Used Car Prices Waver but Sales Up Going Into Spring

Used Car Prices Waver but Sales Up Going Into Spring

Used car prices are down compared to previous months, but they’re still up compared with historical trends.

Used car market sees rising demand and falling supply.

Table of Contents

Is March the Month to Sell Your Car

Pros

  • Used Car Prices are higher than they were in 2021.
  • New cars are too expensive for many buyers. 

Cons

  • Prices are lower than they were this summer.
  • If you wait too long, manufacturers may discount new car prices.

Used Car Prices Don’t Tell the Full Story

I don’t think many experts would say the car market is thriving right now, but we have seen an increase in both new and used car sales in the last month or so. And used car prices are down compared to previous months, but they’re still up compared with historical trends.

On the Carmigo Marketplace, we’ve seen initial offers and buyer expectations come closer together than they have been since before the used car bubble burst, which feels like a good omen for used car prices and sales going into March. 

The used vehicle value index is a good predictor of used car prices

Used Car Index and Sales Are Up

Cox Automotive data show that used vehicle sales are up over last month and last January, putting a period on a months-long decline in the number of used cars sold. 

At the same time, the closing February Manheim Used Car Index is up about 10 points over January. That’s not a direct corollary to how much money you can sell a car for, but a very good measure of the current used car market. 

January saw 2.8 million used cars sold, and used car prices went up 4.1% in the first half of February. Any price increase in February is unusual so this increase is rather notable, since February is a historically stable month for used car sales

Supply Is Down

Increased sales mean there are now fewer used cars to go around. This could be a good sign for used car prices in the coming months, especially for more popular models. The number of used cars for sale is about as low as it’s been in the last five years. At 2.2 million used cars, the available inventory is similar to April, November 2021 and June 2020. 

At 48 days, the used car days of supply is about as low as it was at any point last year. Days of supply is simply how many days the current level of inventory would last under current demand.

Used Car Prices Were Slightly Down

Used car prices were down slightly this winter. The average used car asking price was about $700 lower at the end of January compared to the end of December.

But, at $26,510, the current average used car price is still much higher than the $19,000 average price in 2016 or the $22,000 average in 2020. 

A lot of consumers are going into the selling process expecting higher prices because the market was so inflated in 2022. But even after months of falling prices, sellers can expect to make more for a used car now than in any other year besides 2022.

New Prices and Supply Still Rising

As used car prices fall, new car prices are still astronomical after setting an all-time high last month. 

And even still, Cox Automotive is projecting a total of 1.1 million new cars sold in February. 

This increase, after a stagnant January, could be because manufacturers are beginning to introduce pricing incentives. But incentives are still minuscule compared with previous years. 

In January, industry-wide new car pricing incentives were 2.8% of average transaction prices (up .1% over December). But in January 2021, before the new car shortage, incentives averaged nearly 9% of average transaction prices.  

The used car market will likely see increased activity (and possibly higher prices) if increasing prices and low incentives for new cars continue.

Gas Prices Are up a Little, but Lower Than Last Month

Gas Prices Are up a Little, but Lower Than Last Month

Gas prices went up to $3.37 on Wednesday, two cents higher than Tuesday's gas prices but two cents lower than a week before.

Gas Prices Stay Steady

Average gas prices went up to $3.37 on Wednesday, two cents higher than gas prices on Tuesday but two cents lower than a week before. 

This can be attributed to increased demand, in large part — especially since oil prices have remained low.

Last week, supply did not keep up with rising demand, leading to the slight increase in gas prices. 

“Another reason is that the seasonal switch to summer blend gasoline is underway, which may account for this bounce in pump prices,” said Andrew Gross, AAA spokesperson, “This blend is designed to lower emissions during the summer and is more expensive to refine. Switching to summer blend usually adds about five to ten cents to the price of gasoline.”  

Demand jumped by 220,000 barrels last week while totally supply dropped by nearly 1 million barrels.

But even up two cents, the average price for a gallon of gas is cents under last month and nearly 30 cents less than last year.

 

5 Best Cars to Sell in March 2023

best cars to sell in october

5 Best Cars to Sell in March

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

We have seen an increase in new and used car sales in the last month. And used car prices are down compared to previous months but still up compared with historical trends.

