Gas Prices Are Headed Back Up in February
The trend of falling prices is over.
Steadily decreasing gas prices this fall boosted some segments of the used car market.
We’ve seen a great deal of rising demand for larger vehicles in the past two months after several months of abysmal large truck and SUV sales.
That may no longer be the case as gas prices are climbing again.
The average national gas price hovered around $3.50 on January 27, up more than ten cents over the prior week and forty cents compared to the end of December.
Here’s what AAA spokesperson Andrew Gross said:
“The recent rising temperatures led to rising pump prices. And with the cost of oil hitting $80 a barrel, there is a lot of upward pressure on gas prices at the moment.”
If this trend continues, we may see lower interest in larger trucks and SUVs, which means you’ll probably make less when you sell.
And gas prices will only go up as people begin to travel in the spring. So if you’re considering selling a gas guzzler, this may be the time to do it.