We've been hearing warnings about rising gas prices for weeks. But now that it's happening, the jump at the pump is still catching many consumers off guard.
And if you are looking for a car this year, what's 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).
So KBB.com says demand is rising earlier than normal this year for cars that get more than 30 miles per gallon.
Among KBB's red hot sellers:
- The Hyundai Accent
- Chevy Cruze
- Ford Focus
- Nissan Versa
- Honda Fit
- Toyota Prius Hybrid.
KBB says don't 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, soaring prices on used small cars.
The Wall Street Journal says they are moving up in price two months earlier than they did last year.
Finding a cheap 4-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 thinking of buying a used fuel-efficient car this year, you may want to act sooner rather than later. If gas soars past $5, prices on small used cars will soar too.
So don't waste your money.
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