Used Car Dealers In Fayetteville Nc – As flooding continues in Carolina after Hurricane Florence’s massive rainfall, experts say high water will damage thousands of vehicles, possibly resulting in higher prices of used vehicles – especially on the East Coast – because people replace damaged cars.
Kelley Blue Book Chief Economist Jonathan Smoke estimates that 20,000 to 40,000 vehicles will be a total loss because of Florence, while Anil Goyal, executive vice president of operations in the Black Book, tracks sales and value used, predicting that around 20,000 are damaged or destroyed. Both of them wait to make a final estimate until the top of the river swells.
Used Car Dealers In Fayetteville Nc
Florence was blamed for at least 37 deaths in three states.
Asap and Goyal say storm damage will increase the price of used vehicles – at least on the East Coast – because people buy used cars to replace their cars damaged by floods.
“We already have strong demand for used vehicles, especially for used sedans,” Goyal said.
The price of used cars that rose in the Midwest as a result of flooding is also a possibility, depending on the overall impact on supply in the US, said Jim Tolkan, president of the Association of Automotive Dealers in Milwaukee.
Hurricane-related flooding comes amid floods in the Midwest this summer, including late August, when almost a foot of rain falls for 24 hours in and around Madison.
Tolkan estimates that as many as 1,000 cars have been damaged in the floods around Madison in August.
For consumers, this is the situation for buyers to be careful, said Tolkan.
That’s because there are people who might try to get the car inundated because it’s not damaged. Flood-affected cars can be sent from Carolina to other parts of the country or even other countries.
Although there are more ways today to check for flood damage through things like vehicle history reports and title searches, “The problem won’t disappear,” Tolkan said. “If prices seem too good to be true, there is a reason for that.
“If there is water going up to the floorboard, you don’t want to buy it,” Tolkan added. Water that is higher than that can enter the cable, transmission, exhaust or other places.
What happened to all the stagnant cars?
For insured vehicles, after the owner submits a claim, the insurance company will evaluate the damage. If the insurance company determines that the vehicle is a total loss, it will pay the owner – minus deductibles which are usually $ 500 to $ 1,000 – and take the vehicle and its title.
From there, the insurance company will transfer the car to an auction or salvage yard. Parts that are not damaged will be saved, and many vehicles will be discarded. Some will go to save the auction, said Goyal.
All those categorized as total losses by insurance companies must obtain a salvation degree. But consumers must be careful. A vehicle that is considered a total loss in one country may not require a rescue degree in another country, experts say.
Here are some tips about vehicles damaged by floods:
To find out where the car came from and if it has a saved title, experts recommend entering a vehicle identification number into a service that searches for car history for cargo, such as Autocheck or Carfax. The National Insurance Crime Bureau and Carfax offer free car checks that flood.
Buyers can ask to bring the car to the mechanic for inspection. A trained and experienced mechanic can usually detect flood damage to a vehicle, Tolkan said.
Believe in your nose. “Kiss,” Tolkan said. Very suspicious of musty or mildew smell or the use of air fresheners that are too strong.
Check the carpet changes color or new carpet in the old car.
Look for water lines in the engine compartment or baggage.
Check fogging inside the headlights or taillights.
Look for rust or metal peeling under the car.
Pay attention to the buildup of dirt in unusual areas like around the seat.
The Associated Press contributed to this report.
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