Used SUV prices fall 5 percent

Higher gas costs hit SUVs, pickups resale value; used compact prices soar 14% -- report.

July 25, 2005; Posted: 8:38 a.m. EDT (1238 GMT)

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NEW YORK (CNN/Money) - Prices for used sport/utility vehicles are falling, hit by high gasoline prices, according to a published report.

USA Today cites data from Edmunds.com that shows average trade-in value of a 1-year-old SUV is $24,374. That's about 5 percent less than a May 2004 average of $25,651.

The trade-in value for a 3-year-old SUV is down 8 percent, from $19,075 in May 2004 to $17,573 today, according to the report.

Edmunds.com says that prices for used large pickup trucks are also off, although it did not give any details on those price declines.

Meanwhile the value of used compact cars such as Toyota Corolla and Honda Civic have risen in each of the last 11 months and is now 14.2 percent higher than a year ago, according to USA Today.

"When you look at the contrast between compacts and full-size (SUVs), it has to be driven in part by gas prices," Tom Kontos, chief economist at used-vehicle price tracker Adesa, told the paper. "Why else would there be such polarity?"

For CNN/Money's special report on the 2005 oil crunch, click here.