Used Car Dealerships In Florence Sc, Hurricane Florence impact to push up used car prices

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Used Car Dealerships In Florence Sc – The increasing demand to replace vehicles damaged by Hurricane Florence is likely to increase the price of used cars. Analysts in the Black Book, which tracks used car prices and sales, say that people in areas flooded by storms will need a replacement car quickly to get back to work. In addition, dealers must replace their damaged inventory.

“There will be an immediate request for reimbursement,” said Anil Goyal, executive vice president for operations in Black Book. He expects a surge in demand to raise prices in the eastern US by one percent. It will be worth $ 200 for a $ 20,000 used car.

Used Car Dealerships In Florence Sc

Jonathan Smoke, chief economist with Kelley Blue Book, estimates that 20,000 to 40,000 vehicles will be a total loss because of Florence. State Farm, one of the largest US insurance companies, said on Wednesday it had received more than 1,600 auto-related claims from motorists in North and South Carolina. That number is expected to increase because the floods recede and people go home.

Car dealers in affected areas not only need to replace their damaged inventory – they also lose the normal flow of used cars they will get at a wholesale auction, Goyal said. Like most other businesses in the coastal community that face Florence’s anger, the auction has been closed for the past week.

The Black Book does not expect flood replacement transactions to come close to 700,000 vehicles purchased last year due to the combined effects of hurricanes Harvey and Irma. The storm hit the Houston area, which has a population of around 6 million. Coastal areas in North and South Carolina and Virginia that were destroyed by Florence are far less populated, and also have fewer cars.

For consumers who have shopped used cars but don’t need them immediately, the best advice is to wait for about a month, when Florence’s impact on prices must end. However, be careful of stagnant cars that may have been cleaned and recycled to the used car market.

If an insurance claim is paid for flooding, the car title must include the notation. Using a car vehicle identification number, consumers can check with Carfax to see if the vehicle has a history of flooding. One report costs $ 39.99, or you can get three for $ 79.99.

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