Not only is it a buyer’s market for those in the market for a new home, but the used-vehicle market is shaping up similarly, with the recent inventory glut created by panicked SUV and truck owners who are struggling to unload their “gas hogs.”
Sure, it now costs anywhere from $80 to more than $100 to fill up one of these kings of the road, but depending on your financial situation and where you are in your car payment schedule, it might not be wise to trade in that so-called guzzler just yet. MSNBC’s “Consumer Man” Herb Weisbaum provides cautionary tales about vehicle owners who have traded down and lost big bucks in the process—negating any savings that a more fuel-efficient vehicle could provide.
He cites Consumer Reports’ assessment that it rarely pays to downsize if you’ve owned your vehicle for fewer than three years. “There are some significant costs associated with trading in too soon,” says Jeff Bartlett, deputy editor of Consumer Reports. Add to that the fact that your trade-in is likely worth much less than what it was just a few months ago—before gas prices shot up to more than $4 per gallon.
So, instead of worrying about how you will sell off what you might already be emotionally attached to in your driveway, relax, enjoy your vehicle and take care of it by following some of the maintenance procedures described on this blog.
Keep your tires properly inflated, clean your car inside and out and, of course, bring your vehicle in for requisite oil changes and maintenance as specified in your vehicle’s owner’s manual. We are here to help with any questions you have about how you can make the most of your vehicle ownership experience … just send us an e-mail or give us a call.
Sources: MSNBC, Consumer Reports
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