(Originally published on Sept. 20, 2021.)

MINNEAPOLIS (WCCO-TV) — The value of cars is spiking, so if you’ve been thinking about trading in your old ride for something newer, now might be the time.

Jason Myles, a former employee at WCCO-TV in Minneapolis, is moving to New York City this week, so he no longer needed the 2017 Subaru Outback he bought last July. After putting $5,500 down, Myles got $5,600 selling it back to his dealership. He says the value of the car increased approximately $2,000 in the last two months.

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“I thought I would get like a couple thousand back, I was hoping for maybe like two or three, but then when I got back exactly what I put down, it was like dang, it’s almost like I, you know, rented my car for a year,” Myles tells WCCO.

Ben Saxon, a sales manager at Inver Grove Ford, says deals like that aren’t uncommon right now. “Especially if you have a trade-in, you’re going to get more than you’ve ever been able to,” Saxon says.

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He explains that new vehicles aren’t coming on the lots as quickly as in the past, and there isn’t always enough inventory to meet demand. “You have a lot of people, now that things are opening up a little bit more, they’re wanting to add [vehicles], you know, so they can take the family trip or both people in the household can get to work,” he adds.

Saxon says selling or trading in a pickup truck will get exceptional value right now. Family vehicles like minivans or third-row SUVs also are valuable.

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There are pros and cons to selling a car to a dealer, through a private sale, or an online dealer like Carvana, so it’s important to research. On the flip side of it being a good time to sell, don’t necessarily expect good deals if you’re buying. Money Magazine also says this month it’s the worst time ever to buy a car.