Just as the used car market was starting to cool off, Hurricane Ian swept in, devastated lives, and raised new questions.
Using Hurricane Ida as reference, well over 200,000 cars could be flooded, giving victims of Ian no choice but to enter the market at a bad time. Luckily, Florida dealership networks report surprisingly minor damage. GM is the first carmaker to announce financial aid for hurricane victims and surely won’t be the last, and Manheim’s Used Vehicle Value Index is still on the decline.
Ian may uphold prices temporarily, but the market should still keep falling going into 2023.