensive market. It’s not a luxury vehicle, but it’s not cheap. It’s not a work truck, but it’s not small. 

Across makes and models, luxury sedans are depreciating in value faster than other models. This means people who are trying to sell a luxury sedan often have more money in them than they can get back from a buyer. Until the new and used car markets level back out, Luxury Sedans aren’t going to sell better.

Last month, predicted Jeeps would sell well in May, and they did. But the Jeep Cherokee didn’t sell well in May. In fact, all of the Cherokee trims and models did poorly, including the Grand Cherokee. June probably isn’t going to be a whole lot different for the Cherokee. 

Hopefully things will look up after the summer used car market doldrums. 

SUVs like this 2022 hyundai santa fe are some of the best cars to sell in july

The Hyundai Santa Fe has sold pretty well in recent months. It even came in as a Green Light car in May. 

But the Santa Fe Sport trim has done pretty bad on the Carmigo marketplace. Part of this could be because the market is so expensive right now that folks are either going the cheaper route, or going for the full thing. Since the sport model usually sits somewhere in between, it could just be overlooked. 

The Best Way to Sell Your Green-Light Car

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. 

Used Car Prices Steady, and Sales Soar in April

Used Car Prices Steady, and Sales Soar in April

Used car sales volume jumped by nearly 300,000 used car sales in March over February, which is a good sign for prices going forward.

Prices Should hold Going into Summer

Table of Contents

Used car sales volume jumped by nearly 300,000 used car sales in March over February, which is a good sign. 

Following the 2022 bubble used car prices had fallen to nearly pre-pandemic levels, and sales were down too. 

As the spring travel season continues, we should see steady used car sales and used car prices, thanks in large part to drops in used car supply and sustained high new car prices. 

“Prices have been falling, but the tight supply might be providing some price support,” said Cox Automotive Senior Economist Charlie Chesbrough. “Used prices may fall further, but it seems unlikely a massive decline will happen given the supply situation.”  

Best and Worst Cars to Sell

Green Light Cars

  • Toyota Camry
  • Chevy Silverado / Trucks
  • Hyundai Santa Fe
  • Jeep Wrangler | All Jeeps
  • Hyundai Kona

Red Light Cars

  • Maverick 
  • Tiny Cars
  • Minivans
  • Ford Fusion
  • Tesla

Used Car Sales Are Up

Used car sales volume spent five months below the 3 million sales mark, but so far, sales volume is continuing to climb in 2023. Volume is still under March 2022’s 3.4 million sales mark, but continued sales growth is a good sign for the spring. 

Some of this sales growth is seasonal, but some can be attributed to a very expensive new car market that has barely recovered from last year’s supply-chain issues.

Used Car Prices Hold, Sorta

The average used car listing price is up to $26,213, but that doesn’t mean people are actually getting more for their used cars right now. That average list price is down only 4% from last year when used car prices, and sales volumes were at record highs. 

Sellers are still asking more for their cars than buyers are willing to pay, but because demand is outpacing supply, there is some used car prices are holding fairly steady.  

Supply & Demand & Used Car Prices

These two balancing factors should keep used car prices stable this spring: 

  1. As the average used car listing price goes down a little more, we should see increased buyer activity. 
  2. And when those used cars are bought up, the number of available used cars should continue to drop. 

Here’s what Chesbrough has to say about it:

“The supply of used vehicles at dealerships is at its lowest point in our data, which goes back to 2019. Finding the right product at the right price is more challenging for buyers today.”

Segments

Pickup trucks, for a second consecutive month, were the only market segment/body type to gain price compared with mid-April 2022 — but that was only 0.1%.

The two segments with the largest drop in price since last year are luxury and minivans. For minivans, this is a first in a while since the family vehicles held strong through 2022. For luxury vehicles, this is an ongoing trend. 

New Car Sales

New vehicle prices are slowly ticking down after reaching all-time highs this winter. But those dips aren’t enough to boost sales, which dropped slightly to just under 1.3 in April. 

At the same time, new car inventory has basically returned to pre-pandemic levels, meaning that long waiting lists are no longer propping up new car prices, and manufacturers are introducing incentive pricing. 

New car prices will likely continue to ease, but new car sales should continue to benefit from the current highs. 

