As interest rates as low as zero percent spur a surge in new-car sales, used-car lots are filling up fast and values are plummeting, according to an Associated Press story by Evan Ramstad.

New cars sold at record-breaking levels in October as shoppers took advantage of special financing offers from the Big Three -- Ford, GM

and Chrysler -- and a few other automakers. Many of those buyers traded in their existing cars and trucks, creating a glut that will take months for used-car dealers to unload.

Dealers say used-car sales are steady but haven't nearly kept pace with the flood of trade-ins. Some dealers plan promotions on used cars after the no-interest offers for new cars expire later this month.

Already, interest rates for used cars are near historic lows, averaging 9.3 percent nationally for a 36-month loan, according to online service Bankrate.com.

As trade-in volume increased last month,

dealers began paying less. Many consumers considered the no-interest financing more important than obtaining a high price for the car they have now, according to AP.