Spokane, WA

Prices of Used Cars Have Increased by 40% in Washington State

J.R. Heimbigner

The price of used cars in Washington state has increased so much that Senator Cantwell, Chair of the Senate Commerce, Science, and Transportation Committee, took to the Senate floor to call attention to soaring used car prices. For the most part, the shortage in new cars is caused in part by the semiconductor chip shortage. Information from the Washington Auto Dealers Association over the past two years says that the average price of used cars rose by 41% in Spokane and 33.9% in Yakima and the Tri-Cities.

According to the Bureau of Labor Statistics, from February 2021-February 2022, used car prices rose 40.7% in Seattle, Tacoma, and Bellevue. Let's look at this in a practical example. Let's say that you were interested in purchasing a car that was valued at $10,000 a few years ago, it could easily cost $14,000 or more today.

“The price increase for our consumers is 41% increase in the cost for a used car today…We're talking about real impacts that are happening in real people's lives today. And some here are cavalier about these costs,” said Cantwell. “We need to quit wasting our time here.”

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Disclaimer: Please note that this article is only for educational and informational purposes. Please be sure to do your own research and consult trusted professionals.

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