(KMOV) –- The value of used cars is skyrocketing, and since people are holding onto their used cars longer because of the economy, there are fewer used cars for sale which is driving prices up.
And if you own a compact car or hybrid, your car might be worth even more. The 2008 Ford Focus was worth $7,525 in 2010, and today it’s up to $9,600. The Hyundai Elantra was worth $9,300 in 2009 and today it will net $10,700.
Prices vary depending on the wear and tear, mileage and region of the country, but the general rule is used car values are going up.
The trend isn’t expected to last indefinitely, as analysts say prices will likely level out in the fall. Also, these huge gains aren’t the same when you talk about SUVs or cars that don’t get good mileage.
A good place to start is checking the Kelly Blue Book value on your vehicle.