IRVINE, Calif., Sept. 22, 2017 /PRNewswire/ -- While
Hurricanes Harvey and Irma impacted as many as 1 million vehicles,
according to Cox Automotive and Kelley Blue Book analysts, the
effects of these events extend beyond those with severely damaged
vehicles. Used-car prices are likely to spike – the result of lower
supply and higher demand. In addition, used-car shoppers – even
those beyond the impacted regions – need to be careful to avoid
purchasing a flood-damaged vehicle from unscrupulous parties.
Whatever the circumstance, Kelley Blue Book's expert editorial team
is here to provide guidance.
Affected Vehicle Owners
Q: My car got flooded; what do I do first?
A: Let's
begin with what you shouldn't do: Don't try to start the car. If
flood water has entered any number of systems, you could cause more
damage. If you have comprehensive insurance, your best bet is to
call your insurance company. If you don't have applicable
insurance, you'll need to assess the cost to repair the damage
(Alliance Inspection Management is a Kelley Blue Book partner and
will come to you), then weigh your options considering a multitude
of factors. Either way, it can't hurt to open the doors and
windows, give the interior a thorough going-over with a wet/dry
vacuum and perhaps even pull up the carpet, all to help dry out the
car and prevent mold growth.
Q: Is my car totalled?
A: A general rule of thumb is
that insurance companies will consider a car a total loss if the
water level reached up to the dashboard, behind which exists a
variety of electronic componentry. Depending on how much you might
owe on the car, how much you could get by selling the car to a
dismantler, how long you plan to keep the car, and a variety of
additional factors, you might be wise to use the same benchmark. A
big factor to keep in mind when weighing the financials is that a
car's resale value can be severely reduced by any sign of flood
damage, whether or not it's officially noted on the car's title or
vehicle history report.
Q: Should I keep making my monthly car payment?
A:
Talk with your vehicle finance company. Many manufacturer-related
financing arms -- Ford Credit, GM Financial, Toyota Financial
Services, etc. -- are offering generous payment flexibility to
affected owners.
Used Car Shoppers in Affected Areas (and Beyond)
Q: What's the surest way to avoid buying a flood-damaged
car?
A: Obtain a vehicle history report (Autocheck is a
Kelley Blue Book partner) and visually inspect the vehicle for the
many telltale signs of flooding, including silt residue under
the carpet or under the dash. If you can't tell or you're not sure,
pay the relatively small fee to have a mechanic evaluate the car
(which is never a bad idea any time you buy a used vehicle).
Q: Can I get a great deal on a flood-damaged car?
A:
Generally speaking, we recommend steering far clear of any vehicle
that's been involved in a flood. Given the higher likelihood of
future problems and the eventual resale-value implications, the
chances of finding a diamond in the rough are pretty slim.
Q: I don't live anywhere near Texas or Florida; do I need to be concerned?
A:
Yes. Unscrupulous parties can obtain a flood-damaged car for very
cheap, "clean" the title by registering it in a different state,
and then sell it in another state for full value by passing it off
as an unaffected vehicle.
To discuss this topic, or any other automotive-related
information, with a Kelley Blue Book analyst on-camera via the
company's on-site studio, please contact a member of the Public
Relations team to schedule an interview.
For more information and news from Kelley Blue Book's KBB.com,
visit www.kbb.com/media/, follow us on Twitter at
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About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted
Resource®, is the vehicle valuation and information
source trusted and relied upon by both consumers and the automotive
industry. Each week the company provides the most
market-reflective values in the industry on its top-rated website
KBB.com, including its famous Blue Book® Trade-In Values
and Fair Purchase Price, which reports what others are paying for
new and used cars this week. The company also provides vehicle
pricing and values through various products and services available
to car dealers, auto manufacturers, finance and insurance
companies, and governmental agencies. Kelley Blue Book
Co., Inc. is a Cox Automotive™ brand.
About Cox Automotive
Cox Automotive Inc. is
transforming the way the world buys, sells and owns cars with
industry-leading digital marketing, software, financial, wholesale
and e-commerce solutions for consumers, dealers, manufacturers and
the overall automotive ecosystem worldwide. Committed to open
choice and dedicated to strong partnerships, the Cox
Automotive family includes Autotrader®,
Dealer.com®, Dealertrack®, Kelley Blue
Book®, Manheim®, NextGear
Capital®, vAuto®, Xtime® and a
host of other brands. The global company has 32,000-plus team
members in more than 200 locations and is partner to more than
40,000 auto dealers, as well as most major automobile
manufacturers, while engaging U.S. consumer car buyers with the
most recognized media brands in the industry. Cox Automotive is a
subsidiary of Cox Enterprises Inc., an Atlanta-based company with revenues exceeding
$20 billion and approximately 60,000
employees. Cox Enterprises' other major operating subsidiaries
include Cox Communications and Cox Media Group. For more
information about Cox Automotive,
visit www.coxautoinc.com.
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SOURCE Kelley Blue Book