Wholesale Used Car Prices Fall Slightly in 2022

Wholesale Used-Car-Prices-Fall-Slightly-in -2022

With the increased demand for used cars, wholesale used cars’ high price is no news. The Covid-19 pandemic, supply chain disruptions, and semi-conductor chip shortage caused a decrease in the production of new vehicles. Consequently, several car lovers had to switch their choice to used cars. It led to a spike in the prices of these used cars. However, used car prices have experienced a slight fall in recent times.

Although, the automotive industry has struggled to overcome these challenges in the past two years. There have also been truck driver shortages and port congestion affecting car transport. 

How Did We Get Here?

Under usual circumstances, cars’ value depreciates with its use. As a result, the more a person uses the car, the less its selling price. However, 2020 was the beginning of the reversal of this rule.

When the lockdown started in 2020, it brought some dynamic twists to the automobile industry. Unfortunately, post covid-19, some of these challenges have not been solved despite the end of the lockdown. One of such challenges is the semi-conductor chip shortage.

In the first quarter of 2021, the automobile industry experienced a global semi-conductor chip shortage. Due to this factor, several car manufacturing companies had to roll back the production of new vehicles. Thus, the prices of new cars became unbearably high for many lovers of new vehicles.

Since car lovers could not abandon using cars, they had to opt for used cars. The rush for used vehicles was way more than the available cars in the industry. Hence, this change in consumer preferences also led to a rapid hike in the prices of used vehicles.

The Good News We’ve Been Waiting For

Jonathan Smoke noted that the prices of cars might just be returning to their Pre-Covid-19 state. Smoke, the chief economist at Cox Automotive, mentioned that the depreciation of vehicles might return to being the norm.

Even though the prices of these vehicles are still high, Cox noticed a decline in wholesale car prices. According to the company, the prices have dropped by 6.4% from their January record. The company’s Manheim Used Vehicle Value Index also noted a 1% decline between April and May. Usually, Cox Automobile uses the Manheim index to track the auction prices of used vehicles in the U.S.

While you might not be familiar with reading these statistics, it is excellent news. If the statistics keep going at this pace, wholesale used car prices will be more affordable than ever. You will not need to break the bank before getting a new vehicle.

Maximizing the Reduction of Wholesale Used Car Prices

Right before you order your used car, you need adequate planning. Failure to do this could cause a mishap and steal the bonus the reduction in the wholesale used car price added to your account. Think about it this way: it won’t be good for you to spend so much on repairs when your car gets to you. A worst-case scenario would be not getting to see the car because of damages while transporting it to your destination.

Navigating an industry other than the one in which you function can be challenging. However, a car shipping company with a track record of excellence and evidence to back up its claims is worth it.

Let Metti International Help You Ship Your Car

Metti International takes off the stress of successfully transporting your car to where your desired destination. We ensure to use only carriers with a 95% or higher service rating. It is so that your vehicle arrives safely and timely.

Our track record of commitment to excellent customer service has earned us an A+ rating with the BBB Torch Award for Ethics. We provide top-notch car shipping services.

In case you are still searching for a trusted and reliable car shipping company, Contact Metti International today. You can reach us at 866.620.1776 or request a quote online. For more information, visit our website at www.mettiintl.com.

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Frequently Asked Questions

Most major credit cards, postal money orders and cashiers checks are acceptable forms of payment.

As with most transport services, a deposit is generally required when placing an order. Deposits range from 10-25 % of the total shipping cost. The remaining balance will be due upon delivery.

Most auto transport companies accept cash, certified checks, and postal money orders.

Coast to coast trips usually takes between 10-14 days. Shorter trips ranges from 3-7 days, depending on the actual distance. Some factors may delay a trip, including traffic, weather, and truck breakdowns.

Yes, we request you, or a designated person, be present upon pick up of your vehicle. For your safety and your vehicle’s safety, an inspection is performed and a bill of lading must be signed that serves as proof of delivery.

The easiest way to ship an inoperable vehicle is to let us know when requesting a vehicle transport quote. There will be an additional charge, plus loading and unloading charges to your quote, if we are not informed of the vehicle’s condition prior to quoting.

Auto carriers are not licensed to carry house goods or personal items, these goods and items are not covered by the carriers insurance. Any damage to your vehicle due to household goods shifting or breaking is also not covered. Personal belongings left in the vehicle, are shipped strictly at the owners risk. Carriers will not inventory any belongings left in the vehicle and will assume no responsibility.

Your car is insured for the Blue Book value the entire time it is on the truck. Clearly listed on your Shipping Order, Agreement and Bill of Lading are occurrences not covered. At the time of pick up, a condition report is filled out and signed by both the person turning the car over and the truck driver and you are given a copy.

Upon delivery of your vehicle, this same report is presented. You should compare the condition of the vehicle to the report thoroughly at that time. If you feel damage has occurred to your vehicle during delivery, you must note it on the report before you sign it and the driver leaves. Damage done in transit does not relieve the shipper of paying for transport service performed. Claims will be handled by the vehicle carrier and insurance companies.

Metti International offers door-to-door auto transport service where possible. However, there are instances that we cannot collect/deliver directly to the door due to the size of our auto carrier’s trucks. The size of your street may prohibit direct delivery to your door. Also, some towns and cities do not allow trucks on their residential streets. If the carrier cannot get to your door, he will deliver your vehicle to the next most convenient accessible location, such as the nearest major crossing street, a shopping mall or supermarket.

Please have a no more than 1/4 tank of fuel, remove all personal items from your vehicle and have it washed and cleaned so that the ensuing inspection is easily performed. If it is a convertible, T-top, sunroof, etc. make sure all openings are closed and prepared for changing weather. You can find additional tips on how to prepare your car for transport here.