July 5, 2022

Finance & Economy

Let's Talk About Investment

Flood-damaged cars are about to flood the marketplace. How to avoid them

The recent flooding from New Orleans to New York and the rains brought by tropical storm Nicholas may lead to scam artists attempting to pawn off flood-damaged vehicles as standard secondhand cars.

These vehicles typically appear at auto auctions, used car dealerships, and in classified and social media ads.

The Better Business Bureau warns unsuspecting consumers, particularly those living in regions of the country unaffected by hurricanes or flooding, are often fooled by fresh upholstery, new carpeting and bargain prices.

The current lack of available used cars provides an even greater threat for consumers, but a major opportunity for scammers.

Once the owners of damaged cars settle with the insurance companies, the vehicles are sometimes refurbished and resold. Flooded cars are often transported well beyond the original region where the flood or major storm occurred to locations where consumers may be less aware of the damage and what warning signs to look for.

https://www.rrstar.com/story/business/2021/09/18/flood-damaged-cars-flood-marketplace-how-avoid-them/8375812002/