As gas prices rise, so does cost of small used cars

The Miami Herald reports:

The beige 2003 Honda Civic sat on Mike Haile's used car lot in Atlanta for only three days before he sold it for $8,200. And that was $300 more than the asking price.

The car, with 62,000 miles on it and equipped with an automatic transmission, sunroof, air conditioning, side airbags and a compact disc player, is a perfect example of what Haile and other auto industry experts say is a consequence of nearly $4 per gallon gas: A run-up in the price of used small cars.

"These little cars are very hot, like hotcakes, they sell fast," said Haile, who has filled his 15-car lot with smaller vehicles he bought at regional auto auctions in Atlanta and Orlando, Fla.