Used Car Prices At 16-Year High

UNDATED -- Have a used car that you want to sell? Now may be the best time to do it according to industry analysts who says dealers are paying as much as 30-percent more for used vehicles than at the end of 2008.

Scott Lambert is the Executive Vice President of the Minnesota Automobile Dealers Association.

He says it is a basic issue of supply and demand. Lambert says when the recession hit, people were holding onto their used vehicles in lieu of buying new. And, he says it has created a shortage of used vehicles on the lots.

But, Lambert says new car sales have rebounded and are pacing about 5-6% above last year at this time.  That, along with increased new-car leasing should replenish the used-car market in the coming months.