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.
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About Black Book
Black Book is best known in the automotive industry for providing timely, independent and accurate vehicle pricing information.