5 Best Cars to Sell in May 2023

best cars to sell in october

5 Best Cars to Sell in May

Carmigo is bringing you the best-selling used cars for May (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.

Used Car Sales Soar Through April

Used car sales volume jumped by nearly 300,000 used car sales in March over February, which is a good sign. 

Following the 2022 bubble used car prices had fallen to nearly pre-pandemic levels, and sales were down too. 

As the spring travel season continues, we should see steady used car sales and used car prices, thanks in large part to drops in used car supply and sustained high new car prices. 

“Prices have been falling, but the tight supply might be providing some price support,” said Cox Automotive Senior Economist Charlie Chesbrough. “Used prices may fall further, but it seems unlikely a massive decline will happen given the supply situation.” 

Best Cars to Sell in May

green light chat box

You've Got the Green-Light

Toyota Camry best cars to sell in november, Toyota Camry best cars to sell in may, and one of the best cars to sell in june

For the last three months, we’ve sold more than 75% of the Camrys listed on the Carmigo marketplace. Month over month, we list more and sell more Camrys than nearly any other car. 

The reason is simple: You can’t beat the Camry. They hold value well and are always in fairly high demand because of their year-over-year reliability, fuel economy, and safety standards.

For two months in a row, we sold well over half of the half-ton trucks listed on the Carmigo platform. Leading the way was the Silverado, but nearly every make of half-ton truck sold well. It’s a good time to sell a good truck. 

These 2023 Chevrolet Silverado 1500 are some of the 5 best cars to sell in the March. These 2023 Chevrolet Silverado 1500 are some of the 5 best cars to sell in the May.
nice image of 2021 hyundai santa fe

The Hyundai Santa Fe is a popular car with favorable ratings. We sold more than 80% of the Santa Fes we listed for the last month, and it was the second-most listed model on the Marketplace in March. They did almost exactly as well in February. It’s always a good time to sell a Santa Fe.

Wranglers sell well and consistently. And this month, all Jeeps sold well. We sold every current model of Jeep except the Patriot last month. They had lots of offers and sold for very competitive prices. I would wager good weather will spark even more interest in these fun, recreational vehicles. 

2022 Jeep Wrangler | Jeeps like this Wrangler are some of the best selling cars in May

When Hyundai makes an SUV, they don’t miss — at least, not lately. The Kona fits all of Hyundai’s comfort, safety, and reliability in a compact SUV. Konas averaged 20 offers each on the Carmigo Marketplace in April, and we sold 75% of the ones we listed. 

Worst Selling Used Cars

red light chat box

You've Got the Red Light

Ford Maverick

Half-ton pickup trucks are selling great right now. They’re depreciating slower than other body types, and they’re selling across makes and models. At the same time, new small trucks are some of the most affordable vehicles, so there is less interest in small trucks. Ford Maverick sellers are simply victims of reasonable new Maverick prices and the popularity of larger trucks. 

Tiny cars like the Kia Soul and Fiat 500 are just not selling on the Carmigo Marketplace. That trend is likely to continue into May. If you have a tiny car you want to sell, wait until gas prices go back up and try selling then. 

Minivans like this Chrysler Pacifica are some of the best selling used cars to sell in January.

Minivans usually sell great, but this month, things are a little different. Grand Caravans and Chrysler Pacificas averaged 13 offers each last month on the Carmigo Marketplace. And none of those offers were good enough for the sellers because none sold. Normally I would say it’s an anomaly, but it happened across makes and models, which looks more like a trend. 

Fusions sold terribly on the Carmigo Marketplace in April. They barely even attracted offers. This doesn’t seem to be a trend with other mid-sized sedans, so maybe hold off on Fusions for a while. 

2020 Ford Fusion
Photo depicting each of the Tesla models on offer, from left to right a silver Model S, a red Model 3, a white Model X, and a blue Model Y.

Tesla slashed new car prices to start 2023, so most Tesla buyers are opting to get a new model since it’s cheaper in some cases. iSeeCars reported a nearly 5 percent drop in used Tesla values following the price cut announcements. Things aren’t getting better for used Tesla owners anytime soon. 

The Best Way to Sell Your Green-Light Car

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.