Kelley Blue Book: What Hurricane Ian has done to the used car market

by | Oct 17, 2022 | Stock Market

Hurricane Ian may have flooded 50,000 cars, according to a new estimate. Ian made landfall in late September as a Category 4 storm, crossed the state from west to east, recharged over the warm ocean, and made a second landfall in South Carolina. On its path, Cox Automotive estimates, the storm destroyed between 30,000 and 70,000 cars. More precise estimates are difficult at this time, as insurance companies are still reporting claims. (Cox Automotive is the parent company of Kelley Blue Book.)

The news means several things for car shoppers. Used car shoppers will need to be unusually vigilant about the risk of flooded cars appearing for sale, and Floridians will need to buy a lot of replacement cars.Flood-damaged cars may appear for sale Flood-damaged cars can be repaired and returned to service, but doing so is often more expensive than it’s worth. Cars declared totaled are generally given a salvage title and can’t be legally driven in the U.S. Some states allow buyers to fix them and obtain a rebuilt title, making them legal to drive. Most insurance companies won’t offer comprehensive insurance on a car with a rebuilt title, but some will offer liability coverage. However, a fraudulent p …

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