Gas Prices to Continue to Drop in the Short Term

January 21st, 2015 by

With as much as you’ve been saving at the pump lately, you might be thinking about putting some of that cash toward a new ride. Maybe you want to shop smart and look for used cars for sale in Cincinnati, helping you to save even more. A lot of other people have had the same idea, and sales of SUVs have risen in recent months.

Across Ohio, the average cost of a gallon of gas has dropped below $2. Two weeks ago, the average cost hit $1.90 — the first time it was below $2 a gallon since 2009. Across the country, prices have hovered just above that $2-a-gallon mark, and Gas Buddy reported that the average cost for 2015 is expected to be $2.64 a gallon.

That’s a big change from the nearly $4 a gallon that much of the country was looking at two years ago.

Industry analysts say that lower gas prices can be attributed to a greater oil supply. Prices could easily shift in the other direction if supply levels change.

One immediate effect of the lower gas prices has been an increase in sales of trucks and SUVs and a decrease in sales of hybrid vehicles. Thanks to the rise in sales of trucks and SUVs, overall vehicle sales were up in December, closing at the year at over 17 million units.

Overall, the industry has been improving year over year as the economy continues to improve and buyer confidence returns. While low gas prices may have increased sales in the short term, it is unclear what impact they will have if they remain low in the long term. The industry must meet stricter fuel-efficiency standards in the coming years, which will make all cars more affordable to fuel.

No matter what happens with gas prices or future models, used cars for sale in Cincinnati will always remain a smart buy. You can find quality vehicles for thousands of dollars less than their newer counterparts. Since those vehicles have been on the market for longer, you can also get more information before you buy. You’ll know what cars are the most reliable and what cars get the best gas mileage.

Take advantage of the savings that low gas prices are offering right now, and then shop used cars for sale in Cincinnati for the best deals on a new automobile. You can make it a great New Year indeed!