Used-car prices to rise in near term, thanks to Sandy, says NADA
Retail prices for used vehicles up to 8 years old will be 0.5 percent to 1.5 percent higher in December because of Hurricane Sandy, says NADAs Used Car Guide.
The loss of used-vehicle supply and the increase in replacement demand after Hurricane Sandy will have the greatest impact on used-vehicle prices in December, said Jonathan Banks, executive automotive analyst with NADAs Guide.
As many as 200,000 vehicles could have been damaged by the storm, about a third as many as during Katrina, NADA senior analyst Larry Dixon told Bloomberg News. Toyota, Chrysler and Nissan have said they plan to scrap about 15,000 vehicles combined.
Download Bulletin PDF