"If you own a small or midsize car, your car is probably worth a lot more than you think," said Jonathan Banks, an executive auto analyst at NADA Used Car Guide. "Trade-in values are at an all-time high."
The Toyota Prius is at the top of the list. A 3-year-old Prius is worth $4,100 more today than on Jan. 1. Mini Coopers and Camrys are not far behind.
At auto auctions of vehicles up to 5 years of age, demand is up by nearly 30% for compact SUVs, 25% for midsize pickups, 23% for compact premium SUVs, and 19% for large premium SUVs. The increase in supply is expected to last throughout this year as increased numbers of vehicles come off-lease but then level off over the next two years.
All Models Get 15% More
Optima, Sportage, Sorento, and Rio get 10% More
Civic, Accord, Ridgeline get 10% More