By Lauren Fix, The Car Coach
The price of used sports cars is at an all-time high, and the process of purchasing a used vehicle has never been more difficult. According to Cox Automotive, in June 2021, the average listing price of a used car was up 26 percent from what it was this time last year.
The rise in prices is due to a chip shortage, which has caused a diminished supply of new vehicles from car manufacturers. More used cars are in demand, plus the low interest rates and high demand has caused a shortage of vehicles of all kinds.
I have been seeking a specific used supercar for about six months, and I wouldn’t settle until I found what I wanted.
If at all possible, wait to buy that used sports car. Dealer lots won’t be empty forever. Car manufacturers will continue to catch up on demand and supply issues.
The total supply of used vehicles available across the United States stood at 2.45 million vehicles at the beginning of July 2021.
This figure is up from 2.38 million vehicles at the start of June.
Looking at the bigger picture, the used vehicle inventory across the United States had a 6 percent increase from this period in 2020 but 11 percent below in 2019.
For reference, 41 million used cars changed hands last year—that’s a lot of vehicles!
History shows that sports cars will always be in higher demand than SUVs or sedans due to their status as luxury vehicles. To find current values of sports cars, supercars, exotics, and hyper cars, look at websites like Hagerty.com.
The best advice for those going to purchase a used sports car right now is to be patient and continue researching multiple outlets like AutoTempist, Bring A Trailer, eBay motors, and other websites. The used car market is a mix of those looking to make a quick buck and those who want to take advantage of the market.
Be proactive in contacting people with used sports cars owners and dealers, and do your research before forking over a large amount of money. Check sites like vehiclehistory.com, Carfax, and other forums for more details. Using these resources is essential. The vehicle might have received serious damage in the past, which the seller hid from you. There’s a chance some significant changes have been made to the car.
I highly recommend a pre-purchase inspection, even if it’s a certified preowned car. Employ the services of a certified car inspector or trained mechanic. The mechanic will run internal checks to make sure all systems are sound. A certified appraisal will give you more details, photos, and copies of any documentation. Once this is confirmed, you can go ahead and make the deal.
Ask to see the title, lien release, and any documentation or paperwork, including a window sticker and receipts. Also, make sure to receive a signed title and receipt transfer of the ownership of the supercar to you. If the seller is reluctant to disclose paperwork, something may be wrong.
Consider these factors thoroughly before completing the purchase of a used car. This can determine if you will enjoy your new car or keep fixing problems regularly.
If you are buying the car from far away, spend the money on a reliable shipping company, and then when the car’s unloaded at home, you can check it out in detail.
The Bottom Line
Because the demand is high, many sports cars sell in just hours because of limited availability, and demand is strong. You must be on the ball even to stand a chance at purchasing a used sports car right now.
Patience will get you your dream ride! I just got mine!
Lauren Fix, The Car Coach®, is a nationally recognized automotive expert, analyst, author, and television host. A trusted car expert, Lauren provides an insider’s perspective on a wide range of automotive topics and aspects, energy, industry, consumer news, and safety issues.
Lauren is the CEO of Automotive Aspects and the Editor-in-Chief of Car Coach Reports, a global automotive news outlet. She is an automotive contributor to national and local television news shows, including Fox News, Fox Business, CNN International, The Weather Channel, Inside Edition, Local Now News, Community Digital News, and more. Lauren also co-hosts a regular show on ABC.com with Paul Brian called “His Turn – Her Turn” and hosts regular radio segments on USA Radio – DayBreak.
Lauren is honored to be inducted into the Women’s Transportation Hall of Fame and a Board Member of the Buffalo Motorcar Museum and Juror / President for the North American Car, Utility & Truck of the Year Awards.
Check her out on Twitter and Instagram @LaurenFix.