Buyers searching for a late-model, fuel-efficient used car in metro Phoenix will experience an unfamiliar sensation: sticker shock.

That is, if they can find a used car to buy.

The lack of used vehicles available for sale, particularly compact, gas-sipping Toyotas, Hondas and Nissans, has buyers and sellers scrambling as prices hit record levels for many models. One dealer is offering to buy desirable cars that are brought in for service; others are sending out mailers and combing Craigslist to beef up sagging inventory.

The average wholesale price of a 3-year-old used compact is up 20 percent from a year ago, with some models seeing much larger increases, according to the May Used Vehicle Value Index produced by Manheim Consulting, which was released last week. Manheim is America’s largest used-car auction house and a source of inventory for many dealers.

The reasons behind the shortfall are many, including pent-up demand as prospective buyers gain confidence in the economy; strong interest in higher miles per gallon or hybrid cars as gas prices remain high; and the reduction of the total number of used cars on the market because of last year’s hailstorm in metro Phoenix and the federal government’s Cash for Clunkers program in 2009.

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The Dow Jones Industrial Average crossed above the 11000 level for the first time in 18 months—albeit for a few brief moments—marking another key milestone in what has been one of the strongest stock-market rebounds in history.

While the threshold has prompted less fanfare than when the Dow recaptured 10000 in October, it represents another big accomplishment for a measure that was below 7000 a year ago.

The Dow broke 11000 briefly in the last minutes of trade—hitting a high of 11000.98—before ending at 10997, up 70.28 points.

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