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Superstorm Sandy Will Raise Used-Car Prices Nationwide

12-Nov-2012

An estimated 250,000 vehicles were flooded, compounding an already-tight used-car market. Experts say a typical car could go up $700 to $1,000 in the short term. The estimated 250,000 cars flooded by Superstorm Sandy on the East Coast will drive up used-car prices, even as far away as California. The supply shortage comes on the heels of an already tightened used-car market in the wake of the recession, when new car sales dried up. Now the flood of Sandy-damaged cars is putting more pressure on the tight supply of late-model cars. Prices will go up at least 0.5% to 1.5% in December, said Jonathan Banks, an analyst with the National Automobile Dealers Assn. The dealer group said that amounts to a little more than $50 to $175 for the average used vehicle.
Source: The Los Angeles Times

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