Gas prices are the biggest culprit with most older SUV models barely climbing into the twenties for fuel efficiency. Worse, since used car buyers tend to have lower incomes than new vehicle purchasers, sellers have been forced to price their SUV below blue book value. States Robert Jerkin of East Brunswick, New Jersey, "We had paid about $30,000 for it (2000 Dodge Durango); the Blue Book price when we went to sell it was $8,000. We started advertising at $7,900 and kept dropping it. Nobody wanted a gas-guzzler, and there were so many being advertised at the same time." Jenkins eventually found a buyer who purchased the SUV for $6,000.
Dealerships have been especially taxed since the value of large SUV fluctuates constantly. Serra Automotive president Joseph Serra sees appraised prices change weekly. Only well-equipped, top-of-the line large SUVs, agree analysts, sell well since such buyers are less concerned with fuel costs.
[Source: Detroit News via Mobilemag]