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According to Black Book, during the three-month period between July-September, 2009, when roughly 690,000 older-model vehicles were replaced during the Government's Car Allowance Rebate System program ("Cash For Clunkers"), overall used-vehicle retention increased +3.4%.
During the three-month period between August-October of 2017, when an estimated 700,000 vehicles were damaged or destroyed during Hurricanes Harvey and Irma, overall used-vehicle retention increased +1.8%.
"While the health of the overall economy and automotive sales environment was significantly different between the two time periods, it's interesting to see that the hurricanes had a similar effect on used-vehicle values compared with the Government's rebate program in 2009," said Anil Goyal, Senior Vice President of Automotive Valuation and Analytics.
Please let me know if you'd like to set up a call to discuss further with Anil Goyal from Black Book.
About Black Book
Black Book is best known in the automotive industry for providing timely, independent and accurate vehicle pricing information.