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 August 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.
Car prices may have peaked -- Tuesday's August CPI report showed used car prices retreating 1.5% from July, although still up 32% from a year earlier -- while new car prices increased only 1.2%, the lowest pace of increase since April. Other measures of car prices had also showed prices topping out in late summer. But that trend won't likely continue in Ida's aftermath."Excuse the pun, but it's the perfect storm situation.
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