Alot of people are going to discover that car insurance does not get you a “new car” or even an “equal car” to what you had...
all these flood cars are going to end up being for sale here in Canada, too many canucks are cheap and can’t resist a “bargain” (especially quebec )
I’m sure Gov’t Motors has plenty of Chevy Volts ready-to-go, as replacements.
One scenario would be that the car owner gives the flooded car to the insurance company, gets the money, and buys a new vehicle. The insurance company then has the vehicles restored and sold as used. This is doubly important because the "cash for clunkers" destroyed too many cheap cars, thus denying the less financially capable people a chance to buy a car.
If the insurance company doesn't want to deal with all that, a separate business can be formed that only deals with restoration of these cars. Very little startup funds are required because the cars can be taken from insurance companies on commission. There will be also less waste.
There is a big catch, though. Workers will be needed. I am not sure if there is anyone willing to work in those blue states... 63% of voters in New York wanted Obama.
Drive your old thumper or that potential repo to NY. Lost to Sandy will explain it all.
In a month they’ll be on ebay. Caveat emptor
After Kartina hundreds of cars were totaled by the insurance companies due to being under water.
The were scarfed up refurbished(dried out) and moved to other parts of the country where they were put on the market.
My mechanic up here in the NE said buyer beware,look under the mats pull up the trunk liners,be carefull because water damage is easy to hide and impossible to rectify,especially salt water intrusion and its caustic affect on aluminum and electrical components.
These NY,NJ Sandy cars/trucks will be showing up some where and soon..Buyer beware.
And that will help the economy!
Or so will say the liberals amongst us. Of course, were the reporter's house to burn down and insurance replace it, I wonder if the reporter would insist that his economic situation had improved.
The destruction of private property is great for the economy. Just ask the guys on Wall Street. They will explain the broken window fallacy as just a right wing conspiracy.
Cash for Clunkers Redux?
Right before the storm I decided to list my Chevy HHR on ebay classifieds in the NYC area, but not because I was realizing the potential storm impact on the used car market. I just happened to find a larger car I had to have. But wow, maybe I’ll actually sell this little pugger? Any storm-thrashed Freeper would get a generous discount, naturally.