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Follow on Google News | SUV sales drop with gasoline price riseAnalysts say that with the increase in gasoline prices comes a drop in SUV sales and trade-in values at dealerships. The U.S. Department of Energy said that during the past week, U.S. gasoline prices topped $3 a gallon
By: Cars News According to Alec Gutierrez, lead analyst for vehicle evaluation at Kelley Blue Book, SUV sales have decreased about 1% since the last major gasoline price hike in spring of 2008. He doesn’t believe that SUV sales will decrease significantly unless prices reach $3.50 to $4 per gallon. But he said that even then, the rush to offload larger vehicles will not be as evident as in the spring of 2008. He said that if there’s a 20-to-30% increase per gallon within two weeks “then of course people are going to panic,” but if the increase happens steadily in a longer period of time then the market is given the chance to “react rationally.” End
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