The estimated 250,000 cars flooded by Superstorm Sandy on the East Coast will drive up used-car prices, even as far away as California.The supply shortage comes on the heels of an already tightened used-car market in the wake of the recession, when new car sales dried up. Some experts say prices could rise $700 to $1,000 on the typical used car in the short term. Although those effects will be felt most acutely near the flood zone, the increasingly digital and national market for used cars will spread the price shocks widely. The flood of Sandy-damaged cars further
Used boats, too. The ones that we were looking at were snapped up right after the storm by people who lost theirs. It has been quite the buyers market. We'll see just how much demand affects the pricing as inventory of quality larger boats dries up.
Reply 3 - Posted by:
Mass Minority, 11/9/2012 11:00:51 AM (No. 9002438)
A drop in the bucket compared to the shock to the used car market from the Cash for Clunkers fiasco.
I tried to buy a used car for my son last summer. I was looking at 5 to 7 year old econoboxes with 80K to 100K miles on them. The selling prices were all greater than $10K.
In order to buy a used car for less than $10K you were looking at 8 to 10 year old vehicles with well over 125,000 miles on them.
We were shown 2004 Toyota Camrys with 90,000 miles for $13,500. 10 year old Chevy minivans with 150,000 miles for $8000. It was insane. We ended up buying a new car for mom and giving junior the old car.
I was gobsmacked. You could not find a used car for less than $6000 unless you wanted some decrepit piece of junk with 180,000 to 200,000 miles on it. Insane.
We did exactly what #3 did. Used car prices are just too high to justify buying. We bought a new Civic with 5,000 miles for less than used Civics with up to 30,000 miles on them. The other brands weren't any better, either. Thank goodness we had created our own used car and we're in the process of doing the same thing for our next child. We also keep a old but serviceable 4-wheel-drive pickup - just in case.
Im tired of hearing about this Superstorm and its 80 mile per hour winds. It was storm surge and a wet basement. The reason the monetary damages are so great is because the property is so much more "valuable". A shack that got blown away in a "real" hurricane like Hugo was worth 50,000 dollars, but same property in Jersey is 500K. After Hugo, I was building a house in Virginia and I could not 2x4s, shingles, or framers. everyone was in the carolinas rebuilding. If this was a real hurricane with big damage, there would be a shortage of lumber. I may be wrong, but I think we are a victim of Navel Gazing northeasterners who think that anything that happens to them is important.
Anyone interested in buying a used car in the next 6 months should disabuse themselves of that notion. This happens after every storm catastrophe. I recall people as far away as PA buying like new vehicles at a great price back in 69-70 following Hurricane Camille, who ended up sorely disappointed. A little sawdust in the oil makes a flooded car run great - - for a couple of days anyway.
After big storms and flooding, avoid used cars from auctions or lots that get their cars from auctions. Many of these cars have been damaged by water in ways not easily seen. Deal locally in cars that have a proper paper trail.
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