You don’t have to watch the news to know that things are getting more expensive. Current economic trends and inflation are driving up the cost of everyday essentials, such as gas prices, housing, hotels and electronics. Even the average cost of milk is going up. If you are looking for creative ways to cut back and save money, you are not alone.

Over the last few years, many U.S. consumers have sold their vehicles to lessen the impact of rising costs. New car shortages caused by the COVID-19 pandemic led the used car market to hit record-high levels and it allowed some drivers to make a profit off their cars and put money back into their pockets.

While selling your car can be lucrative in the current car market, it’s important to understand the market values for new vs. used cars. In this guide, we  explain what you need to know before selling or trading in your used car, and how the cost of your car insurance is affected by the value of your vehicle. We’ll also talk about when used car prices are expected to drop based on expert analysis, which can help you decide if now is the best time to buy, sell or trade in.

Car sales statistics

U.S. consumers saw many economic changes during the COVID-19 pandemic. In the car market, a global chip shortage forced many auto manufacturers to halt production. Some manufacturers even chose to build cars without certain features, like sensor-based crash avoidance technology. Here is a look at how the car market has changed over the last several years, and what’s in store for the future of automotive sales:

Bankrate insights

  • Data shows that car sales are expected to increase from 15.07 million in 2021 to 15.47 million in 2022. (
  • The number of new cars sold decreased by 13.3% in November 2021 as a direct result of lingering effects…

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