Are large SUVs still a popular buy in America?
Posted on Monday, May 14, 2012 at 5:06:56 PM
Are you a fan of the gas-guzzling SUV or the tiny hybrid? While it seems like fuel-efficient hybrids will not be falling out of favor any time soon, it may surprise you to learn that traded-in trucks and SUVs are quickly being bought up at increased prices.
According to Edmunds.com, the going retail price for a 5-year old SUV rose 23 percent over the course of a year, United Press International reports. This is drastically more than the average increase in price for a 5-year vehicle at 11 percent. Consumers are using auto financing options to purchase large vehicles if they have large families, need them for work or have a hobby requiring increased towing capacity.
"A lot of people with larger families or whatever have just swallowed that gas prices are what they are and there's not much you can do about them," said George Fussell Jr., director at AOW Select, which operates two large used-car dealerships. "They're not buying them for looks. They're buying them because they need them."
Consider using auto financing options to purchase the vehicle that is best for you and your family. Whether you need a spare SUV or truck on the weekends for the boat and a fuel-efficient car for the commute to work, solutions are readily available.