Sandy Pushes Up Second-Hand Prices in the US

Since Superstorm Sandy passed, the demand for second-hand cars has gone up, along with their price, and both are still on the rise, even as you are reading this. Used car dealers in the areas most-affected by the hurricane are reportedly stocking up on used cars, to sell them to those who have lost theirs in the floods.
Sandy 1 photo
Photo: Bloomberg
Unfortunately, this is how markets work, and whenever there is increased demand, which is sustained, prices are quick rise, and so, buyers will now pay, on average, at least $1,000 more per car. The vehicles will be brought in from other parts of the country, where demand is lower and they are not needed as badly.

If it’s percentages you want, then NADA analyst, Jonathan Banks says that prices will increase by 0.5% to 1.5% on average, and to compare, prices rose by 3% about a month or two after Katrina hit New Orleans, yet there the extent of the damage was even greater than that caused by Sandy.
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