Dealers Paying Top Dollar Due To Used Car Shortage

DENVER (CBS4) - If you're driving what you consider to be an old jalopy, you might be surprised at what your vehicle is worth.

Across the country those in the business of used cars say there's a shortage because people are driving their cars longer than ever. At Rocky's Auto, spokesman Greg Hammons says they've hired more car buyers to go out and search auctions for used vehicles. He says there's still a shortage.

"It's probably been about a 40 percent drop throughout the year and it's probably going to continue through the next few years," Hammons said.

For consumers, the lesson is one of supply and demand.

"The market keeps going up; their used car value keeps going up," Hammons said.

That's exactly why Chris Hughes and his family went to Rocky's to sell a car.

"There's a shortage and hopefully that will benefit us today," Hughes said.

At Mile High Imports there are "wanted" posters offering a reward for a used car.

Yury Ablin with Mile High Imports says with gas prices high, they're particularly low on fuel-efficient used cars. They'll pay a premium for those used models.

"The value went up in one month about $1,000," he said about fuel efficient cars..

The good news for consumers is car dealers really need used vehicles and many are willing to pay top dollar.