On the Carmigo Marketplace, we’ve seen initial offers and buyer expectations come closer together than they have been since before the used car bubble burst, which feels like a good omen for used car prices and sales going into March. 

All eight of the market segments (e.g. trucks, vans, compact cars, etc.) lost value compared with this time last year, but pickup trucks saw the smallest decline. In fact, we’re seeing a full-blow pickup truck renaissance.

Best Cars to Sell in March

green light chat box

You've Got the Green-Light

Pickup trucks like this 2023 Ford F150 are some of the best selling cars in January. Pickup trucks like this 2023 Ford F150 are some of the best selling cars in March..

The Ford F150 has returned to its previous glory. We sold 85% of the Ford F150s listed on the Carmigo marketplace last month. The offers prices are slowly going up compared with last fall, and sellers are accepting those offers more readily. As truck demand continues to rise, we expect the F150 to say on top.

The Chevy Silverado has the same story as the Ford F150. In fact, we sold every Silverado 1500 we listed in the last month. And we sold a large majority of the other sizes of Silverados listed on the Carmigo Marketplace. The only reason the Silverado is listed lower than the F150 is sheer volume. The Silverado should continue to sell well in the coming months.

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.
Toyota Camry best cars to sell in october, best cars to sell in february

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. Of the Camrys listed on the Carmigo Marketplace in the last 30 days, we sold 75%.

The Toyota 4Runner was a bit of a surprise hit for us this month. In previous months vehicles that size haven’t moved as well. Combine that with the fact that 4Runner owners usually drive them until their 4Run into the ground. But we sold 100% of the 4Runners we listed on the Carmigo Marketplace this month. We expect to see similar results in March.

2019 Toyota 4Runner
Hyundai Sonata N-Line

The Camry wasn’t the only Sedan doing well, just the most popular. We saw lots of offers on Honda Accords, Hyundai Sonatas, Ford Fusions, and Nissan Sentras to name a few. Sedans do well in most markets because of their price and reliability, but we’ve seen increased interest lately.

Worst Selling Used Cars

red light chat box

You've Got the Red Light

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. 

Full-sized pickup trucks are hotter than just about anything 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
2023 Ford Bronco

Broncos were selling like gangbusters when they first came out. And then, when there was a shortage new Broncos, folks began selling their used Broncos at inflated prices compared with the Teslas. I don’t think they’re less popular right now, they market was just so inflated that any price seems too low for many sellers. 

Luxury cars are seeing higher depreciation across all body types than other cars. That means anyone selling a used luxury car is going to sell for significantly less than they purchased the car for. 

It’s just been a rough couple of months for Kia Souls on the Carmigo Marketplace, and as far as we can tell, that holds pretty true across the board. It seems like the Kia Soul isn’t holding much value in the current market. 

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. 

2023 Silverado 1500 is Better Than Ever

2023 Silverado 1500

The Silverado 1500 has been noted as the #1 best-selling retail full-size pickup . This comes as no surprise with the Silverado’s impressive selection of trims that can tackle anything from trailblazing to a comfy road-trip. 

With nine different trims, there is a Silverado for any task. For those seeking a reliable vehicle, the WT is just the truck. For those seeking adventure, the trail boss is a great option. 

2023 Chevrolet Silverado 1500

Growing in Power & Popularity

Over the years the Silverado has grown in its dependability and power. In 2023, Four Wheeler named the 2023 Chevrolet Silverado ZR2 the pickup truck of the year.

A Truck For Any Adventure

The 2023 Silverado has an impressive collection of trims, starting at around $43,000 for the WT and ending with the ZR2 at about $71,500. The most basic model works for your day-to-day activities and gets the job done, but if you have a sense of adventure, trims like the trail boss and ZR2 are fully equipped to take on a variety of terrain. 

Interior & Tech Updates

The 2023 Silverado is sneaking up on its competitors with upgrades to its interior and technology. Some new updates include a long cabin with lots of rear legroom, plenty of tie-down points in the spacious bed, and a touchscreen display that connects to Apple CarPlay.

