Pain is all around as Americans shun SUVs
Poornima Gupta, Reuters, 27 Jun 2008DETROIT (Reuters) - Record fuel prices have ended America's love affair with the SUV.
But the break-up is proving to be more painful than anyone anticipated. Some U.S dealers have stopped buying used trucks. Lenders are bracing for losses. Automakers have slashed output, and Americans have seen the value of their big rides drop by thousands of dollars in recent weeks.
The decline in sales of the heavy sports utility vehicles and trucks favored by Americans for more than a decade has gathered momentum in the last month, leading to a glut on dealer lots and sharply lower trade-in values.
But unlike the last recession in 2001, discounting from Detroit is not showing signs of reviving demand. ... Read full article
