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Automotive Industry Outlook & Changes

Do you have any idea what is a junk car worth for scrap in the Merriman Valley, Bath, or Lakemore? Our auto buyer will give you the opportunity to sell your car through Clinton, Rootstown, and the Rolling Acres area. Our auto recycling of junk cars system is quick and easy in the Portage Lakes, Norton, and Brimfield, OH.  We buy junk cars throughout Uniontown, Tallmadge, and Peninsula, often the same-day that you contact us.

A February 4, 2017 article by Tony Hughes in Fortune explained the following: “Mexican autoworkers should be worried, as their jobs threatened with increases in tech. The vehicle industry is nearing some changes as ride-share technologies expand and a possible wave of autonomous cars may develop. Consumers may be capable of commuting in driverless, inexpensive vehicles unlike those currently being manufactured in Mexico.

In the 80s and 90s, a lot of lower-skilled auto jobs vanished from the Midwest, as cheaper Mexican labor increased in popularity. It is possible that Mexican workers may have to deal with job losses. President Trump has identified this process—what he calls “American carnage”, and the U.S. economy stands improve if autonomous ride-sharing lives up to the potential. For manufacturing jobs to return, assuming that worker pay can’t be cut to match up with foreign competition, imports must be taxed highly enough rate for domestic production to be beneficial to manufacturers. Prices of new vehicles would need to spike in the U.S.

If President Trump opts to establish a straight tariff on Mexican imports, automakers would have the burden imposed by the tax, but ultimately consumers would be paying higher prices. A 20% tariff is not likely enough to prompt closing Mexican plants with much cost savings over similar U.S. factories. If the tariff is increased to the point where the closures do occur, the price of new vehicles in the U.S. would rise.  Higher prices for new cars would heighten the nominal value of the entire U.S. vehicle fleet.

Auto financing companies could benefit from the increased value of the autos. Loan repayments & current outstanding balances on existing cars will be unaffected, so nominal credit losses would be lower than baseline as increased resale prices would be present for repossessed vehicles. Higher prices & lighter sales volume for new vehicles would cut into loan originations, reducing revenues for the auto lenders. Lower sales volume will hit the overall industry hard. Dealers would lose business; high vehicle prices would hurt, although U.S. demand for driving is remarkably inelastic.” The full article is available here.

What is a Junk Car Worth in Akron

What is a junk car worth if totaled in regions such as Coventry Township, Chapel Hill, and Hudson? Is your vehicle stuck at a Goodyear store, or Midas location, and need a buy my junk car provider? Are you facing a broken down old car with high repair bill at a Firestone Service Center, Conrad’s location, or transmission shop? Scrap automobiles can be a source of other hazardous items, such as lead, mercury and asbestos, when auto recycling of junk cars occurs.