IT IS TIME TO SELL YOUR VEHICLE

 


Are you considering selling your vehicle? Whatever your answer is, now is the best time to do it!


Vehicle sales have boomed in Ohio for the past couple of months and are being sold before they even arrive at dealerships.

Because of this, dealerships are having a hard time restoring the inventory. We are offering more for trade in vehicles than usual. Selling your vehicle now would be a very smart business opportunity.


The decrease in vehicle production is due to several reasons. For example the shortage of certain chips in factories because of the pandemic.


 Vehicles nowadays are equipped with numerous chips due to their technology. These chips are mostly from Asia. With the pandemic, the trade war between China and USA and the grounded container in the Suez Canal completely blocking the ships entrance from Asia to Europe has caused the decrease of chips importation. Most of the available chips were destined for electronics.  The sales for electronics were booming because consumers were staying safe at home during the pandemic. Vehicle market has not been as profitable as the electronics has.



 



Although factories are working as usual, they can't supply the delayed demand (supply went down 30%).


President Joe Biden and the Senate have approved about $50 million for the production of these chips to be made in the U.S. So the country can be less dependent on imports (chip production has decreased 25% since the 90's decade).


Another factor that has delayed vehicle production all over the country is the oil refinery shortage in Texas because of a winter storm that affected the vehicle seats' foam production.


This supply crisis won't cease until September.


The real problem here is that dealerships can't offer test drives or find the trim level or color preferred by the client.

Sellers said they only have between 20% and 35% of their usual inventory and cars are sold as quickly as 1-2  days. Most new cars are sold before they even arrive in the parking lot.



The decreased production and the increased demand for vehicles (sales have increased 40%) have caused a noticeable growth of used vehicles sales that, usually, are in decline at this time of year.



Some owners are selling their used vehicles for more than what they paid. 

If you bought your car last year, it could now be worth more than you paid for it.


However, while used car prices increased (up to 25%), new car prices are practically the same and they will not increase until the 2022 models sales.


Also, due to the pandemic, factories have offered many incentives and low monthly payments.

Here at SVG we offer 0% financing up to 6 years or up to more than $2,000 in cash back. 


0% financing can save you thousands of dollars, considering that the national average of interest is about 4.18% rate.


Now it is time to sell your car and get a new one for the best business!!!