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SAN DIEGO (KGTV) — If you’re thinking about trading in your used car, now might be the time.Used car prices are beginning to cool off but remain near the historic highs caused by the pandemic, according to data from Edmunds.After a peak in September, dealers paid 3.3% less on average for trade-ins in October. The average used vehicle transaction price, however, remained flat at a record-high ,418 in October because of an influx of relatively new off-lease vehicles."If your household has a second vehicle that you are thinking about selling because it's going unused during the pandemic, there's no point in holding onto it in the hopes of its value increasing again,” said Ivan Drury, Edmunds' senior manager of insights. “You won't get a dramatically higher value for your trade-in than you would have just last month, but you should still get a bit more money than usual since values are still inflated."Used vehicles are worth 16.9% than they did last year, according to the Manheim Used Vehicle Value Index.What caused the historic spikeIn some ways, the pandemic was a time machine for used car prices, reversing depreciation and making pre-owned vehicles worth more than they did a year ago.“That’s kind of crazy to see appreciation on a used vehicle,” Drury said.Drury said he sold a car after owning it for a year for the same price. “That’s unheard of.”Industry experts say it’s a matter of supply and demand. During the pandemic, the supply of used cars dropped, while the demand soared. Both caused prices to spike to record levels.On the supply side, the shutdown of new car manufacturing had a cascading effect on the used car market.“We weren’t churning out new cars, which meant there wasn’t much for shoppers to buy. Therefore people weren’t trading in their used cars,” said Michelle Krebs, Autotrader’s executive analyst. “Everything just kind of stopped.”On top of fewer trade-ins, the pandemic brought the car rental industry to a standstill. Normally, companies like Hertz and Enterprise refresh their fleets, selling off about two million used cars a year. Car rental companies kept their fleets parked during the early months of the pandemic.The third reason supply plummeted: a lot of people decided to put off car buying and extended their leases, so those vehicles weren’t available for sale, although that is now beginning to change.At the same time the supply of used cars dropped, demand for used vehicles surged.“The factories were shut down. They weren’t producing. A lot of consumers, even if they wanted to buy new, they suddenly had to look at used,” Drury said. “That jacked up demand. We had consumers fighting for the same units of inventory.”Demand also rose because people in metro areas that typically relied on public transportation decided to get cars for the first time. And in an environment with a lot of financial uncertainty, used cars were a more affordable option, Krebs said.Low interest rates and stimulus checks also fueled demand by giving consumers more buying power, according to Krebs and Drury.With car rental businesses picking back up and lease extensions beginning to end, the supply of used cars has begun to stabilize. That means now may be the time to sell your used car, particularly before the calendar flips to 2021 and vehicles get one model year older, Drury said.You’ll get more for your used car if you trade it in now, but there’s a trade-off: “You’re also going to pay more for a new car,” Krebs said. 3489

SAN DIEGO (KGTV) — Jessica Mattly was all smiles Thursday, ironically, thanks to the state Employment Development Department.“For the first time they called me,” she said. “I didn't call them. It was great.”A representative from the EDD, which issues unemployment insurance payments, called Mattly to tell her that they finally processed her application for jobless benefits. They’d begin by sending her four weeks of backpay.Mattly’s had been trying to get through to the EDD since she lost her job at a San Diego resort in late March, when Coronavirus restrictions went into effect. She filed for unemployment immediately, but like thousands of other San Diegans, got a request from the EDD for identity verification.She submitted the necessary documents, but never heard anything back.“I would just keep dialing, and keep dialing, and keep dialing, and I understand the definition of insanity. I do. And it felt like that was my only option,” she said.Mattly kept running into walls, until she turned to State Sen. Ben Hueso’s office, which contacted the EDD on her behalf.That lead to Thursday's phone call.Others, like Audee Kammer - just wouldn't take no for an answer.The EDD denied her identity documentation twice. She called hundreds of times - finally appealing the denials and getting a telephone hearing with a judge, who authorized payments.“I could see how some people, it could just throw them into deep depression and despair,” she said. “I feel for a lot of people out there that are in my same situation that I was and don't have the drive to keep knocking on that door.”Meanwhile, the latest state numbers show more than 230,000 San Diego County residents are unemployed.The EDD says its funding has increased drastically since the pandemic began and is now undertaking a massive hiring effort.It has filled 900 new positions to process an unprecedented amount of claims - with an additional 1,900 openings.Sen. Hueso represents the 40th Senate District, which includes portions of the County of San Diego and all of Imperial County. If you don't reside in District 40, you should contact your elected representatives for your area. To find your representative, click here. 2201