Sell Your Silverado on Carmigo

Thinking about upgrading to a new 2023 Silverado 1500? See how much money you could make by selling your car on Carmigo’s one-day auction platform today. 

Chevrolet Silverado 1500s remain a popular choice among truck lovers. This means there is a thriving market for them and chances are you could get quite a bit if you wanted to sell it. 

At Carmigo, we sell Silverado 1500s to our network of dealerships almost every day.


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2023 Chevrolet Silverado 1500
2023 Chevrolet Silverado 1500
2023 Chevrolet Silverado 1500
2023 Chevrolet Silverado 1500
2023 Chevrolet Silverado 1500
2023 Chevrolet Silverado 1500
2023 Chevrolet Silverado 1500
2023 Chevrolet Silverado 1500 Trunk
2023 Chevrolet Silverado 1500

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Trim Specs

2023 Chevrolet Silverado 1500 WT

The 2023 Chevrolet Silverado 1500 Work Truck is an affordable base model that comes with enough safety and tech features to give you your money’s worth. Lane assist features, a post-collision safety system, and traction control are just a few examples. 

The in-car entertainment includes a 7.0 inch display complete with android auto and Apple Carplay capabilities. There are plenty of comfort features too, like electric power steering, rear view cameras, and heated mirrors.

Starting MSRP MPG Seats Engine Drivetrain HP
$41,300 19/22 6 2.7 L Incline 4-Cylinder RWD 310

2023 Silverado 1500 Custom

The custom has everything the WT has. There are some notable differences though. The first one you might notice are the 20 x 90 inch tires. The front seats in the custom are cloth while the WT are vinyl. Additionally there is an 8-way power driver seat with adjustable lumbar support. Nice of Silverado to have our back, get it? 

The custom has all the base safety features as well with a bonus remote anti-theft alarm system. In regard to convenience, the custom includes cruise control and a compass.

Starting MSRP MPG Seats Engine Drivetrain HP
$45,200 19/22 6 2.7 L Incline 4-Cylinder RWD 310

2023 Chevrolet Silverado LT

The 2023 Chevrolet Silverado 1500 LT has a max towing capacity of 13,200 lbs. with a payload capacity of 2,030 lbs. Not bad. This trim also includes a rear locking differential to the drivetrain. In addition to seats with lumbar support, the LT also has multi-level heated seats for both the driver and passenger. 

The in-car entertainment system for the LT gets an upgrade with a 13.4 inch display. There is also a luxurious leather steering wheel and dual illuminating vanity mirror. 

Starting MSRP MPG Seats Engine Drivetrain HP
$49,400 19/22 6 2.7 L, Incline 4-Cylinder RWD 310

2023 Chevrolet Silverado 1500 Custom Trail Boss

The Custom Trail Boss is a step up from the LT and comes with a standard rear locking differential on the drivetrain. It includes all the basic safety features, like a lane departure warning and accident avoidance system. It also has dusk sensing headlamps, and heated mirrors for when your reflection gets cold. 

Starting MSRP MPG Seats Engine Drivetrain HP
$50,800 18/21 6 2.7 L, Incline 4-Cylinder 4WD 310

2023 Chevrolet Silverado 1500 LT Fleet

The LT Fleet includes all the great features of previous trims. It has comfortable cloth seats with lumbar support and multi-level heating. You can seat the whole family comfortably and watch a movie on the 13.4” display. Unless you’re driving, in that case you can enjoy the heated leather steering wheel and listen to some music using Apple CarPlay, Android Auto, or the radio.

Starting MSRP MPG Seats Engine Drivetrain HP
$51,500 18/21 6 5.3 L, V8 RWD 355

2023 Chevrolet Silverado 1500 RST

The Silverado 1500 RST is a crowd favorite, and for good reason. It’s the most affordable option with a V8 engine. It includes all the features you could need and more, like stolen vehicle tracking, a tilt and telescopic steering wheel with audio/cruise controls on it. The wheels are 18×8.5 in and painted alloy.

