Buyers Beware: Hurricane Sandy Whips Up A Flood of Used Vehicles

 

Although Hurricane Sandy affected the Northeast section of the country, remnants from the historic storm is expected to be felt soon -- hundreds to thousands of miles away from Ground Zero (or the center of impact) to used car lots around the county. It is estimated that nearly 100,000 vehicles were affected by the storm. With that being the case, literally a flood of used cars that were underwater at the height of the horrific storm will soon be cleaned-up and disbursed to used cars lots around the country, just as they have been with every major storm that has occurred within recent history.

And although the used car market prices are expected to rise shortly due to a shortage of available vehicles on the market, flood-damaged vehicles will be sold to unsuspected consumers at full price. Typically, flood-damaged vehicles are worth about 40 percent less than the actual book value, the amount a non-damaged vehicle usually sell for on the used car market.
So, to insure that you’re not left holding the bag paying too much for a flood-damaged vehicle or to literally steer clear of a flood-damaged vehicle, here are several tips to help navigate the inspection process. In fact, this process is useful for any used car purchase, not just flood-damaged vehicles.

1.                          Access the government database, The National Motor Vehicle Title Information System, which helps protect used car buyers from buying a vehicle with a salvaged or scrapped title.  The fee for the report ranges from $2.99 to upwards of $12.99. Making this short-term investment now could cost less on the front end, as opposed to investing a sum of your hard earnings to what could be a sinking ship (or in your case a vehicle) on the back end.

2.                           Also access a vehicle history report from AutoCheck.com. CarFax.com is another means to access a vehicle report, although AutoCheck is more comprehensive, which can be found on this site, reports from both companies range from $29.99 to $54.99.

3.                           Check for water damage. Look underneath the carpet. Check for a water ring around the sunroof. Look for rust underneath the seats and in the glove box. Also check for any odd odors. These could be signs of a food-damaged vehicle.

4.                           Check under the hood and underneath the vehicle for mud or rust.

5.                          Take the vehicle to a reputable dealer, checking the electrical wiring, too. It’s actually worth paying from $100 to $155 to have the vehicle thoroughly inspected by a new-vehicle dealer service department.

By following the aforementioned tips, this should keep you on the road to finding a reliable, non- flood damage vehicle.