Urethane Blog

Used Cars

September 6, 2022

“Sell My Car” Search Trends Explode 222% To All Time High In September

by Tyler DurdenTuesday, Sep 06, 2022 – 03:05 PM

It looks as though the spike in used car prices that we endured through 2021, and that continued as a result of the devastating inflation we have had so far in 2022, may finally be coming to an unceremonious end. 

That’s because search trends for the terms “sell my car” have exploded higher leading into September 2022, a new study from findthebestcarprice.com found this week. 

The site performed an analysis of Google search data and found that “searches for ‘sell my car’ exploded to over three times the average volume in September, an unprecedented increase in people searching for ‘sell my car’”, 

The terms ‘how to sell my car’ and ‘sell car’ also spiked higher, by 145% and 104%, respectively. 

Between August 25 and September 1, searches for ‘sell my car’ rose by 177%, the report said. They rose another 15% on September 4 after the the U.S. Labor Department announced that the unemployment rate has risen from 3.5% to 3.7%, the study says. 

“The U.S. has already dealt with rising bills over the past few months due to inflation and the soaring costs of gas,” a spokesperson for the site said.

“Now, as experts such as Stephen Roach are predicting that a recession is looming, consumers are having to make cutbacks in order to save money. Google Trends data reveals that more households are looking to sell their car to bring in some extra income. We will likely see this trend continue if the cost of living remains high and the U.S. continues negative growth into the fall.”

The top 10 states with the most search data on selling cars were:

  • Michigan
  • Arizona
  • California
  • Nevada
  • South Carolina
  • Oklahoma
  • Florida
  • Ohio
  • Texas
  • Colorado

We noted just days ago that used car pricing had plunged to a one year low. 

The latest Manheim Used Vehicle Value Index that tracks what dealers pay for used cars at auction is at a one-year low of 211.6. https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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&frame=false&hideCard=false&hideThread=false&id=1564602105201152003&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fsell-my-car-search-trends-explode-222-all-time-high-september&sessionId=1adbc83d97c59092b029e0f3743cc6c48df8b2c0&siteScreenName=zerohedge&theme=light&widgetsVersion=1bfeb5c3714e8%3A1661975971032&width=550px

The index declined 3.6% from July in the first 15 days of August but is still up 8.8% from August 2021. The monthly slump was the most significant drop since April 2020.