It is estimated that Hurricane Sandy damaged or destroyed 8,000 to 10,000 collector cars, making it the single most destructive event ever for the classic car community. Here is an analysis of the effects of the superstorm on the classic car hobby.
Values May Rise
Many people who lost their classic cars are looking for replacement cars on eBay, Craigslist, and classic car classified ads. Since there are not enough cars available to meet the rising demand, many sellers are taking advantage of the situation by raising the prices of their cars. It is also likely that hammer prices at auctions will be higher compared to pre-storm prices.
Classic car owners who have not lost their cars completely will be looking for parts and materials to restore their cars. Some of the parts and materials that will be in great demand include door panels, seat kits, and carpets. However, the used parts market is expected to experience a boost, because parts from vehicles that were damaged by Sandy will end up in salvage auctions.
After seeing the devastating impact of the superstorm, classic car owners who live in disaster-prone areas may feel that it is not safe to keep their vehicles in their home garages. As such, they may decide to store their cars in other places. Demand for classic car storage services in areas that are not vulnerable to disasters is expected to rise after Sandy.