Jun 12th, 2008 by Liz Opsitnik
With all the stories in the media recently about how drivers are desperate to sell their gas-guzzlers and how hybrids are flying off dealer lots, there has to be some people who want to keep their big SUVs and trucks, right?
CNN.com had a story on their site today about a few of those drivers. The story profiles these SUV owners and the reasons why they decided to keep their vehicle, even despite $4 a gallon and higher gas.
Kim Davis, featured in the story, tried to sell her Land Rover Discovery two years ago, but didn’t get a single offer. Even though she says she’s tired of getting glared at by Prius drivers, Davis says she is glad she held onto it now, because she only has about $1,000 left before it’s paid off. She said it costs about $70-$85 to fill up.
Kim Davis and her Land Rover Discovery, which she plans on keeping.
“I make enough money to drive my car, $4 [for gasoline] isn’t going to kill me per se, it’s the principle that the United States doesn’t have any control of prices,” she said. “It seems like things are going out of control.”
Another SUV owner featured in the story is James Holler, who owns two gas-guzzlers. He spends about $75 a week to fill up his 2004 Ford Expedition and another $80 on premium gas for his 2001 Jaguar XJ8.
He’s actually turned the gas-suckers into money-makers. Holler is buying vehicles at super-discounted prices and selling them to people in Central and South America, where gas is cheap and big trucks and SUVs are in high demand.
He says he just bought a pair of 2007 Ford F150’s for $9,000 each and he’s selling them for $18,000 each. It costs him about $2,200 to ship a vehicle out of the country, which leaves him with a nice profit.
One of his friends bought a Toyota Camry hybrid and is saving about $300 a month on gas, but has a $600 a month car payment, he said.
A common example of why some aren’t selling their SUVs is because they owe way more than it is currently worth, like Scott Edstrom. He’s stuck with a Chevrolet TrailBlazer that costs $100 a week to fill because he’s “upside down big time.”
“I know what I owe on it and I know what they’re going for — significantly lower than what I owe — so I haven’t even attempted to sell it because I know I can’t,” Edstrom said.
Photo courtesty of CNN.com.
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