High gas prices are making it difficult for SUV owners to sell them (Photo by Ben VanWagoner)
With higher gas prices, SUV and light
truck owners are scrambling to trade in their
large cars for smaller more fuel efficient ones.
But, they’re shocked to learn how little they can
get. Lisa Ann Pinkerton reports:
Transcript
With higher gas prices, SUV and light
truck owners are scrambling to trade in their
large cars for smaller more fuel efficient ones.
But, they’re shocked to learn how little they can
get. Lisa Ann Pinkerton reports:
The auto industry says, sales of new SUVs and light trucks have basically stalled and the
market is flooded with used models. That’s got used car dealerships across the country
offering owners about 20% less than their vehicles are worth.
Art Spinella, president of the auto research firm, CNW, says even at a steep discount,
Sport Utility Vehicles and light trucks are taking about a month longer to sell than they did a
year ago.
“If you need a sport utility for some reason, now is probably the best time to buy one. But
if you’re trying to sell a sport utility you may be better off just parking it and keeping it
until the market either turns around or the over supply that exists right now kind of dwindles down.”
Research shows a lot of SUV owners are deciding to not to drive them.
For The Environment Report, I’m Lisa Ann Pinkerton.