" />
Scattered Clouds 39° Good Afternoon
Scattered Clouds 39° Good Afternoon

Lake Success company forecasts rising gas prices, SUV declines

A row of Ford SUVs

A row of Ford SUVs Photo Credit: AP

The automotive industry data company DealerTrack Holdings Inc., of Lake Success, is predicting gasoline prices will increase to an average $4.13 a gallon in 2013.

And that gas price spike will affect the resale values of some used cars, the company said in a report issued last week.

Prices of premium, full-sized SUVs will drop 20 percent relative to other types of used vehicles; while relative values of midsized compact cars will increase by 13 percent, DealerTrack says.

The forecasts were made by DealerTrack subsidiary ALG, of Santa Barbara, Calif. ALG produces the used-car industry’s “benchmark for residual values and depreciation data,” DealerTrack said.

Other segments of the used-car industry will also be affected by higher gas prices. But resale values for premium, full-sized SUVs and midsized compacts would be most affected, DealerTrack said.

Read more of Inside Long Island Business


More news

Sorry to interrupt...

Your first 5 are free

Access to Newsday is free for Optimum customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.