Page 11 - AT Sept 3 2020

A11
BUSINESS Thursday 3 sepTember 2020
Edmunds: Now is a great time to sell or trade in your car

By RONALD MONTOYA miles than expected due
of Edmunds to the pandemic. Finance
Historically, Labor Day companies are good at
weekend is an opportune predicting what a vehicle
moment to get a great will be worth at the end of
deal on a new vehicle. a lease in normal circum-
But this time around, the stances, but no one could
great deal could very well foresee today's rising used
come about by selling or vehicle values.
trading in your car. Factory So it's worth appraising your
shutdowns or slowdowns leased car to see if you
related to the COVID-19 get an offer greater than
pandemic have limited the residual value on your
the number of new 2021 lease contract, minus any
vehicles arriving at dealer- remaining payments.
ships, blunting dealerships' The process can seem
need to offer big inventory- complicated because the
clearing sales. At the same vehicle technically belongs
time, there's an increasing to the finance company.
trend of consumers looking But essentially the dealer-
to save money by purchas- ship is buying the vehicle
ing a used vehicle. on your behalf, keeping
As such, dealerships are In this March 28, 2019, photo, a salesperson uses a tablet to find a car for prospective buyers as the vehicle to sell later, and
hungry for used cars that they look over a 2019 Encore sports-utility vehicle at the Buick display at the auto show in Denver. then handing you a check
they can turn around and Associated Press for the difference it had ap-
sell. The resulting spike in With an eye to maximizing pay attention to what's la- an offer for your vehicle praised for.
trade-in values could give your trade-in value, here beled the trade-in value if based on the appraised The dealership will still be
your next car deal an unex- are a few tips to help you you're trading in at a deal- value. able to make money on
pected boost. sell or trade in your car. ership, or what's called the It's worth noting that some your car later, so it's a win-
Specifically, the average USE ONLINE APPRAISAL private-party value if you websites might ask for your win situation. But not all
value for a traded-in ve- TOOLS TO ESTABLISH A plan on selling it yourself. contact information in or- lease companies allow
hicle rose by $2,000 from BASELINE VALUE Private-party value tends der to generate the offer. this type of transaction, so
June to July, according This is the first and most im- to be higher, but you'll As such, you can expect to make sure you check be-
to Edmunds' sales data, portant step to take when have to weigh that poten- receive emails and phone fore proceeding.
marking a 16% month-over- determining the value of tial against the value of calls from dealerships fol- KEEP THE TRADE-IN NEGO-
month increase. In this sell- your vehicle. An online your time and the hassle lowing up about your ve- TIATIONS SEPARATE
er's market, your trade-in appraisal tool will start by of dealing with strangers. hicle. This can be a hassle, A vehicle purchase in-
should be a critical part of asking for your vehicle Keep in mind that the ap- but your goal is to get mul- volves many moving parts,
your buying strategy. identification number, li- praisals are only estimates tiple offers and see who will and overlooking the value
"Knowing how much your cense plate or year/make/ and will need to be verified offer the most competitive of your trade-in is a mistake
current vehicle is worth is model information. Make by the dealership when the price. that's easy to make. In the
arguably as important as sure to enter your vehicle's time comes to sell the ve- CHECK YOUR EXPIRING heat of the moment you
the price you're consider- trim level, mileage, options hicle. LEASE FOR VALUE might be so focused on the
ing paying for your next and condition accurately COMPARE OFFERS ON YOUR If your car lease expires selling price of the vehicle
vehicle," said Ivan Drury, since this data will impact TRADE IN soon, there might be some you want to buy that you
Edmunds' senior manager the bottom line. Once Some appraisal tools may equity in it, especially if fail to give the trade-in of-
of insights. your appraisal is complete, give you the option to get you've rolled up fewer fer a proper assessment. q

Survey: US companies added just 428,000 jobs last month

By CHRISTOPHER RUGABER ADP said the bulk of the government workers and
AP Economics Writer gains were at large compa- frequently diverge from the
WASHINGTON (AP) — U.S. nies, which added 298,000 Labor Department's offi-
companies added jobs at jobs. Small businesses with cial jobs report. The August
a modest pace last month, less than 50 employees jobs report from the gov-
a private survey found, a gained just 52,000 positions, ernment will be released
sign that while hiring con- while medium-sized firms Friday. ADP revised up its
tinues, it is only soaking up — with between 50 and July job gain to 212,000, but
a relatively small proportion 499 employees — added that is still far below the 1.8
of the unemployed. 79,000 jobs. million additional jobs that
Payroll processor ADP said "Given the enormous job month reported by the fed-
Wednesday that business- losses during the Viral Re- eral government.
es added 428,000 jobs in cession, job growth of Economists forecast that
August, a figure that before around 400,000 per month the Labor Department on
the pandemic would have means that it would take Friday will report that 1.4
represented a healthy years for the labor market million jobs were added in
gain. But the increase rep- to recover from the coro- August, while the unem-
resents a small slice of the navirus pandemic," Gus ployment rate is expected In this May 28, 2020 file photo, a "Now Hiring" sign rests in a
12 million jobs that have Faucher, an economist at to have fallen to 9.8% from window as a man walks out of the Corner Market in Lyndhurst,
Ohio.
been lost to the spread of PNC, said. 10.2%, according to data Associated Press
the coronavirus. ADP's figures do not include provider FactSet.q