Just as the cost of used cars was beginning to drop from the high levels seen during the recession, the repercussions of Hurricane Sandy may drive them back up again. According to the National Automobile Dealers Association (NADA), the sheer amount of vehicles that were destroyed or damaged beyond repair during the storm could cause an increase of as much as 1.5 percent for vehicles that are up to 8 years old.

During the recession, people held onto their vehicles longer to save money, which not only stunted car sales, but it also depleted used inventory, as those who were buying looked toward the previously owned market for financial reasons. Some 1- to 3-year-old models were selling for more than their new counterparts for a while. In the past few years, demand for used vehicles has begun to ease, bringing down prices and creating a better market for buyers.

However, the devastation caused by the recent hurricane will likely hinder the improvements for a period of time, as evidenced by the repercussions the auto industry experienced following Katrina. After the 2005 storm rocked the Gulf region, used vehicle prices jumped up an average of 3 percent, or $309, for the four months following the hurricane.

"Current estimates for insured and total losses place Hurricane Sandy on average at about one-third of the cost of Hurricane Katrina," said Jonathan Banks, executive automotive analyst with NADA Used Car Guide. "The destruction wrought by Hurricane Sandy was most severe in New York and New Jersey, and supply and demand disruptions will be especially severe in these states."

Drivers in the New York/New Jersey region who are in need of vehicles can head to NJ State Auto Auction, which carries a wide variety of makes and models. While the average price of used vehicles is expected to rise, car shoppers may still be able to find a ride that fits their budget.