Dennis Wang purchased a new Tesla five months ago. But a recent offer from a dealer was too good to pass up - $101,000. In March, Wang spent $87,000 on his new Tesla.

According to Edmunds.com, automobiles typically lose more than 20% of their value in the first year of ownership. 

However, since the epidemic began, used automobile costs have increased by 53%, according to the Bureau of Labor Statistics.

"Even simple vehicles like a Honda Civic or a Toyota Camry are worth more on the used market than they are in the new market,"

There aren't enough new cars on the market, customers are resorting to used cars, "effectively increasing the ceiling on what used cars cost." according to Edmunds.

It's going to be awe-inspiring! people looking to purchase a simple secondhand car "At every pricing point, you're almost sure to spend more and receive less."

However, some automakers are starting to crack down. General Motors is advising consumers that if they sell its popular automobiles during the first year, 

However, some automakers are starting to crack down. General Motors is advising consumers that if they sell its popular automobiles during the first year, 

 their warranties will be voided. Tesla stated that it may "unilaterally cancel any order we suspect was made with the intent of resale."

In the current economy, checking the worth of your vehicle online is an excellent idea, especially if you have a lease. 

It's probably worth much more than you owe, giving you a lot of negotiating leverage at the dealer, or you may sell it and turn that equity into cash.