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Superstorm Likely to Hit New, Used Car Buyers in the Wallet

But you could get more for your trade-in over the coming months.

by on Oct.31, 2012

Cars float out of a flooded garage in Manhattan after Superstorm Sandy drove record floodwaters into the city. Photo courtesy Ray Wert, Jalopnik.

With much of the Eastern Seaboard still digging out and drying out from Superstorm Sandy estimates now put the damage at anywhere up to $50 billion, perhaps more.  But in the weeks to come, even consumers as far away as the West Coast could feel the pinch.

That is likely to be especially true for car buyers.  Early estimates suggest that tens, perhaps hundreds of thousands of vehicles were damaged to the point they will need to be replaced.  And that is likely to drive up prices for both new and used vehicles in the weeks and months ahead, experts warn.

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If there’s a positive side for consumers it could mean better prices for those looking to trade in a car. For the industry, it’s likely to add even more momentum to the U.S. automotive market’s ongoing recovery.

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