Hurricanes Hurt the Used Car Market

Hurricanes Hurt the Used Car Market
Harvey totaled 500,000 cars. Irma did even more.

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

 

Other Articles of interest
Welcome to 6th Street Auto
At 6th Street Auto, we want to provide quality vehicles in a hassle free environment.
Read Entire Article
School's Out for Summer
Life is changing for many students around Lawrence.
Read Entire Article
Summer Vacation
Taking a vacation this summer? Don't end up like the Griswolds!!
Read Entire Article
May was good for 6th Street Auto
With everyone's help, 6th Street Auto has kicked off to a great start!!
Read Entire Article
The Great Escape
Check out the Ford Escape! One of the most popular SUVs out there!
Read Entire Article
CarGurus' Going to the TV
After many years, auto shopping site CarGurus' will finally be on TV!!
Read Entire Article
Don't Text and Drive
Apple is taking texting while driving very seriously.
Read Entire Article
Chevy Monster Truck
This is Kansas. Who doesn't like a MONSTER TRUCK?!!!
Read Entire Article
Our Process
What does 6th Street Auto do to make a vehicle ready for you?
Read Entire Article
Seat Belts; Yes or No??
Are seat belts as important as some say they are?
Read Entire Article
Car Salesmen Reputation
After decades of earning a bad reputation, can you believe when a car dealer is being honest?
Read Entire Article
Don't Pass on this PASSat!!
VW mid-size sedan has a lot of features for the money at 6th Street Auto!!
Read Entire Article
What to ask your salesperson
Have you ever wondered what to ask your salesperson about the car, numbers, or process? Here's what you should always ask.
Read Entire Article
Body on Frame vs. Unibody Construction...
There's a lot of SUVs out there. Which construction method works best for you??
Read Entire Article
SUV & Crossover Loyalty
Everyone wants an SUV or Crossover. And those that have one, want another one.
Read Entire Article
Range Rover Supercharged
Who said luxury costs too much?
Read Entire Article
6th Street Auto Supports Boys & Girls Club
The Boy's and Girl's Club of Lawrence needs our help!!
Read Entire Article
Douglas County Humane Society
It started with a home, a love for animals, and the passion to make a difference.
Read Entire Article
Record Breaking Adoption Rates
Humane Society adoption rate keeps going up!!
Read Entire Article
Hurricanes Hurt the Used Car Market
Harvey totaled 500,000 cars. Irma did even more.
Read Entire Article
Text Us Now