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Shopping For More Mileage in Cars
With gas prices hitting new highs everyday, it's not surprising that motorists are shopping for more fuel efficient vehicles. The situation combined with the economy has even boosted demand for some cars that are no longer in production. For drivers hurt by these high gas prices, the answer to gas savings may just be the Geo Metro. The small sedan, discontinued in 2001, has nearly tripled in price on used-car lots and on eBay in the past few months, pushed upward by customers who yearn for 40-plus mile-per-gallon fuel efficiency. Many car dealers say the demand for the model far outstrips supply, an observation in line with national statistics that show compact cars are the top sellers in an otherwise sluggish market for used vehicles. The heightened demand extends to nearly all small cars, including the Honda Civic and Ford Focus. The Metro was introduced in 1989 and sold until 1997 under the Geo name. From 1998 to 2001, it was sold as the Chevrolet Metro. Kelley Blue Book, a provider of vehicle-pricing data, said in its current edition that a 1990 Metro was worth $1,175. The company's Web site provides updated information and says the model is now selling for $3,000. Robyn Eckard, director of public relations for Kelley Blue Book, said that the increase is one of the most dramatic shifts of any model. Other gas-sipping cars have risen in value but not nearly as much. Fortunately for bargain hunters, Geo Metros aren't scarce. GM sold more than 700,000 from 1989 to 1998. At various times, body styles included a Geo Metro sedan, a hatchback, and even a little two-door convertible. BuyGeoMetro.com online auction recently listed 57 Geo Metros nationwide, ranging in price from $500 to as high as $7,000 and AutoTrader.com had another 51 listings. National statistics hilight his point. J.D. Power and Associates has found that the smallest used cars had the fastest-growing prices in March and April of 2008. The category, known as compact basic -- which includes the Metro and Toyota Yaris, among others -- had an average price of $10,039, up 7.3 percent from the same period the year before. The other top categories also were geared toward fuel efficiency, while the categories with the worst price performances were pickups and SUVs. Overall, used-car prices dropped 0.5 percent, with an average price of $16,609. Tom Libby, senior director of industry analysis for J.D. Power, said used-car prices are a great barometer of the overall auto market because car dealers have broad authority to set prices, while new-car inventories and prices often are out of local dealers' hands. And right now, the barometer says fuel economy is by far the top consideration, a factor that just happens to be the chief virtue of the Geo Metro. Libby said the surge in the Metro's value "makes perfect sense." "It's a highly fuel-efficient vehicle and there probably aren't that many around. In today's environment, it's very valuable," he said. |
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This intel was contributed by emdubl
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May, 2012
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