SUV Owners Finding It Hard To Sell Their Autos
Thursday, May 08, 2008 - 10:50 PM Updated: 11:20 PM
Photo By: NBC17
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SUV OWNERS FIND IT DIFFICULT TO SELL THEIR GAS GUZZLERS
RALEIGH, N.C. -- Spiraling gas prices are forcing more and more folks to try and find more fuel efficient automobiles. However, getting rid of the old gas guzzler is no easy feat.
Industry figures indicate as gas prices rose, sales of new SUV’s and pick-ups dropped almost 33 percent last month.
Not only are people not buying gas guzzlers, but those who already own them are trying to unload those big, low mileage vehicles, which in turn is flooding the market and making dealers reluctant to take them in as trades.
One of those dealers is Lloyd Price Jr., who owns Raleigh Auto on Capital Blvd. He says his most popular sellers right now are used Toyotas and Hondas.
“I have Civics here. They're about seven to eight years old and run around $5,000,” he said. “The cars that aren't selling are four to five year old pickups , SUV’s and anything with a V-8 engine.”
If you look on Lloyd's lot, you'll see it's virtually SUV free. At gas prices, they don't resell well on the used market which means people are having trouble ditching their gas guzzlers.
“They can't get their money out of them,” he said. “They're kind of stuck with them, those sport utilities, whether they want them or not.”
Kiyanda Peterson drove into Lloyd Price's car lot Thursday afternoon, looking for gas relief because fuel costs are killing her budget.
“I'm looking for a car with better gas mileage, maybe a Honda Civic, where I can get more miles and not be worried about it,” she explained.
In Apex, an empty garage in a subdivision is a symbol of the times. It used to house an SUV, but its owner sold it for something more fuel efficient: a motorcycle.
“I just went from 15 miles a gallon to 50,” said Mike Hoffman.
He believes selling his Suburban was the right economic move.
“There was no reason to keep it at these gas prices,” he said. “I was paying about $3.36 a gallon and it was costing me 100 bucks to fill the gas tank.”
TALK BACK TO STEVE ON HIS BLOG AT: http://blogs.wncn.info/betweenthelines
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