What do prices at the pump have to do with prices at the used car lot? They actually tend to mimic each other. Higher gas prices tend to cause drivers to want to spend less out of pocket on their automobiles. That means rising demand, as well as rising prices, for used cars—fuel-efficient used cars especially. Used car prices spiked last summer as gas prices soared, and then spiked again earlier this year as the national average neared $4 a gallon. Now that gas prices are retreating, relief is also in sight for consumers in the market for used cars.
A new study analyzing comments on social media reveals something interesting about Americans’ plans for the big Memorial Day holiday weekend: Most of us seem to be planning on opening our wallets, big time.
A week ago, a federal agency announced its latest forecast for gas prices, which are expected to remain stable through the summer, averaging under $3.80 nationwide. While the overall average may indeed stay fairly flat, prices in individual states could fluctuate dramatically. That’s just what’s happened in the past week, with prices in one state [...]
Ever dream of taking off on the open road for a footloose and carefree trip around the country? Then don’t try to drive cross-country in an electric car. Don’t try to break the record for best gas mileage either.
Technically, these cars aren’t new. None of them would be described as high-powered or sexy either. They all fall into the unexciting category of the family/commuter car. Still, Honda, Chevy, and Dodge are going to unusual lengths to try to make these run-of-the-mill cars become runaway successes.
Despite earlier forecasts anticipating steadily rising gas prices well past Memorial Day, prices at the pump began declining in April and are now cheaper than they were a year ago at this time. That’s not to say prices are cheap—nor that there aren’t stations blatantly gouging customers with inexplicably high prices.
Let’s not jinx it or anything, but gas prices have suddenly declined more than two weeks in a row, to the point that drivers were actually paying more for gasoline a year ago than we are right now.
Is all that classic macho car chatter about V8s, horsepower, and “muscle” disappearing? Now, amid $4 gas and government requirements for cars with better mileage, car manufacturers are pumping their own tires regarding how small—and fuel-efficient—their vehicles’ engines are. That goes even for the supposedly most macho automobiles of all, SUVs and pickup trucks.
It’s been a wacky year thus far for gas prices. The cost per gallon usually retreats in the slow-demand month of February, but this year, prices rose. Not because of a sudden increase in demand, mind you, but for a host of other reasons that brought about assumptions that the national average would easily top [...]
Last year, the average U.S. household paid $4,155 gassing up their cars, and when gas, insurance, depreciation, vehicle payments, and other expenses are tallied up, the average car costs $8,776 annually. These costs will only increase now that prices for gas and new cars have risen substantially. There’s an obvious alternative to owning a car—not [...]
Don’t rev your engines in celebration just yet. But even though Memorial Day is several weeks off, and even though gas prices tend to rise through the onset of summer, some experts are saying that prices at the pump have already soared as high as they will, at least through the near future.
