Last week, we told you that a glut of SUVs on used car lots had led to low prices, making this a great time to buy a recent used sport utility or truck, if you have the need. Throughout the weekend, media reports have focused on the other side of that coin.
If you own an SUV, it's probably losing value.
Gas prices rising steadily toward $4 a gallon have driven million of consumers to buy smaller cars this year. When they buy that small or midsize sedan, a tremendous number have used an SUV as a trade-in -- leading to a glut of SUVs sitting on used car dealer lots this spring.
The AP explains, "Used SUV sales in March were down 14 percent nationally compared to last year, according to data compiled by CNW Marketing Research. That follows drops in used SUV sales of more than 8 percent for the first two months of the year, compared to the same months in 2007." The "has sent used SUV prices plummeting, giving owners a shock when they try to trade theirs in and find out how little they can get."