It’s not exactly great news.
Do you remember Saturn? This plastic-clad fuel-efficient brand was meant to capture the wallets of customers shopping for Japanese economy cars and expand General Motors’s Market share. Since Saturn’s close in 2010, the brand has faded into memory, that was until we heard that the values of used Saturn’s are on the rise. For a brand that didn’t exactly build the most desirable cars, what gives?
Due to several factors that include the chip shortage, increased demand for used cars, and rising fuel costs used Saturns have never been more appealing. According to Cargurus.com over the last 90 days, the values of used Saturns have risen 26.07%. Its closest competitor over the last 90s days is Smart, which found only a 22.12% of value increase. So should you hurry up and purchase used Saturns and speculate on consistent value increase like a new form of Cryptocurrency?
No, way. Instead, this pricing increase is an indication that used car shoppers are running out of affordable options. If we look at values year of year for used car values from 2020 to 2021, we see a very different story. Luxury car brands aside we see values of Volkswagens balloon by 35.13%, Toyotas grew by 30.54%, and KIA rise by 30.03%.
As used car shoppers have chosen to purchase brands that are still in business, they’ve caused a rise in used prices. This means that budget car shoppers are out of options and have to buy Saturns instead of used cars from functioning brands. If you’re looking for a used pickup truck prepare to pay quite a lot of money as used truck values are up 44.07%. The truck shortage is directly linked to the chip shortage that has impacted American manufacturers more than anyone.
So why are used Saturn prices on the rise? Well, it’s a signal that customers are running out of options and you should sell any used cars you can to capitalize on this seller’s market.
TheDrive.com via CarGurus.com
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