Wednesday, December 1, 2021

SiriusXM’s ‘Auto Trends’ Talks to A Used Car Manager About What Drives Appraisal Calculations

Used Cars II
As of the end of August, the average list price of a used vehicle on dealership lots was just shy of $26,000. (Photo Credit: JeffCars.com)

For anyone who has been in the market recently for a used car, they’ve noticed that their dollar doesn’t go far these days. The cost to purchase a used vehicle today is more than it was prior to the pandemic. In fact, according to Manheim Used Vehicle Index, wholesale used vehicle prices, which is the amount dealers pay for their automobiles, increased by 8.3% in the first 15 days of October compared to the entire month of September. And when looking at a year-to-year comparison, the value of used vehicles has increased by a whopping 37 percent from October 2020.

As a result of the Pandemic and other variables, the car market has been topsy-turvy in terms of supply and demand, leading the average list price of a used car on dealership lots to be just a hair under $26,000, as of the end of August, according to automotive sources. Like with the housing market, it’s a great time for sellers, but not so much for buyers.

So, before heading out to a store to trade-in a vehicle, Rachel Pitman, the pre-owned car manager of Marysville Toyota, shares the inside scoop on how she determines the actual appraisal of a vehicle. Pitman, which is based in Marysville, Washington, answers everything from if one should have the check engine light repaired to paying for a professional car detail to how the color of a car affects the evaluation. Furthermore, Pitman is really a double threat in the industry. Unlike most pre-owned managers, she began her career writing repair orders and the like in the service area of a dealership.

To maximize the value of your trade-in, tune in Saturday, October 21 thru Thursday, October 28. For more details on how to hear free online and/or on SiriusXM, click here.

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auto trends

About Auto Trends with JeffCars.com:

Jeff Fortson is the host and executive producer of Auto Trends with JeffCars.com, the only multicultural syndicated automotive program airing throughout the U.S. and Canada. The 30-minute weekly show, which is in its sixth season, airs on SiriusXM 141 and a number of FM radio dials. The program consists of in-depth one-on-one conversations with many of today’s industry pioneers and influencers, ranging from the ‘Hidden Figure’ and Black female who was responsible for using a mathematical formula to check the accuracy of the GPS (Global Positioning Sensor) to Bloomberg auto analysts to car designers to the trailblazers of LGBT auto advertising.

For upcoming shows, car reviews, car-buying tips, recall updates and a car payment calculator, visit his car-buying educational guide JeffCars.com. Follow him on twitter @ JeffCars.

 

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