If you're the lucky owner of an SUV, that gets about 12 miles to the gallon you may want to bite the bullet and hold on to it. But, if you must trade it in, there are things you can to do help with the sale or trade.
In the past year, the average SUV and large truck, basically anything with a V-6 or V-8 engine, lost approximately 50 percent of it's value. Many car dealerships aren't taking SUV's on trad because they can't even sell them at auction to break even. But if your gas bill is eating too much of your budget, there are other options.
"In certain cases, we're counseling folks to keep their sport utility, not drive it therefore, they don't incur as big a fuel bill and maybe by something smaller to drive around town," said Patrick Sparks, Sales Manager of Sparks Toyota.
The loss of value is out of the consumer’s hands and with everybody getting the same idea at the same time, suv values tanked.
"Quite honestly, the bigger sport utilities with the large V-8 engines in them, 90-100 thousand miles, those vehicles really don't have any market value at all right now,” said Sparks.
If each stop at the gas pump is getting harder to accept, Sparks said your best bet is to sell the car yourself. Ddealers are going to give you less than Kelly Blue Book value, which means thousands of dollars lost.
If you still plan on trading or selling your SUV, here are some things you can do to better your odds:
- Detail your car. Deep clean it, buff out scratches and wax it. Your car will stand out better.
- Fix anything that's broken, inside or out. Check tires and brakes for wear and replace them, if necessary.
- Document all the maintenance and repair work. This will build buyer confidence.
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