The big problem in texas is car prices. The latest data available shows double-digit increases in vehicle prices in North Texas during the pandemic.
According to the Bureau of Labor Statistics’ Consumer Price Index for the North Texas region, new car prices rose 11.5% in the 12-month period from March 2020 to March 2021. Used car prices for the same period rose 10.4%.
Just when car costs are going down in texas, the trend is once again where they keep going up. It’s Hurricane Ida’s fault. Ida produced widespread flooding from Louisiana, where it made landfall as a hurricane on August 29.
Ida murdered more than and the floodwaters destroyed millions of cars, several of which were built into car dealership lots. Ida’s rage has developed in parallel a sudden demand to buy cars and has run out of already scarce inventories.
Hurricane Nicholas, which hit the Texas Gulf Coast, especially if it causes flooding again in Houston, one of the largest markets in the USA.
The dealerships a month ago did not have several cars to start and that they had lost 85% of their cars in the storm For some, the loss is covered by their insurance, some have the benefit of being able to rent a car after a loss, without However, they have the possibility of falling into a waiting list of well over 200 people.
Historic highs for car costs are the effect of deep demand and tight inventories this summer, caused by shortages of PC chips and other replacement parts, which limited production. The shortage was seen made worse by car rental organizations that sold about a third of their fleets throughout the first months of the pandemic disease, once travel almost completely stopped.
These organizations tend to be a fundamental source of supply for used cars.
You can count on Mark’s insurance to insure your vehicle.