As vehicle owners in Texas inundate insurance agencies with claims after Hurricane Harvey, prices are set to skyrocket at pre-owned vehicle market places and used car lots. This makes now the time to buy a pre-owned car if your current vehicle is in need of replacement. First, consider if replacing your vehicle is the best choice, then be sure to have a "pre-purchase inspection" performed if the car lot does not specialize in the brand you are buying.
Matt Stillwell, manager of governmental and regulatory communications at the Insurance Council of Texas, a trade association said the number (of claims) was expected to climb as high as 500,000. Source: NY Times
Beware of flood damaged cars. This was a familiar phrase after Hurricane Katrina in 2005. Where do all of the flood damaged cars go? Jalopnik, a popular auto enthusiast website stated that a major automotive recycling company contracted with Royal Purple Raceway in Baytown, Texas to store vehicles as they are processed. Jalopnik states that:
"These vehicles will be bought up by local salvage yards, used car dealers, exporters, metal recyclers, and even individuals who pay a membership fee to bid or use a broker. Once the sales are completed, some will be repaired by people who will try to flip them"
CNBC Reports that Used car prices reached near record levels in 2017. The spike in demand due to Hurricane Harvey could send used-car prices even higher.
Before you consider replacing your current vehicle, we always recommend a thorough evaluation based on your vehicle age, mileage, and deferred maintenance, and of course it's curb appeal. Our Team can help you make an informed decision about starting your search. Ask Our Experts and start the process.
If you do set out to beat the rush of used car buyers, stop by and visit us first. We have a hand picked selection of exquisite, flood free, pre-owned cars. If you find the perfect next car elsewhere, we can help you understand it's true cost if maintenance, repairs or service have been differed by the previous owner. We can even help you get top dollar for your current vehicle. Through negotiating the best trade value, or buying your vehicle from you to simplify the negotiation process with a used car lot.
As a second Hurricane approaches Florida at the time of writing, the United States is definitely experiencing firsts in regards to vehicle losses due to Natural Disasters. Here's how we can help, right here in Lancaster County.