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 |  Mar 22 2011, 3:11 PM

chevy hhr ss 05

An old finance maxim states that “by the time you’ve read about it, it’s already too late”, but that hasn’t stopped used car dealers from eagerly snapping up any 4-cylinder or hybrid vehicle as gas prices continue to climb.

With one dealer calling the sudden trend a “panic”, values of previously undesirable cars like the Chevrolet HHR have shot up to $11,000 from the $8,000 or $8,500 they previously commanded.

In an interview with Automotive News, a NADA guides official stated that prices for these types of cars will probably rise between 3 and 4 percent above what the NADA guides state, while SUV and truck prices are set to fall. However, NADA is not set to alter their residual values, in part because they feel that any major spike in gas prices will last for three years, roughly the same term as most leases.

[Source: Automotive News]