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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) -- Iconic TV host Regis Philbin, who has roots in San Diego television history, has died at the age of 88, multiple news outlets report.According to a family statement obtained by PEOPLE, Philbin passed away from natural causes Friday night.Philbin returned to his roots in 2018 with a visit to 10News.After a stint in the United States Navy, he moved to San Diego where he launched a career in broadcast. The icon was briefly a news anchor in San Diego when Channel 10, at the time known as KOGO, approached him about taking over as an anchor of the evening news.PHOTOS: Former 10News anchor Regis Philbin visits the 10News crew"This was the beginning of it all," Philbin said upon beginning his tour. "It really was."Shortly after, Philbin landed his first talk show, "The Regis Philbin Show," which was filmed in the ABC 10News studios where the current newscasts are produced.Philbin acted as his own writer, producer, and show guest booker. He was able to book many top celebrities including Jerry Lewis, Ronald Reagan, Danny Thomas, and Liberace.His talk show, which was produced at the now KGTV studios from 1961 to 1965, aired live from 11:30 p.m. - 1:00 a.m. every Saturday night."The show became a big hit so it was time to go to Hollywood, I guess, so I did," said Philbin.Philbin moved his show to Los Angeles, before being hired in 1967 as the sidekick for a national talk show, "The Joey Bishop Show." The move catapulted his stardom garnering him national attention.WATCH VIDEO REPORT: Broadcasting legend Regis Philbin visits his old home at 10NewsTelevision audiences across the country started to tune in to Philbin's zestful personality, warmth, and signature self-deprecating humor leading to ratings success on his show "Live!". For nearly three decades, he shared co-hosting duties on the show alongside Kathie Lee Gifford and Kelly Ripa before he left in 2011. He also made a mark on primetime television as host of the popular game show, "Who Wants to Be a Millionaire?" Philbin holds the Guinness World Record for most hours on television.Laura Cain, a long-time local radio traffic reporter, met Philbin in 2001 when she won a contest and got the opportunity to fly to New York and be his co-host for the day. Cain says it was his friendly personality, that she’ll remember most."It brought back all the memories of when I hosted the show with him and what a great person he was I’m sad. I’m really sad,” says Cain. "He was the most kind man. He was a small man. But so handsome and I just remember thinking after I had left that I had known him my whole life. That’s how he made you feel. I felt equal to him. It was a special moment for me."And that’s the same way Fred Norfleet described Philbin, who he worked with for years as a stage manager on his San Diego morning show."I’m sure he had a heart for San Diego you now. Everybody knew him. Everybody liked him. I can’t think of anybody who would ever say a bad word about Regis Philbin," Norfleet said.Norfleet says he's sad to hear of Philbin's passing but adds he's glad he got the opportunity to work with him, as he truly was one of a kind, who had a big heart, and a smile no one can ever forget.Watch video of Philbin's visit to 10News below: 3256

SAN DIEGO (KGTV) - Interstate 15 Express Lane signs are being changed from white to green, with other improvements, at a cost of .5 million, the San Diego County Association of Governments said Thursday.A research effort determined that the existing signs could be difficult for drivers to read, and that information about toll rates and permission to use the lanes was unclear, according to SANDAG."There's quite a bit of confusion on the motorists part, trying to understand, can I actually get in there as a carpool or not?" said Ray Traynor, SANDAG's director of operations. "Having a system that's clear to the end users is vitally important so that the lanes operate effectively."A spokesman for Caltrans says research showed a green sign with white text was more difficult to read, with the amount of information on the sign. The I-15 Express Lanes stretch for 20 miles between SR-78 in Escondido and SR-163 in Kearny Mesa. There are more than 16 access points where drivers can move in or out of the lanes.WHAT WILL CHANGEThe upgraded signs were designed to address the concerns from I-15 commuters.Improvements include: 1153

SAN DIEGO (KGTV) - In an effort to help solve the homeless problem, the San Diego County Board of Supervisors voted unanimously Tuesday to approve a program that will provide million in financing for seven affordable housing projects.The new development will add 503 units."This is a game changer," says Supervisor Ron Roberts, who championed the proposal along with Supervisor Dianne Jacob. "For the people that need this, this will be a godsend."The money comes from the Innovative Housing Trust Fund, which was created in 2017 to help provide gap financing to developments that can add affordable multi-family rental housing.Many of the units from the first seven projects will be earmarked for the homeless, veterans, people with disabilities or mental illness, families and seniors."For a family of 4 earning just over 70,000 dollars, they won't pay more than 1,900 dollars a month," Roberts says. "You can't find enough bedrooms for a family of four at 1,900 dollars in San Diego."The seven projects will be spread out throughout the county with two in the Otay Mesa/San Ysidro area, two in Vista and one each in Poway, San Marcos and the Southcrest neighborhood of San Diego.All of the projects are expected to be completed by December of 2021. 1288

SAN DIEGO (KGTV) -- Like so many businesses throughout San Diego County, businesses along the border in San Ysidro are also preparing to scale back operations because of the state's COVID-19 purple tier.Businesses in the border region have already seen a significant decline in business because of international travel restrictions currently in place. Since March, the border has been closed to all tourist travel, only open for essential needs, like going to work or getting medical care. Tuetano Taqueria is one of the businesses affected. Just blocks from the border, its owners are doing everything it can to stay open. The trendy taco shop is run by Fernando Covarrubias and his wife, Chef Priscilla Curiel. During the initial stay-at-home order, the couple had to lay off their employees and run the business themselves. The taqueria was recently honored, making the Michelin Guide, famous for it's tacos served with the option of bone marrow on the side. Now, the owners are getting ready to scale back to takeout orders because of the purple tier restrictions. According to the San Ysidro Chamber of Commerce, from March to July, roughly 100 businesses closed permanently. Jason Wells, the chamber's executive director, said the border travel restrictions are devastating the region. Wells said all businesses in the area are hurting, but retail has taken the biggest hit. According to Wells, about 95% of customers in the area are from Mexico.Wells explained that most of the businesses along the border make their biggest profits during the holidays, and the state's purple tier isn't helping. If the border travel restrictions continue, Wells thinks more businesses will not survive. Covarrubias and his wife are hoping people will follow the health guidelines so COVID-19 case rates go down and business can get back to full operation. Despite their struggles, the couple is working on opening a second business in National City, called Mujer Divina, a coffee shop that will also serve burritos. Purple tier restrictions take effect Saturday at midnight. Border travel restrictions are in place until Nov. 21, but could be extended. 2153

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