During the aftermath of Superstorm Sandy it has been revealed that over quarter million new and used cars have been reduced to scrap. This will lead to an increase in car prices in the later days. In details received from auto dealers there were about 16,000 new cars which were reduced to heaps of scrap during the storm. These vehicles were stored at the port of Newark during the storm.
Once GM and Ford reveal number of vehicles lost by them during the period figures would increase considerably.
Sandy was a brutal storm which lashed New Jersey and New York and left 8 million homes and business institutions without power. This however, failed to deter some dealerships in the region which open shop running on generator backup. Many cars stored at port of Newark were damaged and had to be scrapped.
However, more losses were averted when auto dealers moved their cars to high ground after learning a lesson when Hurricane Irene wrecked havoc last year. Taking into consideration the spike in prices, auto brands like Nissan, Honda, Toyota, Hyundai and GM have announced cuts in rates for replacement cars. This will enable people buy cars and at the same time increase sales.