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Transportation Nation

Another Transpo Impact of Sandy: Higher Used Car Prices

Friday, November 09, 2012

(Photo CC by Flickr user bcostin)


(Stacey Vanek Smith -- Marketplace) The Northeast is still picking up the pieces from Hurricane Sandy and the nor'easter earlier this week. Many people are still without power and thousands of homes were damaged. On top of that, an estimated 250,000 cars were totaled, a pile up that could affect American consumers across the country.

Hurricane Sandy is expected to tack $200 to $300 onto the price of a used car, according to Jonathan Banks, executive automotive analyst at the National Automobile Dealers Association, or NADA. "Many vehicles are going to be destroyed meaning that many consumers are going to have to replace their cars."

Some people will opt to buy used cars, and that will put the squeeze on an already tight supply, says Richard Arca, a senior analyst with Edmunds.com: "The problem with used cars over the past couple years is a lack of inventory."

That's because many Americans put off buying new cars during the recession. Now the number of used cars seven years and younger is at an all time low.

Used car buyers all over the country will feel the impact, says NADA's Jonathan Banks, "This impact will wash across the whole country and people will feel the price increases even as far out as California."

Auto dealers in storm-hit areas will start pulling in used cars from all over the U.S. to meet the spike in demand. Banks says we’ve seen this before. Hurricane Katrina pushed used car prices up three percent nationally.

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Transportation Nation

TN MOVING STORIES: White House Threatens Transpo Bill Veto, NY Seeks Tappan Zee Loan

Wednesday, February 15, 2012

Top stories on TN:
NY City Council Summons Police on Traffic Crime Investigations (Link)
Transpo Bills Set Off on A Long, Bumpy Road (Link)
NY MTA Chief Apologizes for Rat Comments (Link)
DOT Head Ray LaHood Takes Another Whack At House Transpo Bill: It “Takes Us Back to the Horse and Buggy Era” (Link)
Brooklyn Bike Lane Lawsuit Rolls into 2012 (Link)
New York Senate Votes to Restore a Tax Break for Transit Riders (Link)
USDOT: On Time Airline Arrival Highest in 17 Years (Link)
Regulators Soon To Release Reports On Yellowstone River Pipeline Break And Oil Spill (Link)

An aerial view of the George Washington Bridge (photo courtesy of the Port Authority of New York and New Jersey)

New York has asked the federal government for a $2 billion loan to help finance the $5.2 billion Tappan Zee Bridge replacement. (Bloomberg)

The White House is threatening to veto the House transportation bill. (Politico, The Hill)

And now transportation sits firmly atop the political agenda. (AP via Bloomberg BusinessWeek)

The Port Authority will spend half a billion dollars to renovate the George Washington Bridge. (nj.com)

Nine New York city cyclist deaths that raise questions. (MetroFocus)

A New York law cracking down on distracted driving has generated nearly 119,000 tickets statewide to motorists using their cell phones or texting while driving since July. (New York Daily News)

The green paint used in Los Angeles' bike lanes is not digitally erasable -- causing some film crews to have to relocate to bike lane-free streets. (Los Angeles Times)

Chicago's transit agency wants customers to know that its survey about "hypothetical fare scenarios" doesn't mean that it's hiking fares. (Chicago Tribune)

A group of bus companies is suing New York after the city's Department of Transportation gave Megabus a free spot outside the Port Authority Bus Terminal. (DNA Info)

Australia pours money into its car industry while slapping huge tariffs on used cars...but some are arguing for the New Zealand model, where second-hand cars are much cheaper.  (The Global Mail)

DC's Capital Bikeshare has hit 1.5 million trips -- in less than a year and a half of operation. (TBD)

New York is phasing in new benches in its subway system. Goodbye, wood; hello stainless! (New York Daily News)

 

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Transportation Nation

TN MOVING STORIES: Cubans Now Allowed to Buy and Sell Cars, California Facing $293 Billion Transpo Shortfall

Monday, November 07, 2011

Top stories on TN:

NYC subway riders worry that service is sliding backwards to 1970's standards. (Link)

