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Why Now is the Best Time to Sell a Car in 2022

Why Now is the Best Time to Sell a Car in 2022

Canadians waiting for the best time to sell a car in 2022 need to start making moves and do it soon. The used car market has been on fire since the onset of the pandemic, but this demand may start to drop soon. We have some evidence to back up this statement, so please do give it serious consideration.

 

Most used cars are being purchased from international buyers

 

The domestic used car market by itself is not that hot; it is international buyers that are pushing up demand for these used vehicles.

 

Residents in developing nations are now middle-class, at least for their nation and now want their own vehicle.

 

These buyers do not have enough cash to purchase brand new vehicles; since they are competing with local buyers, the cost to ship a new car abroad would price these international buyers out of the market.

 

The international buyers are able to purchase a used car, ship it internationally and still make a profit from it; well, they could until now.

 

Russia is facing economic sanctions

 

There is conflict in Europe, and Russia is now facing some of the toughest economic sanctions in recorded history.

 

Instead of having the desired effect, the sanctions have forced the average Russian to start using credit cards issued by Chinese companies or switch to cryptocurrencies like Bitcoin.

 

Russia exports a large amount of oil. With that production taken offline, the global market is trying to find ways to make up the difference.

 

When there is a dramatic reduction in supply and demand remains the same, then prices must go up.

 

Most Canadians are now paying over two dollars a liter for gasoline, and diesel is nearly $2.50 a liter.

 

These increased fuel prices are going to be absorbed by consumers and factored into inflation which has been driven to an all-time high of 5.1%; this high inflation rate was before the removal of Russian oil from the global supply.

 

International buyers are going to be leaving the market

 

Central banks are going to raise interest rates to battle inflation and also to compensate investors.

 

Russia is going to default on its upcoming bond payments when a superpower like Russia defaults, even thouh they have the funds available.

 

It has an impact on the psychology of investors who will take their capital to safer havens like the USA.

 

The international buyers of used cars will no longer have access to cheap credit, which will reduce the demand for used cars; it is just a matter of time.

 

How to quickly sell your used car for fast cash

 

Now that you know what is happening globally and understand that unpredictability is making now the best time to sell a car in 2022, you can take steps to sell your used car for fast cash. This is not something you can do on your own; you should bring your used car to a dealership in your area and sell it to them.

 

The dealership is always buying used cars and will make a firm, all-cash offer on your vehicle. You will be able to get cash fast on your used car and not have to worry about trying to sell it yourself.

 

If you’re looking to sell your car, we’d love to buy it for a great price! Simply fill in the form below and we’ll get back to you ASAP! 

 

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