GAINESVILLE, Ga.-Auto lenders beware: high gas prices may actually be driving down the value of small, fuel-efficient cars.
"We have noticed a trend this summer where compact, economy, and other fuel-efficient vehicle values in the wholesale markets have a larger percentage decline compared with bigger vehicles," said Ricky Beggs, managing editor at Black Book, adding the greater number of choices in fuel-efficent vehicles is also driving down values.
Since mid-July, full-size SUVs have dropped in value 1.33%, while compacts and compact crossovers declined 3.1% and 2.6% respectively. "Consumers are almost immune to fluctuations in gas prices unless they hit a new record high," observed Begg. "People are just starting to accept the higher gas prices."
