LAWRENCEVILLE, Ga.—Hurricane Harvey is having a positive effect on used car prices.
Black Book reports that last week used values showed their strongest weekly performance in two months.
The company said that its latest Black Book Market Insights report shows a little strengthening in the market, most likely due to dealers looking to begin replacing damaged or destroyed vehicles caused by Hurricane Harvey.
“Dealers are actively looking to buy inventory and shipping vehicles to the Houston area, anticipating strong demand due to replacement of damaged units,” said Anil Goyal, senior vice president of automotive valuation and analytics.
Key report findings:
- Volume-weighted, overall car segment values decreased by 0.27% last week, better than the average weekly decrease of 0.49% in values over the previous four weeks
- Prestige luxury car and near luxury car segments declined the most by 0.62% and 0.46%, respectively
- Volume-weighted, overall truck segment (including pickups, SUVs and vans) values decreased by 0.15% last week, better than the average weekly decrease of 0.33% in values over the previous four weeks
- Sub-compact crossover segment declined the most among truck segments by 0.66%