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With used car prices soaring, now is the time to sell — if you can

Used cars have never been worth more thanks to the computer chip shortage that's driving up the costs of new vehicles.

CHARLOTTE, N.C. — Everything is worth more right now. Housing prices are sky high, meat prices are higher, gas has gone up and yes, the price of new cars has soared by almost 7% this spring. 

That rise in price has actually caused a bit of a ripple effect in the industry. So if you're wondering where you could find some extra money, it might be worth looking in your garage.

"Yeah, it's not a bad time to get rid of a car, but like with anything, you have to go buy another one so there is a hitch," said Karl Brauer, an industry expert with iseecars.com. "It has to be the right situation."

You do have options. Dealers are everywhere and they've been calling customers who recently bought new cars. By recent, we're talking a year or two ago, and they're asking to buy those cars back. 

If you have a car you don't need, now might be the time to make money on something that usually depreciates every day it sits. Based on one study from iseecars.com, used car prices have jumped almost 18% in Charlotte. Brauer said coupes, trucks and convertibles are the vehicles with the highest demand.

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“The current used car price increase is unparalleled, and prices will likely remain elevated for the foreseeable future due to the magnitude of the global microchip shortage and restricted new car supply,” said Brauer. “We’ve identified the used cars with the greatest price increases, which can represent lucrative trade-in opportunities for their owners.”

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Before you decide to cash in, make sure this is a decision you can live with, because the ongoing microchip shortage has dropped new car inventory by almost 16%. Don't be promised something and not have it delivered, or you could be left without a car. As with any other negotiation, get promises in writing. 

WCNC Charlotte is always asking "where's the money?" If you need help, reach out to the Defenders team by emailing money@wcnc.com.

Contact Bill McGinty at bmcginty@wcnc.com and follow him on Facebook.