SUV owners pinched at pump and car lots

July 2, 2008 at 11:53 AM
| 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.

Related UPI Stories
Latest Headlines
Trending Stories
Ted Cruz campaign pulls ad featuring softcore porn actress
Report: Clinton Foundation subpoenaed by State Dept. watchdog over charity projects
Ruby Rose, Gigi Hadid react to Kanye West's lyric about Taylor Swift
Kristen Wiig impersonates Peyton Manning on 'The Tonight Show'
NYC police officer found guilty of manslaughter in Brooklyn stairway shooting