Yakima Used Car Prices at Highest In 16 Years
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YAKIMA -- The lots look full and the signs advertise a bargain, but the truth is, used car prices are at their highest in 16 years here in Yakima.
Jennifer Mooney was in the market to buy a used vehicle in May. Her budget was small, but her hopes were high.
"I was thinking I'd pay around four or five thousand dollars to keep a low car payment and get it payed off quick," she said.
Mooney was surprised when her best option forced her to shell out almost $5,000 more than she planned.
And Mooney is not alone. Since 2008, used car prices have risen 30 percent.
And, It's not just the buyer that are having a hard time. Some sellers are even buying cars sitting on the the side of the street to fill their lots.
Wholesale Manager of Prestige Motors, Andrew Terry, uses that approach to keep his lot full. Scanning Craigslist or the classifieds is something Terry does daily.
"You find a lot of smart consumers that know we can offer money and pay them right now," Terry said.
Simply put, demand is very high and supply is low.
Still, like most economic trends, this one is cyclical. A trend car buyers across the valley are hoping will head the other way real soon.
Jennifer Mooney was in the market to buy a used vehicle in May. Her budget was small, but her hopes were high.
"I was thinking I'd pay around four or five thousand dollars to keep a low car payment and get it payed off quick," she said.
Mooney was surprised when her best option forced her to shell out almost $5,000 more than she planned.
And Mooney is not alone. Since 2008, used car prices have risen 30 percent.
And, It's not just the buyer that are having a hard time. Some sellers are even buying cars sitting on the the side of the street to fill their lots.
Wholesale Manager of Prestige Motors, Andrew Terry, uses that approach to keep his lot full. Scanning Craigslist or the classifieds is something Terry does daily.
"You find a lot of smart consumers that know we can offer money and pay them right now," Terry said.
Simply put, demand is very high and supply is low.
Still, like most economic trends, this one is cyclical. A trend car buyers across the valley are hoping will head the other way real soon.
