Gas prices reached highs not seen since late 2008, and some analysts predict that the increases are likely to lead to dropping demand for SUVs.
If many SUV owners attempt to trade in their gas-guzzlers in reaction to rising oil prices, dealers may be less willing to pay much for these trade-ins, leading to decreases in price, according to Automotive News.
Some analysts are more hesitant to predict dropping SUV sales, however – they differentiate SUVs into larger, more traditional vehicles with low fuel efficiency, and modern crossovers like the Nissan Rogue, which are smaller and have better fuel efficiency. Demand for traditional, gas-guzzling SUVs may decrease, but American drivers are often unwilling to give up the utility that comes with an SUV, and will therefore turn to the crossover market if gas prices continue to rise, according to the news provider.
Drivers who want the convenience and utility offered by SUVs but don't want to sacrifice fuel efficiency can use a car payment calculator to determine what kind of vehicle they can afford. They can then acquire car financing to purchase one of the many practical, fuel-efficient crossovers on the market today.