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Looking To Trade In Your Old Vehicle? Now May Be The Best Time Ever To Do So

MINNEAPOLIS (WCCO) -- 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 WCCO employee, 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 Burnsville dealership. He says the value of the car increased approximately $2,000 in the last two months.

"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 said.

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 said.

He says 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 said.

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, according to Saxon.

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 said this month it's the worst time ever to buy a car.

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