The National Automobile Dealers Association estimated that the price of used cars that are up eight years old, will increase between 0.5 and 1.5 percent in price following Hurricane Sandy. AAA Chicago recently said that they do not anticipate that Hurricane Sandy will have an overall impact on gas prices, as the area hit by the storm was not a large producer of gasoline.
Jonathan Banks, executive automotive analyst with the NADA Used Car Guide said the loss of used car supply and the increase in replacement demand after Hurricane Sandy will have the largest impact on used car prices in December.
"Current estimates for insured and total losses place Hurricane Sandy on average at about one-third of the cost of Hurricane Katrina," Banks added. "The destruction wrought by Hurricane Sandy was most severe in New York and New Jersey, and supply and demand disruptions will be especially severe in these states."
A similar occurrence happened after Hurricane Katrina hit in 2005. Used car prices increased by as much as 3 percent or $309 in the four months after Katrina made landfall.
For individuals looking to preserve the current value of their car, preventative maintenance is the best way. Not only will this keep the resale value on the car high, but preventative maintenance can help avoid costly repairs down the road. Car owners should have their brakes checked and fluids replaced often.