May 4, 2008
Luxury SUV Owners Feeling The Pinch
“The market is so saturated with the larger SUVs that it's driven their market value down. It's like the home ownership crisis, but a different product.”
As the price of gasoline soars and the economy sours, many SUV owners are driving around upside-down: The balance on their auto loan is much more than the vehicle is worth.
It's making the owners of some big-as-a-house luxury sport-utility vehicles and trucks feel a lot like subprime mortgage-holders.
'They're upside down in terms of value. You can call it negative equity, but there's another word for it - debt,' said Jack Nerad, executive editorial director at Kelley Blue Book, which calculates the value of new and used vehicles. Read more
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