The economic collapse in 2008 has lead to a dearth of used cars. Many drivers are holding on to their vehicles longer than in previous years and as a result are not trading them in for updated models. In an effort to replenish a depleted used car market, many in the industry are putting in a significant effort to convince drivers now might be the time to trade in their vehicles, The Detroit News reports.

The unique situation has led some dealers to take drastic measures to find used cars. Some will look at their service departments and make drivers offers well above what they would normally pay. Others have turned online to find cars on websites like eBay. The shortage is reflected in the number of cars sold at auction.

"The number in 2010 was 8.4 million," Tom Kontos, executive vice president of Adesa Analytical Services, told the newspaper. "My expectation this year is it won't reach 8 million. So we are down somewhere between 1.5 [million] and 2 million cars, even with new-car sales increasing."

While it may be bad news for dealers, the shortage of used cars is great news for people considering trading in their car. However, even if the demand is high, there are still some steps you can take to ensure you get the most money possible.

According to Bankrate.com, one of the best ways to ensure a fair deal is to come prepared with all your service records. Additionally, you should do some research beforehand to have an idea of how much your car is worth.

New Jersey State Auto Auction is a great place to go to trade in your used car. Thanks to being an Autotrader.com trade-in marketplace, New Jersey Auto can provide you with a fast appraisal that will you have you driving away with a used car in no time.