WJR Business Beat: Consumers Turn to Selling Cars for Extra Cash (Episode 475)

Michigan ranks No. 1 in searches for “sell my car,” a potential harbinger of tough times continuing, Jeff says in this Business Beat.

Tune in below for some shocking numbers:

 

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Good morning, Paul!

Remember just a few months ago, you couldn’t find a used car to buy if you tried, and if you did find one, you’d pay a premium for it. Well, now it seems that the tide is turning back the other way as online searches for “sell my car” are skyrocketing as people are being forced to sell in many cases in order to bring in extra cash. In fact, searches have increased by 222% representing an all-time high in the U.S.

A particular relevance to our audience here in Michigan, Paul? Well, it’s Michigan that tops the list of states in which those searches to sell one’s car are happening. Analysis of Google search data reveals that the state of Michigan has the highest level of search interest in the term “sell my car.” And Detroit is the city with the highest levels of search interests within the Great Lakes State.

Now, the analysis was conducted by car buying experts findthebestcarprice.com and it reveals that searches for “sell my car” exploded over three times the average volume in September, again, an unprecedented increase. The data also reveals that searches for “how to sell my car” and “sell car” skyrocketed by as much as 150% in August.

The top five states where searching to sell one’s car is the highest over the last 12 months? Well, again, it’s Michigan at No. 1. Arizona’s No. 2, California, Nevada, and then South Carolina at No. 5.

Perhaps a harbinger of what’s to come, Paul, another sign that it looks like we’ve got more tough economic sledding ahead.

I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.


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