As the recession wears on, used car prices are hitting sky-high levels.

How high? So high that at Gerald Jones Honda in Augusta, Ga., owner Andy Jones paid $6,000 at auction for a 2004 Buick Century with 70,000 miles that he fixed to sell for $8,500 -- more than three times what a car like that would have been worth before the recession hit, Automotive News reports.

Some dealers have stopped buying cars at auction because prices have become so outrageous. Why so high:

More motorists are hanging on to their clunkers because they can't afford a new car. Fewer new car sales means fewer late-model trade-ins, the mainstay of auto dealers. Rental car agencies are hanging on to their cars longer as well.

Tom Webb, chief economist at Manheim, tells the News that this year won't be much better. New car sales are still down,though not by as much as lasts year. Says the News: