CARFAX: 347,000 Cars Flood Damaged in 2024 Hurricanes

Rhea-AI Summary

CARFAX reports that an estimated 347,000 vehicles have been damaged by floods during the 2024 hurricane season. Hurricane Milton affected approximately 120,000 vehicles in Florida, while Hurricane Helene impacted 138,000 vehicles across several states. An additional 89,000 vehicles were damaged by smaller summer storms. This marks the most destructive year for vehicle flood damage since Hurricane Ian in 2022, which affected 358,000 vehicles. CARFAX warns that these damaged vehicles might be cleaned up by scammers and sold to unsuspecting buyers, potentially causing mechanical, electrical, health, and safety issues.

Insights

Market Research Analyst

The estimated 347,000 flood-damaged vehicles from 2024 hurricanes represent a significant market disruption that will impact used car prices and availability. This creates a ripple effect across the automotive sector, potentially affecting dealership revenues, insurance companies' claim payouts and consumer confidence in the used car market.

The geographic spread of these damaged vehicles, from Florida to multiple states, suggests a widespread market impact. Historical data comparison with Hurricane Ian (358,000 vehicles in 2022) indicates this is becoming a recurring market challenge, likely leading to increased demand for vehicle history reporting services and pre-purchase inspections.

For investors, this situation presents both risks and opportunities in the automotive sector, particularly for companies involved in vehicle history reporting, automotive repair and used car sales. Insurance companies may face significant claim volumes, while companies specializing in salvage and reconstruction could see increased business activity.

Storms Create Opportunities for Scammers to Resell Damaged Vehicles

CENTREVILLE, Va., Oct. 23, 2024 /PRNewswire/ -- As many as 347,000 vehicles have been flood-damaged so far by the 2024 hurricane season, CARFAX estimates. Hurricane Milton added as many as 120,000 vehicles in Florida, on top of the 138,000 vehicles deluged by Hurricane Helene across several states. Up to 89,000 vehicles were hit with water damage from smaller storms during the summer. Now, thousands of these vehicles may already be put up for sale, cleaned up by potential scammers to be sold nearby, or thousands of miles away from the original incident to unsuspecting buyers.

This is the most destructive year for hurricanes and storms in the U.S. since Hurricane Ian swamped as many as 358,000 vehicles across several states back in 2022, according to CARFAX estimates. Water damage can cause costly mechanical and electrical issues and even pose risks to health and safety.

Consumers looking to purchase a used car who want to avoid flood-damaged vehicles should do three things:       

1. Use the free CARFAX Flood Check^® tool at carfax.com/flood.
2. Inspect the car, looking for these seven signs of flooding:
   • • Damp carpets
     • A musty odor inside, sometimes covered up with a strong air-freshener
     • Upholstery or carpeting that may be loose, new, stained or mismatched
     • Rust around doors, under the dash, on pedals or in hood and trunk latches
     • Mud or silt in the glove compartment or under the seats
     • Brittle wires under the dashboard
     • Fog or moisture in interior lights, exterior lights or on the instrument panel
3. And have a trusted mechanic inspect the car and take it for a test drive.

Editor's note: Interviews with a CARFAX expert are available anytime. Please contact Em Nguyen at emnguyen@carfax.com.

About CARFAX

CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX^® vehicle history information. The expert in vehicle history since 1984, CARFAX provides CARFAX Used Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world's largest vehicle history database and is nationally recognized as a top workplace by The Washington Post. Shop, Buy, Service, Sell – Show me the CARFAX^®.

S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

View original content to download multimedia:https://www.prnewswire.com/news-releases/carfax-347-000-cars-flood-damaged-in-2024-hurricanes-302284543.html

SOURCE CARFAX

FAQ

How many cars were damaged by floods during the 2024 hurricane season?

According to CARFAX estimates, approximately 347,000 vehicles were damaged by floods during the 2024 hurricane season.

How many vehicles did Hurricane Milton damage in Florida in 2024?

Hurricane Milton damaged an estimated 120,000 vehicles in Florida during 2024.

What are the signs of a flood-damaged vehicle according to CARFAX?

Key signs include damp carpets, musty odors, loose or mismatched upholstery, rust around doors and under dash, mud in glove compartment, brittle wires, and fog in lights or instrument panel.

How does 2024's flood damage compare to Hurricane Ian in 2022?

2024 is the most destructive year since Hurricane Ian in 2022, which damaged approximately 358,000 vehicles across several states.