DETROIT (AP) -- Auto dealers and industry experts say there's another consequence to nearly $4 per gallon gas than grumbling at the pump; a run-up in the price of used small cars.
Their price has risen dramatically as gasoline steadily escalated to a record nationwide average of $3.80 a gallon. One dealer in Atlanta says bidding wars are erupting over compacts at auto auctions where dealers get many of their used vehicles.
Data compiled by the National Automobile Dealers Association shows the average used small car price has gone up two percent in the past year. The average sale price of all used vehicles in the U.S. has dropped 2.5 percent, driven down by gas guzzling sport utility vehicles.