Hurricane Harvey blasted the Texas coast as a category four storm but quickly dissipated to become a tropical storm. The trouble is the storm has lingered in Texas, and in the process, dumped trillions of gallons of water over America’s fourth-largest city: Houston.
While we’re far from knowing the extent of damage caused by Hurricane Harvey, a new figure surrounding vehicle losses is eye-popping. According to a new CNBC report, Hurricane Harvey is expected to leave 500,000 vehicles totaled out in its wake. The majority of the scrapped cars will meet their untimely end thanks to immense flooding that has plagued southern Texas. For every photo and video showing a car submerged underwater, it’s another insurance write-off and another vehicle loss.
For some reference, 250,000 vehicles were scrapped after Hurricane Katrina.
In the short term, the industry is bracing for a sales slump as purchasing cars becomes the last thing on most Texans’ minds. However, a surge in new and used car sales is forecasted as the storm moves out of Texas and proper cleanup and rebuilding can take place.
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GM better get down and dirty with the Truck ads on Texas TV stations.
GM might finally get rid of all that inventory they have
There is a companion article to this at Ford Authority. http://fordauthority.com/2017/08/hurricane-harvey-could-render-half-a-million-vehicles-ruined/
In this article, the author talks about used car prices currently being near all time highs.
In all seriousness, can someone explain to me how used car prices are near all time highs when manufacturers are discounting new vehicles so heavily. That generally lowers the value of used vehicles.
if you are up against other expenses and a returned lease is 15000 less than a new car, I suspect that looks attractive. incentives for new cars may be available, but frankly the prices of new cars leave a LOT of headroom for movement over the used market.
The Chevy Volt and other electrics may survive and usable after cleanup. Some of the hybrids such as the Ford C-Max and Fusion, may still be usable, too.
mold and rust and contact corrosion don't care what sort of fuel you use...
Ouch.
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