Do residential parking permits have unintended consequences? (Link)

The mayor of Detroit promised striking bus drivers safer working conditions. (Link)

A car in Cuba (photo by Arjen Konings via Flickr)

Cubans are now allowed to buy and sell cars for the first time in half a century. (New York Times)

California faces a $293.8 billion shortfall over the next decade to maintain its crumbling roads, outdated freeways and cash-strapped transit agencies. (Mercury News)

Private equity firms are investing in used-car lots, which "focus on people who need cars to get to work, but can't qualify for conventional loans." (Los Angeles Times)

The new head of the MTA must convince Albany to fund capital needs and increase transit funding if he wants to move the agency forward. (Crain's New York Business)

A Senate committee marks up the highway reauthorization bill this week. (Politico - Morning Transportation)

The head of the TSA will be on the hot seat before a Senate committee this week, where he'll face questions about security procedures. (The Hill)

A judge rejected Minnesota Public Radio's lawsuit over the Central Corridor light rail project; the station had claimed the rail line would disrupt broadcast operations. (St. Paul Pioneer Press)

New York City will be putting more benches around town. (WNYC)

A digital artwork installation is temporarily on display at the Union Square subway station. And:  it moves when you do. (NY1)

A bicycle recycling group often hits paydirt in the basement of NYC apartment buildings. (New York Times)

More on Seattle's sperm bike from NPR.

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The Takeaway

Used Car Prices Soar

Friday, June 10, 2011

It used to be that you'd buy a used car to save money. But now, prices for used cars are soaring to unprecedented heights, causing some buyers to wonder if it isn't savvier to just buy new.  

What's driving up the price of used cars? Paul Eisenstein, publisher of The Detroit Bureau, has the answers. 

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Transportation Nation

TN Moving Stories: NY Tells Bikers "Don't Be A Jerk", and Demand for Used Cars Is Up...And So Are Prices

Monday, May 09, 2011

Demand for used cars is up -- and so are the prices. (NPR)

Transportation officials are planning a number of security upgrades along Los Angeles County's network of rail lines over the next year, including a chemical-detection system and scores of new video surveillance cameras. (Los Angeles Times)

The NYPD said two episodes of subway tunnel trespassing this weekend weren't terror-related, but they warn the city's subway system is so big it's possible for intruders to enter blocked areas. (AP)

The NTSB begins a two-day forum on truck and bus crashes today; watch the live webcast here.

A new report says Philadelphia has twice as many bike commuters as any other large city. (Philadelphia Inquirer)

Nicole Gelinas op-ed in Sunday's Star-Ledger: Xanadu isn't infrastructure, unless you're a teenager.

NYC unveiled its "Don't Be a Jerk" bike safety campaign. Watch the video below to see the DOT chief experience what must be a moment of catharsis (her cameo is at :15).

Been wondering what Viennese bike rap looks like? Your wait is over.

The US Post Office issues "Go Green" stamps; out of each sheet of 16, five are transportation related: “Share rides,” “Choose to walk,” “Ride a bike,” “Use public transportation,” and “Maintain tire pressure.” (Alt Transport)

Oh, if only: imaginary instructions for an Ikea-made car. A Djiloriann, no less. Click the link for visual. (College Humor via Curbed)

Follow Transportation Nation on Twitter.

In case you missed it on Transportation Nation:

--the Northeast reaps nearly $800 million in Florida's rejected high-speed rail funds -- but will the trains really be high speed? (link)

--NY Senator Schumer: Xanadu money should have gone to ARC tunnel (link)

--consensus has been reached on NY's Central Park bike ticketing (link)

--San Francisco will charge your electric car for free through 2013 (link)

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Transportation Nation

Used Cars Worth 10% More Than They Used to Be

Tuesday, August 31, 2010

(MarketplaceConsumers have been waiting for the economy to turnaround before purchasing a new car. But with the future still uncertain, many are opting for used cars -- and that demand is driving prices up.  Washington bureau chief John Dimsdale draws the wider economic lesson.

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