Published: May 18, 2011 5:57 PM EDT
Updated: May 18, 2011 5:57 PM EDT

DETROIT - It's the best time in years to sell your car.

People are holding on to cars and trucks for about a year longer than they did before the recession, which has created a tight supply of used vehicles.

So few are on the market that prices have risen to their highest in at least 16 years.

Dealers are paying an average of $11,660 for a used car or truck, up almost 30 percent since December 2008.