It's no secret that you can trade in your current vehicle and use the funds toward your next purchase, and the value of your used vehicle may be higher than you think, due to a waning supply of used models coupled with an increased demand. A report by the National Automobile Dealers Association (NADA) indicates trade-in values have been climbing lately.

"Higher trade-in equity on used vehicles will help facilitate the release of pent up demand for a growing number of consumers making the jump off the sidelines and into a vehicle purchase," said Jonathan Banks, executive automotive analyst with NADA Used Car Guide. "The equity position that consumers find themselves in today is better, and in some cases, dramatically better than it was three years ago."

The association provided a few examples to highlight just how much more consumers can get out of their trade-ins. In 2009, a three-year-old Hyundai Elantra had an average trade-in value of about $5,000. This year, the value of a three-year-old Elantra is nearly $8,900 – a 77 percent difference. Not all models saw as drastic of a change. The Honda Accord, for example, only saw a 16 percent jump in trade-in values between 2009 and 2012.

Drivers who have been thinking about trading in their current car for a new ride can take advantage of the added value and put it toward the purchase of a used model. New Jersey Auto Auction accepts trade-ins, and the dealer offers guaranteed credit approval to help fund the rest of your purchase. With a wide selection of makes and models to choose from, you'll have no trouble finding a suitable used ride to replace your former set of wheels.