Starting MSRP MPG Seats Engine Drivetrain HP
$51,900 17/21 6 5.3 L, V8 RWD 355

2023 Chevrolet Silverado 1500 LTZ

The next trim with a V8 engine comes with upgraded leather bucket seats with power adjustable lumbar support, 2 memorized seat settings, and ventilation. The back seats are also leather and have a folding center armrest. The in-car entertainment comes with 7 Bose premium brand speakers and a subwoofer. Be wise who you give the aux to, with great power comes great responsibility. There are also 4 one-touch power windows and hands-free entry. This trim also includes an electro-chromatic inside rearview mirror, which is a fancy way of saying a rear-view mirror that reduces glare.

Starting MSRP MPG Seats Engine Drivetrain HP
$56,000 17/21 6 5.3 L, V8 RWD 355

2023 Chevrolet Silverado 1500 LT Trail Boss

The LT Trail Boss returns to the incline 4-cylinder and has 11 different exterior color options and 4 interior colors. Like other trims, it has cloth 40-20-40 split bench front seats and a split-folding rear seatback. It includes comfort features like dual illuminating vanity mirrors and a leather heated steering wheel. It also has all terrain tires.

Starting MSRP MPG Seats Engine Drivetrain HP
$56,600 18/21 6 2.7 L, Incline 4-Cylinder 4WD 310

2023 Chevrolet Silverado 1500 High Country

The High Country has a 10-speed shiftable automatic transmission and a V8 cylinder engine. The High Country has those fancy leather bucket seats too with heat and ventilation. It also includes the premium speakers and subwoofer and a universal remote for your garage door.

Starting MSRP MPG Seats Engine Drivetrain HP
$61,100 17/21 5 5.3 L, V8 RWD 355

2023 Chevrolet Silverado 1500 ZR2

The most expensive trim includes all the fancy features you might expect, plus multi-level heating on all the seats, even the kids in the back. There is also wireless charging for your phone as well as additional controls on your steering wheel for transmission. The all terrain tires are up to any task and can get you anywhere in style.

Starting MSRP MPG Seats Engine Drivetrain HP
$70,100 14/17 5 6.2 L, V8 4WD 420

Cybertruck: We Can’t Stop Thinking About It No Matter How Hard We Try

Cybertruck: We Can’t Stop Thinking About It No Matter How Hard We Try

The Cybertruck fits firmly into both the cool and dumb camps. Conceptually, it looks cool. And if it ultimately delivers on all of its performance claims, it will be a very cool feat of engineering.

Is it cool or is it silly? We can't decide.

The Cybertruck fits firmly into both the cool and dumb camps. Conceptually, it looks cool. And if it ultimately delivers on all of its performance claims, it will be a very cool feat of engineering. 

But also it’s called the Cybertruck, which seems like something a kid would call their imaginary truck/spaceship. And maybe that’s how they came up with the name. 

The Cybertruck Is Silly

From the name to all the little unfortunate clips and soundbytes along the way there are so many absolutely silly Cybertruck stories. But our favorite is probably Musk and co. breaking the Cybertruck’s window at a press conference specifically touting the truck’s indestructibility. 

The Cybertruck Is Seriously Cool

But on the other hand, the video showing off all the Space Camper (Space Camper?) features is incredible. It’s basically a tiny house that fits in the bed of the truck. 

The 14,000-pound towing capacity and 3,500-pound payload capacity are impressive. 

And it’s got the solar panel thing on the bed which is super cool and futuristic. 

The Cybertruck Is Kind Of Nerdy

Stealth plane + Halo Warthog = Tesla Cybertruck

And then there’s the fact that the truck looks like a Nighthawk stealth plane crossed with the warthog truck from the HALO video game franchise.

And the interior is a little weird, but also super cool and sci-fi.

This is truly what happens when you give someone who grew up playing video games unlimited money. 

And Then It’s Cool Again

We can laugh about building a real life, commercial production version of a video game truck, but then we see a video of the truck in full off-road mode with its suspension lifted four inches and think, “Dang, that’s cool.”

And Then It’s Silly Again

But then we see testers taking it “offroad” and it’s just them carefully hopping a curb in the Tesla parking lot. That’s a lot of hype for one careful curb hop. 

