Posted: May 4, 2011 9:00 PM by John Romero
Updated: May 5, 2011 2:43 AM
As gas prices seem to get higher and higher everyday there's another market emerging in the consumers favor, trading in your used car.
To find out what's behind the trend, we went to Bob Penkhus, one of the largest car dealers in Colorado Springs. "It's kind of a perfect storm going on right now for the consumer." he explains, "We have had more trade-ins in the last 30 days than ever before in our history."
Right now trade-in values are higher than ever. A lot of it is due to a lack of cars and parts coming out of Japan since the earthquake and tsunami hit. "Some of those companies have been hit by the power outages, the tsunami and even the nuclear issues that are currently going on over there are affecting everything that comes out of Japan." says Penkhus.
Combine that with high gas prices and a still recovering economy and the demand for used gas sippers goes up. "We're looking for the economy cars." says Penkhus, "Anywhere from a, '01, '02, '03, '04, '05, '06 car. I think they're going to get the best value."
But as with any good offer, the experts we talked to say you better act soon. As the Japanese car companies and parts manufacturers recover and gas prices drop, you'll likely start to get less for your trade in.