Used Car Value went up is it Irma& Harvey?

[Blue Collar Guy]

About 2 weeks ago before Harvey and Irma hit, I got a few online quotes about the value of my car that I was sure I was going to be gifting to someone in the near future. I was just curious about its value.

Well I just got an email from webuyanycar, and it said the value of my used car went up. I think its the Hurricane effect.

 

[HarveyS]

Did they give a value, and can you share the % increase?

 

[Blue Collar Guy]

Did they give a value, and can you share the % increase?

Sure it was 1600, now its 1875. 2004 Hyundai XG350L , 39000 miles

 

[brewer12345]

Sure it was 1600, now its 1875. 2004 Hyundai XG350L , 39000 miles

You are rich!

 

[aja8888]

39000 miles..keep the car.

 

[Blue Collar Guy]

39000 miles..keep the car.

It was my first new car ever. But I promised if the S&P ever gets to 2500 I was gifting it to my wife's uncle. This was in December 2014, fast forward 2500 is here.

 

[Sunset]

It was my first new car ever. But I promised if the S&P ever gets to 2500 I was gifting it to my wife's uncle. This was in December 2014, fast forward 2500 is here.

Just wait...... because he might not give it back when the S&P falls below 2500

 

[Blue Collar Guy]

Just wait...... because he might not give it back when the S&P falls below 2500

lol. it was a 1 way promise.

 

[Senator]

It may have went up (on paper) due to it being another model year older and lower mileage for that year. Or a bunch of dealers were selling that model/year for a higher price lately.

I doubt it was because of any hurricane. NADA would not even have time to input many sales since that time.

 

[brett]

It is only worth what someone is willing to pay for it.

 

[alaska55]

It may have went up (on paper) due to it being another model year older and lower mileage for that year. Or a bunch of dealers were selling that model/year for a higher price lately.

I doubt it was because of any hurricane. NADA would not even have time to input many sales since that time.

I would say your wrong, They don't wait for NADA. One year older and same mileage, it would go down normally 99.9% of the time and its a 2004. The CEO of AutoNation was on cnbc or bloomberg and was talking about 10-20% increase on wholesale prices on used cars.

 

[alaska55]

After looking at the nada book online the actual wholesale book valve is 1875, the dealer is willing to pay full value now because he knows he can flip it fast, that car will sell fast due to low mileage and the price point in Texas. The retail is $3450, but I bet it goes closer to $5000 than $3450. People that want a car now and don't have access to lots cash to buy a more expensive newer model will snap that car up fast. The price is not in your zip code Senator. I still remember my days in that price zone.

 

[wrigley]

After looking at the nada book online the actual wholesale book valve is 1875, the dealer is willing to pay full value now because he knows he can flip it fast, that car will sell fast due to low mileage and the price point in Texas. The retail is $3450, but I bet it goes closer to $5000 than $3450. People that want a car now and don't have access to lots cash to buy a more expensive newer model will snap that car up fast. The price is not in your zip code Senator. I still remember my days in that price zone.

With only 39000 miles on it, I wouldn't take anything less than retail.

Mike

 

[CRLLS]

Reportedly, Hurricane Harvey took ~500,000 cars off the roads. I'm have not seen a number for Irma. When you take that many cars and need to replace them, the demand for similar (used vehicles) goes sky high. Maybe not immediately but in a short time period of time.

I also read that GM and Ford are shipping used cars into the Houston area to fill the deficiency. That takes away from other areas. I guess it is one way to solve the glut of off-lease cars.

Considering the above, increased values for good used cars is understandable.