And The Cybertruck Is Behind Schedule

Plus, the truck is something like two years behind production schedule, which this NYT article compares to the previous incident in 2018 when “his determination to build a highly automated assembly line for the Model 3 sedan led to “production hell” and nearly killed the company before he opted for more standard manufacturing practices.”

Most experts blame these delays on Musk’s insistence the Cybertruck body be built from stainless steel, which hasn’t been used on a car since the ill-fated (but popular amongst fellow 80s pop-culture fanatics) DeLorean. 

DeLorean went bankrupt almost immediately after launch. 

Meanwhile, more modest (but still plenty flashy) EVs like the Rivian (US) and Radar RD6 (China) are hitting the market and picking up early EV market share. 

We’d Definitely Still Drive a Cybertruck

The fact of the matter is, we’d drive a Cybertruck — especially if it had one of those Space Campers on it. 

Tesla is counting on the same sentiment from the rest of the market. Is this Elon Musk-inspired engineering behemoth wild enough to spark Tesla sales once again? We won’t find out until it hits the market. 

Ford Makes Mach-E Price Cuts, Taking a Loss to Boost Sales

Ford Makes Mach-E Price Cuts, Taking a Loss to Boost Sales

Ford announced Mustang Mach-E price cuts this week, up to $6,000 in some cases, weeks after Tesla similarly cut prices to gain market share.

New pricing on the Mustang Mach-E While Cranking Up Production

Ford announced significant Mustang Mach-E price cuts, up to nearly $6,000 in some cases.

The company has said the cuts mean some of the models will sell at a loss, but increased sales, scaled production costs, and a larger market share could pay off down the road. 

Increasing Access

Here’s what Ford’s big boss Jim Farley said, “We want to make EVs more accessible, so we’re increasing production and reducing prices across the Mach-E lineup. Scaling will shorten customer wait times. And with higher production, we’re reducing costs, which allows us [to] share these savings with customers.” 

The Mach-E sold nearly 40,000 units last year, and Ford plans to boost production to 130,000 cars yearly. 

Competing With Tesla Cuts

These Mach-E price cuts come after Tesla shaved prices to qualify for the EV Tax Credit. While Tesla’s price cuts are larger than Ford’s, Ford will be extending the savings to recent buyers and anyone with a current pre-order as well. 

New Prices

Model

Original Price

Cut

New Price

Select RWD Standard Range

 $46,895

$900

$45,995

Select eAWD Standard Range

$49,595

$600

$48,995

California Route 1 eAWD Ext. Range

$63,575

$5,580

$57,995

Premium RWD Standard Range

$54,975

$3,980

$50,995

Premium eAWD Standard Range

$57,675

$3,680

$53,995

GT Extended Range

$69,895

$5,900

$63,995

Extended Range Battery

$8,600

$1,600

$7,000

Gas Prices Are Headed Back Up in February

Gas Prices Are Headed Back Up in February

The average national gas price was $3.50 on January 27, up more than ten cents over the prior week and forty cents over the end of December.

The trend of falling prices is over.

Steadily decreasing gas prices this fall boosted some segments of the used car market. 

We’ve seen a great deal of rising demand for larger vehicles in the past two months after several months of abysmal large truck and SUV sales. 

That may no longer be the case as gas prices are climbing again.

The average national gas price hovered around $3.50 on January 27, up more than ten cents over the prior week and forty cents compared to the end of December. 

Here’s what AAA spokesperson Andrew Gross said:

“The recent rising temperatures led to rising pump prices. And with the cost of oil hitting $80 a barrel, there is a lot of upward pressure on gas prices at the moment.”

If this trend continues, we may see lower interest in larger trucks and SUVs, which means you’ll probably make less when you sell. 

And gas prices will only go up as people begin to travel in the spring. So if you’re considering selling a gas guzzler, this may be the time to do it.

Used Car Prices Are Back on the Decline

Used Car Prices Are Back on the Decline

Used car prices feel so low, but last month the average used car list price was about $7,000 more than it was in the spring of 2021.

