Used car prices have skyrocketed, and you can make money selling, but there are some important things to consider.
These Tesla owners essentially drove a Model S 70D for free. In fact, they put about 30,000 miles on it, sold it, and turned a significant profit, so you could say they were actually paid to drive the Model S. This is certainly something anyone can do, but before you rush to sell your car, keep reading. There are some very important details you must understand.
Used car prices have risen by leaps and bounds since the COVID-19 pandemic. A chip shortage, which is resulting in longer wait times for new cars, is just one major issue that’s causing this. However, at this point, the cause isn’t as important as the reality.
The story in the video is well worth watching, and we’ll leave you to do that. However, this is a topic we’ve spent quite of bit of time researching, and we have personal experiences and wisdom to share.
You may remember, two years ago, I got a steal on a 2017 Chevrolet Volt with very few miles on it. I could sell that car today at a profit of thousands. But, then what? Replace it with a more expensive used Volt with three times the miles? Order a new Tesla Model 3 and wait months for it?
Two other folks close to InsideEVs have bought their leases at the end of the time, only to turn around and sell them on the used market for a profit of $7,000 and $11,000. Now, they are waiting a long time for a new car, and there’s nothing comparable on the used market that wouldn’t cost them more than what they sold.
If you’re planning on selling your Tesla (or any other car) for a profit on the used market, hopefully, you don’t plan on replacing it with another used car, and especially not another used Tesla. It makes the most sense right now to sell your car for a profit and then buy a new car, but you may be without a car temporarily, since the wait for a new Tesla is growing, and the same can be said about many new cars.
At any rate, the EV Nomads story inspired us to share our own, and you should definitely watch their video to better understand the situation. Once you’ve had a chance to take it all in, we’d love to read your insight and takeaways in the comment section below.
Source: EV Nomads – Branden & Kalie (YouTube)
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