If you are, you certainly aren’t alone.
In a country where the average price of a gallon of unleaded fuel is $4.05, many gas guzzling SUVs are getting kicked to the curb by their owners.
The only problem is once they get to the curb they often sit there for a while.
Last week the General Motors plant located not far from my home announced it would be closing because of soft sales on SUVs and large trucks. Many workers there said they could see the writing on the wall, especially with the price of gas skyrocketing to record levels.
Still, the drop in sales seen by General Motors is far from a unique situation. The price of gas is impacting anyone who’s buying or selling a vehicle.
Take a look at Craigslist. The popular website that features thousands of classified ads is chock full of anxious sellers trying to unload their SUVs. But you don’t need to go online to see what a buyer’s market it is out there, simply open your local newspaper or look out your car window at all of the flyers posted on light poles and street signs that are practically begging people to buy their SUVs.
My neighbor has been trying to sell his massive king cab truck for months now. He has dropped the price three times and is currently selling it for $2,000 below blue book value. On paper it looks like a bargain, but when you consider how much it costs to fill the beast with gas it’s no wonder why he hasn’t had many people inquire about his ad.
And private SUV owners aren’t the only ones having a hard time unloading their vehicles. Professional car dealers are also struggling to get rid of their larger vehicles. And as for dealers accepting a gas-guzzler as a trade in… not going to happen, according to one local car dealer I spoke to.
He’s the same guy who is currently offering $2.99 gas deals to anyone who is willing to buy a SUV from his lot and keep it for at least a year.
Do you own a SUV? Have you thought of selling it or are you just biting the bullet?
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