(WFSB) -- Record breaking prices in the used car market continue to be seen.

There’s also still a severe lack of used car inventory and record retail in trade-in prices.

So, for those who are in the market for a new car, or if you’re looking to sell your old one, experts are explaining how you can get the most for your money.

“We have never seen anything like this in used cars,” said Emilie Voss, of CARFAX.

She said the used car market is seeing unprecedented numbers right now.

“We have a severe lack of used car inventory around the country and an incredible amount of demand. So, what we are seeing with that low supply and high demand is record breaking retail prices,” Voss explained.

Retail prices are up 25 percent from last year.

“It’s a great time to sell a used car, but most people sell used cars because we are looking to replace it with another one, so it’s not the best time to buy,” she added.

If you have a car in your driveway that you can part with, you could make good money. Especially if it’s a truck; used truck prices are up 44 percent.

The demand is partly being driven up because a chip shortage is causing a problem in the new car assembly line.

So, more people are looking to buy used.

“Our analysts are predicting we see this at least through the summer months,” Voss said.

She added that people are also buying quickly when they find a deal, but she said it’s still important to do your research.

“We put a lot money into vehicles and especially if you’re paying a record high price you want to make sure you know the history and not move so quickly that you don’t do your homework,” she added.

A CARFAX report will give you the vehicle history. She also recommends having a mechanic look at it. Also, take it for a test drive.

Copyright 2021 WFSB (Meredith Corporation). All rights reserved.


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