Sandy Aftermath to Push up Used Car Prices - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Sandy Aftermath to Push up Used Car Prices

Posted:
(Photo: CBS) (Photo: CBS)

LEWES, Del.- The combination of flood damage to dealers' inventory during Superstorm Sandy and rising demand from victims who need replacement cars will push up used car prices, analysts say.

Price increases could add up to 1.5 percent nationally in December and 3 percent over the four months following the storm, says analyst Jonathan Banks of the National Automobile Dealers Association Used Car Guide . That's what happened to used car prices after Hurricane Katrina in 2005. And in New York and New Jersey where the damage was concentrated, prices could rise even more, Banks says.

Dealers in Delaware say consumers in Sussex County can see this increase. "We had somebody come across the Cape May Lewes Ferry from New Jersey to pick up a car recently, we also had someone come down from Connecticut who was also hit by the storm, and picked up a new car," said Bryan Hecksher, the owner of the Auto Gallery in Lewes. 

He's not the only dealer that says Sandy's destruction will impact those looking for a used car in Delaware.

Scott Wagman, a sales manager at Boulevard Auto said, "The whole northeast area purchases cars from the same region, so it impacts us and what we can buy as far as resale, peoples' trade-ins, new cars, so it's the whole ball of wax that was effected."

Not only did wind and flooding damage used cars on dealers' lots, but in many cases new supply must be brought in from other states.

Look for price increases to be especially sharp among luxury used cars as well as pickup trucks, where contractors and others who lost vehicles need to get replacements for their work.

If you are among the storm victims who are considering a used car replacement, the analysts at Edmunds.com have this advice:

If you can postpone the purchase, wait until used car prices -- which were declining prior to the storm -- settle down again.

Research whether a new car might be a better deal. Auto loan rates remain low, and several auto makers are offering special incentives to storm victims.

If you buy used, be careful not to get a cleaned-up car that has been flooded. Look for discolored carpet and unusual odors in a car you are considering. Check the Vehicle Identification Number with The National Motor Vehicle Title Information System to make sure the car has not been designated as a flooded car.

 

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Dover Leaders Say High-Crime Areas Will be Saturated With Police

    Dover Leaders Say High-Crime Areas Will be Saturated With Police

    Friday, May 26 2017 8:40 PM EDT2017-05-27 00:40:44 GMT
    Friday, May 26 2017 8:40 PM EDT2017-05-27 00:40:44 GMT
    DOVER, Del. -- After a number of shooting incidents in recent weeks, Dover's mayor and police chief on Friday announced officers will be focusing their efforts in high-crime areas in the city. Dover Mayor Robin Christiansen said the effort comes after the city has seen more than 20 shooting incidents in 2017 and at a time when the summer is fast approaching and children and teenagers will be leaving school. "We are not going to ease up on the people that are using our city to c...More
    DOVER, Del. -- After a number of shooting incidents in recent weeks, Dover's mayor and police chief on Friday announced officers will be focusing their efforts in high-crime areas in the city. Dover Mayor Robin Christiansen said the effort comes after the city has seen more than 20 shooting incidents in 2017 and at a time when the summer is fast approaching and children and teenagers will be leaving school. "We are not going to ease up on the people that are using our city to c...More
  • Delaware Beach Traffic Picks up as Memorial Day Weekend Arrives

    Delaware Beach Traffic Picks up as Memorial Day Weekend Arrives

    Friday, May 26 2017 8:27 PM EDT2017-05-27 00:27:26 GMT
    Friday, May 26 2017 8:27 PM EDT2017-05-27 00:27:26 GMT
    Rehoboth Beach, DelawareRehoboth Beach, Delaware
    REHOBOTH BEACH, Del. -- Delaware's roads will be more crowded this weekend as travelers from across the country and state visit beach towns in Sussex County. "It's good in the fact that there's a lot of people here but then it's bad, the traffic and getting around, and bumping elbows with everybody," said Adam Moatz of Tennessee, who drove up with his wife Beth to visit a relative. DelDOT says tens of thousands of people are expected to travel through the Dover Toll Plaza ...More
    REHOBOTH BEACH, Del. -- Delaware's roads will be more crowded this weekend as travelers from across the country and state visit beach towns in Sussex County. "It's good in the fact that there's a lot of people here but then it's bad, the traffic and getting around, and bumping elbows with everybody," said Adam Moatz of Tennessee, who drove up with his wife Beth to visit a relative. DelDOT says tens of thousands of people are expected to travel through the Dover Toll Plaza ...More
  • Price Comparison: Where to Buy Crabs Over Memorial Day Weekend

    Tuesday, May 23 2017 10:30 AM EDT2017-05-23 14:30:07 GMT
    Friday, May 26 2017 8:08 PM EDT2017-05-27 00:08:17 GMT

    For many people on Delmarva, a favorite way to spend the Memorial Day holiday weekend is by enjoying blue crabs. If you're planning on buying crabs, either live or steamed, prices vary widely depending on location.  

    More

    For many people on Delmarva, a favorite way to spend the Memorial Day holiday weekend is by enjoying blue crabs. If you're planning on buying crabs - either live or steamed - prices vary widely depending on location.  

    More
  • Most Popular StoriesMost Popular StoriesMore>>

  • Teen Hospitalized After OC Hotel Fall

    Teen Hospitalized After OC Hotel Fall

    Thursday, May 25 2017 9:48 PM EDT2017-05-26 01:48:06 GMT
    Friday, May 26 2017 7:22 AM EDT2017-05-26 11:22:21 GMT

    Ocean City police say a 17-year-old boy was hospitalized after falling from an unknown height at a hotel in Ocean City on Thursday afternoon.

    More

    Ocean City police say a 17-year-old boy was hospitalized after falling from an unknown height at a hotel in Ocean City on Thursday afternoon.

    More
  • Maryland State Police Make Large-Scale Drug Bust Spanning 5 Counties, Including Del

    Maryland State Police Make Large-Scale Drug Bust Spanning 5 Counties, Including Del

    Friday, May 26 2017 8:38 AM EDT2017-05-26 12:38:42 GMT
    Friday, May 26 2017 8:46 AM EDT2017-05-26 12:46:05 GMT

    Maryland State Police and several other law enforcement agencies arrested 18 people in four Maryland counties and one Delaware county, connected to a large scale distribution of opioids, in which police say an estimated $130,000 worth of drugs were recovered along with $98,000 in cash.

    More

    Maryland State Police and several allied law enforcement agencies arrested 18 people in four Maryland counties and one Delaware county, connected to a large-scale distribution of opioids, in which police say an estimated $130,000 worth of drugs were recovered along with $98,000 in cash.

    More
  • Cruisin' Leaves its Mark on Ocean City

    Cruisin' Leaves its Mark on Ocean City

    Wednesday, May 24 2017 6:38 PM EDT2017-05-24 22:38:22 GMT
    Thursday, May 25 2017 7:41 AM EDT2017-05-25 11:41:49 GMT

     Cruisin' leaves it's mark on Ocean City. 

    More

    Last weekend's Cruisin' Ocean City event left its mark, in more ways than one. 

    More
Powered by Frankly

All content © Copyright 2000 - 2017 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices