Sinking SUV Values Slap Drivers

Resale values plummet as gas price goes up
By Rob Quinn,  Newser Staff
Posted Jul 2, 2008 10:19 AM CDT
American flags are reflected in the grill of a Chevrolet Suburban at Commonwealth Motors in Lawrence, Mass., Tuesday Feb. 12, 2008.    (AP Photo/Charles Krupa)
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(Newser) – The end of America's love affair with the SUV is turning into an expensive divorce, the Washington Post reports. Drivers wanting to get rid of the gas-guzzlers as pump prices hit $4 a gallon are losing a lot of money on the sales—if they can even find buyers. Some SUV owners find themselves owing the bank more than their vehicle is worth.

Owners are offering steep discounts and writing inventive ads but often find the behemoths impossible to shift. Experts think the switch to more fuel-efficient vehicles is likely to be a permanent move, but it is a sad parting for many motorists. "If gas prices do eventually come down," one man struggling to sell a Chevrolet Suburban said, "I would love to go back."