If you’re hoping to take advantage of special Labor Day car sales, a trade-in could make the purchase a bit less costly than usual.
With inventory at dealerships still tight, used cars are fetching a premium. For instance, the average list price for a 2017 model climbed to $24,287 in August, up $721 from July and up nearly $1,500 from June, according to data from Edmunds.com.
“Car shoppers are experiencing an interesting dynamic right now, because local dealerships may pay more for a popular vehicle this year than in years past,” said Matt Smith, deputy editor of CarGurus.com.
Car-buying activity has picked up after dropping off at the beginning of the pandemic, although August sales for new cars were an estimated 10% lower than a year earlier, according to a forecast from J.D. Power and LCM Automotive.
And while production has ramped back up after pandemic-related plant closures, availability of some 2021 models may be limited.
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