Here are the pros and cons of selling a used car this month:

Table of Contents

Pros

  • New cars are too expensive for many buyers. 
  • Prices are higher than they were in 2021.
  • Buyers have renewed interest in bigger vehicles (but not for long).
  • Prices will likely continue to trend down. 

Cons

  • Prices are lower than they were this summer.
  • If you wait too long, manufacturers may discount new car prices.
  • If you sell right now, you may have to buy a new car while they’re expensive.

The average list price for used vehicles in December was $27,143, down from $27,156 in November and $28,193 a year before. 

It feels like prices keep going lower, but last month, the average used car list price was about $7,000 more than it was in the spring of 2021. 

Even lower prices aren’t stimulating demand for used cars. 

Here’s What Cox Automotive Chief Economist Jonathan Smoke said. 

“As the supply of new vehicles improves – and it is improving rapidly – demand for used vehicles is declining.”

But It’s not all bad news. 

The Manheim Used Car index was up 20 points in mid-January compared to the start of the month but still down 10 points compared with December. That may not mean more cash in your pocket when you sell this month, but the smaller up and downshifts in the index show a little more stability than we’ve seen in the past six months. 

New Vehicle Prices Are Still High, Meaning many buyers will have to consider used cars.

New car prices are at an all-time high right now, with the average transaction price coming in at just under $50,000. 

That’s an East Texas middle-class home in the 1980s.

Wild.

Since new vehicle prices are still high, folks who need a car are more likely to consider used options. This interest is good news for anyone trying to sell.

New Car Sales Are Mostly Stagnant 

Those record prices are not without consequence. Dealerships and Auto manufacturers aren’t seeing their sales numbers improve.

Part of the reason new vehicles are in high supply is that they aren’t selling very well. 

This could be because of record new vehicle pricing. 

Vehicles were in such high demand last year that manufacturers didn’t need to run sales promotions, but that luck may be running out. 

If manufacturers introduce incentives, that could drive down the demand for used cars. Less demand means less money when you sell. 

Gas Prices Headed Back Up 

Steadily decreasing gas prices this fall boosted some segments of the used car market. 

We’ve seen a great deal of rising demand for larger vehicles in the past two months after several months of abysmal large truck and SUV sales. 

That may no longer be the case as gas prices are climbing again.

The average national gas price hovered around $3.50 on January 27, up more than ten cents over the prior week and forty cents compared to the end of December. 

Here’s what AAA spokesperson Andrew Gross said:

“The recent rising temperatures led to rising pump prices. And with the cost of oil hitting $80 a barrel, there is a lot of upward pressure on gas prices at the moment.”

If this trend continues, we may see lower interest in larger trucks and SUVs, which means you’ll probably make less when you sell. 

And gas prices will only go up as people begin to travel in the spring. So if you’re considering selling a gas guzzler, this may be the time to do it.

What’s the Verdict?

Probably not the best month to buy a new car. Personally, I’d wait until they introduce some discounts and promotions.

Not a bad month to buy a used car, though. Prices are still higher than they historically should be but much lower than they were for the past nine months or so.

And if you’re selling, things are better than they have historically been, not as good as they were six months ago, but probably better than they’re going to be in the next six or so months. 

5 Best Cars to Sell in February

best cars to sell in october

5 Best Cars to Sell in February

Carmigo is bringing you the best-selling used cars for February (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 Prices Droppings (Some)

The average list price for used vehicles in December was $27,143, down from $27,156 in November and $28,193 a year before. 

It feels like prices keep going lower, but last month, the average used car list price was about $7,000 more than it was in the spring of 2021. 

If you’re selling, things are better than they have historically been, not as good as they were six months ago, but probably better than they’re going to be in the next six or so months.

Best Cars to Sell in February

green light chat box

You've Got the Green-Light

Sporty cars like this Dodge Charger are some of the best selling cars in February.

For the first time since June, Sporty Cars moved back into positive territory with an increase of +0.03% according to Black Book. On average, sporty cars also received more offers than any other body type on the Carmigo marketplace in the past three months. They aren’t selling for collector prices by any means, but they’re moving. 

It’s hard to tell which of the many sub-genres of crossover will sell best in the coming month. But we can say with confidence that crossovers have sold in significantly higher volume than other body types for the past three months, and most listings receive plenty of offers. 