SAN DIEGO (KGTV) — Laura Bolt’s plans for a summer abroad in Austria came to a screeching halt because of the coronavirus.“Of course I'm super disappointed that I wasn't able to go,” she said.Bolt is majoring in physics at the University of San Diego. She suddenly had an empty summer schedule.“I figured I needed to do something productive with myself, and so I started applying like crazy,” she said.Bolt landed an internship with MakeSAFE Tools, a San Diego manufacturer of devices that allow emergency stops on construction equipment in the home and in the field.Sales at the company, however, are down 60% to 70% since March.“If you're going to get a really solid intern, they've still got to do something for money, and we're not in a place that makes sense for paying interns, but we can provide really authentic experiences,” said Scott Swaaley, founder of MakeSAFE Tools.Bolt found a different way to get paid. She turned to the USD Career Center, which, through private donations, offers stipends to interns who demonstrate that they have a real learning opportunity at hand but will incur expenses.They can be granted between 0 and ,000. The university divvied up 0,000 to 80 students this summer.“The goal is not to cover salary, we’re not there to help a company get free labor,” said Robin Darmon, senior director at the USD Career Development Center. “This is actually going to put (the student) on a test drive course towards career goals.”Now, Bolt is doing does a bit of everything at MakeSAFE Tools - she codes, does web design, technical writing and even participates in meeting with customers — all from the comfort of her own home. 1669

SAN DIEGO (KGTV) -- Low inventory and historically low interest rates are driving California's red-hot real estate market.According to the California Association of Realtors, home sales climbed to their highest level in more than a decade, and the median home price set another high for the fourth straight month.It's making it harder for buyers to buy low but easier for sellers looking to sell high."With everything shutting down, I just figured now was the time to do it," said Kristi Gonzalez.After a career in the San Diego area, Gonzalez is retiring, moving out of state, and about to cash out."I think now is a great time to sell," she said. "There's very low inventory. It will make it easier for me."If you've paid attention to California's real estate landscape, the market is hot in many cities."We're seeing about a 10 percent increase in the last four to five months, and that's insane considering where we were," said Jordan Beal, president of the Beal Group.Beal said the San Diego area sees an influx of buyers from New York, the Bay Area, and Los Angeles."When you look at the fact that money is as cheap as it is, people who have been able to keep their jobs combined with a lot of tech people who can now work remotely and see San Diego as really cheap market compared to the Bay Area, Los Angeles, and New York, I don't see our market slowing down anytime soon," Beal said.The same thing is happening as you head north into the Central Valley."Inventory is historically low, interest rates are historically low, and it's just kind of the perfect storm with that whole supply and demand," said Ronda Newport, president of the Bakersfield Association of Realtors.Newport said the Bakersfield market is on fire.It's a combination of locals looking to take advantage of interest rates and those from wealthier ZIP codes trying to get out of a big city."If you have an LA buyer or a Bay Area buyer, and if they sell their home, you know a small little home for what they sell for in that area, and they move to Bakersfield, and they see what they can get for the money here, it's an easy decision," she said."We are just breaking all sorts of records," said Bruce Blair of Blair Properties.Blair's been selling homes along the Central Coast since the 70s.He said some people are buying houses they've never seen. Some buyers are paying in cash, and those who aren't have large down payments."It's tough to make any type of prediction right now, but right now, the housing market is not affordable for a lot of people in San Luis Obispo County, and that's a problem."According to the California Association of Realtors, September's statewide median home price was 2,430. That's up more than 17 percent from September of last year.According to a survey from Zillow, life uncertainty, likely caused by COVID-19, keeps more than a third of would-be sellers out of the market.The Zillow survey found many sellers say they anticipate a higher sale price if they wait.So, what to do? Unfortunately, there's no crystal ball."I don't anticipate it slowing down too much," said Carla Farley, President of the Greater San Diego Association of Realtors. "Unless we get some interest rates that go crazy after the election cycle, maybe that might slow some things, but I don't anticipate that happening either."According to the California Association of Realtors, the median number of days it took to sell a California single-family home was 11 days in September, down from 24 in September 2019. The September 2020 figure was the lowest ever recorded. 3564

SAN DIEGO (KGTV) -- If you've ever gone out in the Gaslamp, you know how busy it can get. Nothing will ruin your night more than finding out your car's been towed.That's exactly what's happened more than 1,000 times since the city converted Fifth Avenue to a three-minute passenger loading zone after 8 p.m. on Friday and Saturday nights in September 2016. "They really don't ask questions around here," said Vanessa Figueroa, who hands out fliers for Gaslamp BBQ on the corner of 5th and Island every Friday and Saturday nights. "If you're parked here, your car's gone."The city made the change to reduce gridlock, boost emergency response times, and make passenger drop-offs safer. But that's also meant a lot of towing. In the first year, the city towed about 1,200 cars - drivers either missing the warning signs or getting confused by different ones next to each other.RELATED:  906

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