Pandemic Fuels New York Used-car Sale Surge, Risking 'Carmageddon'
Muhammad Irfan Published October 11, 2020 | 12:00 PM
New York, (UrduPoint / Pakistan Point News - 11th Oct, 2020 ) :Increasing numbers of New Yorkers are buying cars as they avoid public transport because of the coronavirus pandemic, igniting the second-hand market but undermining hopes of less congestion in the Big Apple.
Julien Genestoux, 35, never owned a car when he lived in Lyon, Rome and San Francisco. And he got through five years in New York without needing one.
"Using a car in the city is a nightmare," he told AFP. "There's the traffic jams, going round for hours looking for somewhere to park." "For me, it was not practical at all. But here it has become necessary unfortunately." A few weeks' ago, Genestoux, who has three children, finally took the plunge and bought a family car from a used-car website.
It has allowed his family to escape New York at a time when virtually all its cultural activities are shut down.
"Living in New York when you can't do anything, you have to go out," said the tech entrepreneur.
Genestoux has swapped weekends in Central Park for trips to Rockaway beach. And he's not the only one to purchase four wheels of their own.
He was the last of his group of friends to buy a car -- none of them had ever owned one before the pandemic.
The Manheim used vehicle value index, which tracks price trends in the United States, reached an all-time high of 163.
7 in August, against 141.3 a year ago.
In early June, second-hand car dealer Chris Stylianou was close to completely emptying his stock, something he'd never come close to achieving in his 30-year career.
"A car I was buying for $5,000 two years ago, I end up (paying) $5,500 today. Same car, same model, same condition," said Stylianou, owner of Major Auto Show in Brooklyn.
"People were buying just to avoid public transportation. Anything that was good to go would go," he added.
Rudy Blocker, a used-car salesman at A Class Auto Sales, also in Brooklyn, believes the surge in purchases was helped by weekly $600 cheques the government sent to unemployed Americans until the end of July to help stimulate the economy.
"People had a little money and it was burning their pocket," he said.
Sales of new cars have not soared, however.
While they have picked up since June, they are still significantly down from 2019 for all major makers.
"With a lease, you'd have to commit for three years," said epidemiologist Magdalena Cerda, who bought a BMW station wagon for $35,000.
"When you buy a new car you're losing so much money just as soon as you drive it out of the parking lot. It seemed like a better investment just to buy a used car," she added.
Related Topics
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Miscellaneous
-
Modern Education Techniques: A pathway to achieve economic development
2 hours ago -
Kite Flying: From cultural festival to deadly sport
3 hours ago -
PDMA predicts gusty wind, rain with thunder, hails
3 days ago -
Iranian president Raisi given guard of honour at PM House
4 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
5 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
5 days ago
-
Cattle farming vital to alleviate poverty in rural areas
5 days ago -
Pakistan: A land of tourism, archeological wonders
5 days ago -
Transforming education sector: from job hunters to job creators
7 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
11 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
12 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
12 days ago