SUVs like this 2021 hyundai Palisade are some of the best cars to sell in January
Toyota Camry best cars to sell in october, best cars to sell in february

Black Book showed that full-size cars were the body type to lose the least value this month (other than sports cars, which gained value).  But on the Carmigo marketplace, we’re still selling fewer full-size cars while seeing plenty of interest in mid-size cars like the Toyota Camry.

We are selling a decent number of Silverados, and they’re getting lots of offers on average. It’s not just Silverados either, it’s most standard-size trucks — the kind you see a contractor driving around.

Standard size trucks like this Silverado are some of the best cars to sell in February
Vans like this Sienna are some of the best selling cars in February

We don’t see many people trying to sell vans, but when we do they receive more offers than most other body types. In the past three months, full–size vans have averaged 21 offers per listing. It’s always a good time to sell a fan (but not compact vans).

Worst Selling Used Cars

red light chat box

You've Got the Red Light

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.

Used Luxury Performance cars aren’t selling well, buy mostly used Teslas are bringing that market down. Tesla slashed new car prices in January to an extent that is undercutting some used car sales so we don’t expect them to sell any better in the near term.

People are buying SUVs, and they’re starting to buy big vehicles again, but big luxury vehicles aren’t getting any love. It’s not a great time to try to sell a used Escalade. It could simply be that comfort at scale is much more affordable than it’s ever been. 

Crossovers, like this Ford EcoSport are some of the best selling used cars going into August.

For the last year, small crossovers and SUVs have dominated the market, combining comfort, capability, and fuel economy. But as gas prices continue to stabilize, people are ditching the smaller SUVs.

The only reason this came across my radar is because someone tried to sell one on the Carmigo Marketplace and it barely got any offers. But this isn’t much of a surprise since KBB declared the compact van dead last year.

Ford Maverick

The truck market is a certified Goldilocks market right now. Maverick, Dakota, Colorado — they aren’t selling well used. This is partially because folks are just opting for the Silverados and F150s, and partly because smaller trucks are one of the few affordable new vehicles on the market. So folks shopping for a small truck can actually get a decent price on a new one. 

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. 

Everything You Need to Know about Taxes When You Buy and Sell a Car

Everything You Need to Know about Taxes When You Buy and Sell a Car

Should I report my new car on my taxes? You don’t have to, but you probably want to because the IRS will let you deduct your car's sales tax.

What do you report, and what deductions can you take?

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Do I have to report my new car on my taxes?

You don’t have to, but you probably want to. That’s because the IRS will allow you to deduct the sales tax you paid on the vehicle.

Your sales tax should be listed on your title and registration paperwork, so keep it somewhere safe until tax time. If you can’t find it, the deduction might be worth a trip to the courthouse to get another copy. 

 Do I have to tell the IRS about the car I sold?

If you sold your car for less than you paid, you don’t have to report it on your taxes. However, a car sold at a profit must be declared as a capital gain

If you sold a car sometime in mid-to-late-2022, you actually might have to file your vehicle sale as a capital gain since a lot of y’all sold cars at a profit. But, most years, this isn’t the case because cars are typically depreciating assets. 

I lost money when I sold my car. Can I deduct that?

No. Unless it’s a business vehicle. 

For sole proprietors, you can deduct that loss from your overall profits and reduce your tax liability. 

And there are more implications for larger businesses, but if you have a larger business, you are hopefully receiving higher-level tax information. 

What is the EV Tax Credit?

The US government began incentivizing the purchase of EVs in the 2010s. And the most recent package of incentives in the 2022 Inflation Reduction Act is the most lucrative yet. 

Simply put, if you bought an EV or plugin hybrid in 2022, you are likely eligible for up to $7,500 in tax credits. We say likely because there are a few stipulations based on your income and the make/model. 

This tax credit is also good for 2023, meaning it’s not too late to reap the tax benefits of an EV purchase. If you purchase a qualifying EV this year, you can file for the EV tax credit next year. And starting in 2023, you can also qualify for up to $4,000 in tax credit for the purchase of a used EV.

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