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Gas prices to skyrocket in 2012Posted On Thu, March 8, 2012
Automotive research company CarGurus recently released a report that projects gas prices will rise to as high as $4.50 a gallon during the summer.
The rise can be felt in many aspects of the car industry, and used vehicle prices may increase by as much as 15 percent by August, according to the report. The demand for vehicles that are more fuel-efficient are thought to increase, and gas prices have dictated this over the past year. In total, there is expected to be a price rise of approximately 10 percent this summer when compared to the same point in 2011.
"Gas prices have proven a reliable indicator of where used car prices are headed, and consumers in the market for a fuel-efficient used car this year should be mindful of that correlation," said Langley Steinert, founder and chief executive officer of CarGurus.
Consumers who are trying to save extra money when it comes to a used car may want to look for affordable auto insurance rates. By comparing quotes online, drivers may be able to find a plan that works for them.
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