Just when car prices looked like they were edging down from their record highs, they’re heading skyward again. It’s Hurricane Ida’s fault.Ida caused widespread flooding from Louisiana, where it came ashore as a hurricane on Aug. 29, to the heavily populated Northeast, where its remnants hit hard a few days later. It killed at least 86 people and its flood waters destroyed hundreds of thousands of cars, including many that were on car dealer lots.Ida’s wrath has simultaneously created a sudden demand for car purchases while further destroying already tight inventories. Hurricane Nicholas, which hit the Texas Gulf Coast early Tuesday, could add to the problems, especially if it causes flooding once again in Houston, one of the largest markets for car ownership in the nation.The storms could not have hit at a worse time. “Any new problem with car inventory is one problem too many,” said Kayla Reynolds, manager … Read More
NEW ORLEANS – There’s no escaping it: Over the past several months, price hikes have impacted nearly every aspect of American life.
Used-car prices surged this summer, peaking at over $25,000 for the first time ever in June 2021, according to data from Cox Automotive. In June 2020, the average price for a used car was about $19,500.
At Carbine Motorcars Direct in New Orleans, car buyers will find fewer cars on the lot. Owner Chris Carbine says he’s only purchasing about half of his regular inventory right now due to the drastic spike in prices.
“It was rough at first,” Carbine said. “In purchasing we just have to be very careful in what we pay and feel comfortable that we can sell them.”
To do that, the dealership is expanding the types of cars it’s
Many of the modifications occurring in the automotive market in the present day, together with tightened credit markets in a capital-intensive industry and increased authorities involvement are the newest international challenges. Pure hydrogen-oxygen flames emit ultraviolet mild and with high oxygen mix are almost invisible to the naked eye, as illustrated by the faint plume of the Space Shuttle Foremost Engine , compared to the extremely seen plume of a House Shuttle Strong Rocket Booster , which uses an ammonium perchlorate composite The detection of a burning hydrogen leak might require a flame detector ; such leaks might be very harmful. Hydrogen flames in different circumstances are blue, resembling blue pure gas flames. 17 The destruction of the Hindenburg airship was a notorious example of hydrogen combustion and the trigger continues to be debated. The visible orange flames in that incident were the result of a rich combination of hydrogen … Read More
The scorching used car market is showing signs of slowing down, according to an executive at one of the top auto retailers in the U.S.
“New car inventories are going to get better progressively over the next few months as we get to the end of the year,” Jeff Dyke, president of Sonic Automotive, said on CNBC’s “Worldwide Exchange” on Friday. “As that happens, it’s going to alleviate the amount of inventory issues that is happening on the pre-owned side.”
The average transaction price for a used car was $25,410 in the second quarter of 2021, up from $22,977 in the first quarter and 21% year-over-year, according to data from online automotive resource Edmunds. That figure marks the highest average price over a quarter for a used car that Edmunds has ever tracked.
However, Dyke says there are signs that the market is leveling off, with prices