Business News - SUV owners pinched at pump and car lots

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SUV owners pinched at pump and car lots

NEW YORK (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.

Copyright 2008 by United Press International

This news arrived on: 07/02/2008

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