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Sandy's toll includes 200,000 new and used cars

Posting in Finance

The flooding from last month's Superstorm Sandy may have receded, but along with massive property and infrastructure damage, the worst Atlantic storm ever recorded has left another legacy: as many as 200,000 new and used cars may be lost as a result of the hurricane.

According to several news outlets, about 17,000 new vehicles were lost in the wake of the storm; the automakers with the biggest losses were Honda-Acura (3,440 vehicles), Toyota (4805 vehicles), and Nissan-Infiniti (6,000 vehicles). Other companies that lost new cars included Ford (800 cars), Chrysler (750 cars), Hyundai (400 cars), Fisker (320 cars), and Kia (200 cars).

Many of the automakers are bouncing back quickly. As of November 7, only six Nissan dealers remained closed after the storm, according to company spokesman David Reuter. But the National Automobile Dealers Association estimated that up to 200,000 used cars may have to be scrapped altogether - about one-third of the 600,000 cars that were unusable following Hurricane Katrina.

Most automakers are developing plans to help consumers who have lost cars - either through relief efforts and donations, or through discount financing options for people looking to replace their old cars. But for those unwilling to re-invest in a new car, The Car Connection expects used car prices to rise in the wake of the storm, and the site also warns consumers that cars that sustained flooding damage may also begin to appear in the used car market.

Photo: Flickr/Dave S

via [The Car Connection]

— By on November 12, 2012, 7:10 PM PST

Channtal Fleischfresser

Contributing Editor

Contributing Editor Channtal Fleischfresser has worked for The Economist, WNET/Channel 13, Al Jazeera English, Wall Street Journal and Associated Press. She holds degrees from the University of Pennsylvania and the Columbia University Graduate School of Journalism. She is based in New York. Follow her on Twitter. Disclosure