Don't Waste Your Money: When gas prices soar, used car prices do - News, Weather, Sports, Toledo, OH

Don't Waste Your Money: When gas prices soar, so do used car prices

(WTOL) - We have been warned about rising gas prices for weeks, but now that it is happening, the jump at the pump is still catching many consumers offguard. If you are looking for a car this year, what is happening at the pump may end up changing your plans.

A $1 jump in gas prices this summer will mean an extra $50 a month in gas costs for the average driver, according to Kelly Blue Book.

KBB said demand is rising earlier than normal this year for cars that get more than 30 mpg.
Among KBB's red hot sellers are:

  • Hyundai Accent
  • Chevy Cruze
  • Ford Focus
  • Nissan Versa
  • Honda Fit
  • Toyota Prius Hybrid

However, KBB said not to expect big discounts this spring on any of these vehicles, as long as pump prices keep rising.

Doesn't that stink?

But from the "Doesn't that stink" file, prices are soaring on used small cars. According to the Wall Street Journal, they are moving up in price two months earlier than last year.

Finding a cheap four-year-old car could be tough this year, because very few people were buying cars four years ago, during the depths of the recession.

So if you are considering buying a used fuel-efficient car this year, you may want to act sooner rather than later. If gas prices soars past $5, prices on small used cars will soar too.

Be sure to do your research so that you don't waste your money.

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