Rising Gas Prices Kill SUV Trade In Values |
| Posted by Administrator (admin) on May 09 2008 at 3:05 PM |
Consumers feeling the pinch at the pump are also getting hit with reduced trade in values when trying to trade in the gas guzzlers.
"The dealer is going to offer a price, and the customer is going to be ticked off," says Tom Webb, chief economist for Manheim, operators of auctions where car dealers buy their used-vehicle inventories. "The guidebooks have not caught up to the market," he says.
Webb's figures show wholesale prices on big SUVs such as Chevrolet Tahoes, Ford Expeditions and Toyota Sequoias are down 17% from a year ago and full-size pickups have fallen as much as 15%.
Some dealers have even stopped taking SUVs as trade ins.
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