Hurricane Sandy could have damaged hundreds of thousands of vehicles, Reuters and the Detroit News has reported.
Hurricane Sandy could have damaged hundreds of thousands of vehicles, Reuters and the Detroit News has reported. In terms of new losses, Nissan – which includes luxury brand Infiniti - took the brunt of the pain. It is therefore likely to scrap six-thousand vehicles that were stored at dealerships and ports. Toyota – which incorporates Lexus - suffered too. It therefore owns nearly five-thousand damaged cars and trucks most of which are beyond economical repair. Combined with manufactures such as Hyundai, Chevrolet, and Honda losses total about sixteen thousand. And that is only new stock owned by motoring companies. According to the National Automobile Dealers Association, when private and other business losses are included the number could reach two-hundred and fifty thousand.Consumers, in time, will of course replace their crushed cars. This could see a rise in second-hand values. Why? Because demand could be high and supply low. In the mean time, manufacturers are offering motorists a little relief. Those who lost a Toyota or Lexus, for example, can defer finance payments for three months when they purchase or hire replacements. Replacements of the same make, of course. Reuters also report that Nissan is offering employee pricing and discounted finance until January 2013. Furthermore, GM, Ford, and Chrysler are offering $500 toward the purchase/lease of new vehicles for those who lost one from the same manufacturer. Finally, Honda is considering deferred payments and lease extensions on a case-by-case basis. Excellent, a little humanity goes a long way.