facebook
twitter
rss
account
search
search
 

SUV owners pinched at pump and car lots

July 2, 2008 at 11:53 AM   |   Comments

| License Photo
NEW YORK, July 2 (UPI) -- A rude awakening at U.S. gas pumps is leading owners of large cars to another rude awakening as they try to sell their cars, industry observers said.

The market value of a used Chevrolet Suburban has fallen as much as $8,000 since the first of the year, used car sales manager Mike Parker told The Washington Post.

Owners of large cars trying to jump on the fuel-efficient bandwagon may even find their gas-guzzlers are not worth as much as they owe the bank for their car loan, the Post reported Wednesday.

"It's a tough time to sell an SUV," Thomas Dove of Mechanicsville, Va., told the Post.

Dove was hoping to clear $3,000 on a 2005 Chevy Suburban he paid $28,000 for less than two years ago, the Post reported. At this point, he'll accept $16,500 for it, he said, more than $2,500 less than the Kelly Blue Book price of $19,180.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
EU demands solution to gas crisis EU demands solution to gas crisis
2
Bakken oil pipeline, Sandpiper, delayed Bakken oil pipeline, Sandpiper, delayed
3
Emissions down in oil and gas sector Emissions down in oil and gas sector
4
All staff back in Iraq, Gulf Keystone Petroleum says All staff back in Iraq, Gulf Keystone Petroleum says
5
Boeing announces job relocations, business unit consolidation Boeing announces job relocations, business unit consolidation
Trending News
x
Feedback