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WEDNESDAY, NOVEMBER 25, 2009
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Sinking SUV Values Slap Drivers

Resale values plummet as gas price goes up

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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."

American flags are reflected in the grill of a Chevrolet Suburban at Commonwealth Motors in Lawrence, Mass., Tuesday Feb. 12, 2008.
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)
A woman counts cash after putting gas in her Cadillac Escalade full-size SUV at a Chevron station in Santa Monica, Calif., Friday, June 27, 2008.
A woman counts cash after putting gas in her Cadillac Escalade full-size SUV at a Chevron station in Santa Monica, Calif., Friday, June 27, 2008.   (AP Photo/Reed Saxon)
Four used sport utility vehicles that were traded in are pictured at a car dealership, Thursday, May 1, 2008 in Danvers, Mass.
Four used sport utility vehicles that were traded in are pictured at a car dealership, Thursday, May 1, 2008 in Danvers, Mass.   (AP Photo/Lisa Poole)
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