For the second straight year, used vehicle prices are skyrocketing nationally and in Alaska. The surging costs outpace other commodities amid widespread inflation, and they’ve turned the Alaska car market upside-down.
Pamela Linderman, right, talks with Morgan Johnson, a salesperson at Vito’s Auto Sales in north Anchorage, as she looks through the lot of used cars on Friday, June 17, 2022. Cars that fetched $15,000 before the pandemic now sell for around $23,000, after Alaska prices spiked more than 50% since 2020, according toThe surging costs sharply outpace other commodities amid widespread national inflation. And they’ve turned the Alaska car market upside-down.
The couple could have bought a new CRV for $8,000 more, he said. But he stuck with a used car to stay frugal, with the U.S. economy shaky, he said.‘A mint for a car’ With new cars hard to buy — they need to be ordered months in advance — car rental companies and individuals hold on to their existing vehicles, further reducing supply, McPherson and other dealers said. Adding to the problem are small-time entrepreneurs that rent vehicles through Turo, snatching up second-hand vans and other used vehicles.Dealerships, getting less trade-in vehicles, say they are increasingly buying cars at highly competitive Lower 48 auctions.
“That was a huge shock to me, because it had 85,000 miles when I sold it,” he said. “And it had cosmetic damage, door dings, a crack in the windshield and tail light.”“This market is pretty frickin’ ridiculous right now,” said Fitzpatrick, who commutes from Wasilla to Anchorage to work for the Alaska Department of Corrections.
Used car prices in Alaska and the U.S. have jumped higher than most other commodities as inflation hits levels not seen in decades, said Neal Fried, an economist with the Alaska Department of Labor and Workforce.The yearlong inflation rate for Alaska in April jumped 7.5%, according toUsed car prices rose even more the year before, from a periodThe price spikes, at least recently, have challenged the adage that cars quickly lose value, he said.
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