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The combination of low supply and increased demand is the main culprit, with Japan's parts shortages adding fuel to the fire.
The biggest price increases are on hybrids, compacts and subcompacts thanks to rising fuel costs.
If you're in the market to sell or trade-in your used car, then it's all good - at least until August.
At that point gas prices are expected to drop back to normal levels.
Keep in mind that if you leased a car within the last 3 years and the lease is coming to an end soon, your vehicle is probably worth more than the buyout price.
You could potentially make several thousand dollars by "flipping" it - essentially buying it, then reselling it right away. (See: How to Profit from an End of Lease Buyout.
Though used car prices are high, you'll still get a better deal than buying new as long as the vehicle is at least 2 years old.
Analysts expect used car prices to start heading lower in October.
That's when the new car market will likely rebound from Japan's troubles, making the used car market soft and thus giving you a better deal.
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