With Hurricanes Harvey and Irma, the southeast region of the United States is hurting. Homes destroyed, buildings flooded, rebuilding will go on for months. We may think we're safe up here in Kansas, but we too will feel the fallout of these two natural disasters.
We've already seen fuel prices go up, since the hurricanes hit major ports in the south. Everyday items we buy will start to see price increases as supply becomes lower than demand. And used cars are not immune. Hurricane Harvey totaled over 500,000 vehicles, and Irma just added to that. In total, it's estimated over 1,000,000 vehicles were totaled in the storms. That's a lot of cars that will need to be replaced.
Already, prices for used cars are going up. We've seen cars start to bring NADA retail values at dealer auctions. That would mean a dealer would have to sell them for over NADA retail to make profit an stay in business. This makes them harder for lenders to finance. The value guides will be adjusting for this in the next few months, but not quick enough. CarGurus has been one of the first to adjust to these rising prices.
So as we rebuild from these storms, everyone around the country will be seeing price increases in just about everything. At 6th Street Auto, we are committed to providing fair prices and a new experience in used cars. Come see us in Lawrence, KS at 6th and Colorado.
#6thStreetAuto #NoFees #NewExperience