Used cars are worth the most they've been worth in the last 16 years.
There are many factors influencing the value of used cars. One of them is that most buyers have been holding on to their cars for longer.
Another reason for their increased worth? Low supply and high demand.
"The demand is high because they had low production two or three years ago," said auto dealer Tim Lutey. "They didn't sell as many new cars, so there are fewer used cars."
Low supply on the market usually leads to high demand by auto dealers. They're demanding used vehicles and are willing to pay more for them now.
The average car dealer pays $11,600 for a used vehicle according to auto industry analysts. That's up 30 percent from December 2008.
But what are they looking for when they buy your used vehicles?
"The number one thing on people's minds right now is fuel economy," said auto dealer John Kivela. "Vehicles still have to fit a person's needs, and small cars just don't work for some people, but certainly fuel economy is number one."
Along with fuel economy, the car's condition, year and mileage also play a factor into its buyback and trade-in value.
However, leasing new cars is sometimes cheaper than buying used ones, which could mean the possibility of lower used car prices in the future.
Even though they're worth more now, industry analysts are saying that the value of a used car will decrease by 2012. If you were thinking about selling your used car, it would be a good idea to do so, soon.