Honey, I Shrunk The Car

Pat Gill fills up his SUV with gas at a BP Station, Wednesday, March 12, 2008, in Baltimore. Gasoline and oil prices extended their record-setting streaks Wednesday, with gas at the pump reaching a new high of nearly $3.25 and crude surpassing $110 for the first time.
AP Photo/Rob Carr
At Ivan Hoyos' used car lot in Miami, SUV trade-ins are not welcome. It's a rule he instituted after he watch sales of gas guzzlers screech to a halt, CBS News correspondent Sandra Hughes reports.

"The reality is your gas bill is gonna be higher than your car payment and that doesn't make sense in anybody's mind," Hoyos, who runs Florida Auto Sales & Finance, said.

Hoyos sees customers every day desperate to unload anything that isn't fuel-efficient.

Experts say if you're getting rid of an SUV, don't set your sights on trade-in guides like Kelley Blue Book. Prices are falling too fast for guidebooks to keep pace.

"I think most people trying to trade in a larger SUV or a gas guzzling vehicle are going to be disappointed in what they're going to be offered in relation to whatever value they're looking at," said Charlie Vogelheim of JD Power.

And new SUV sales are suffering, too - down more than 25 percent this year. Full-size pickup truck sales dropped 15 percent.

Forget "bigger is better." It's now "Honey, I shrunk the car."

Last month, one in five cars sold in the United States was a sub-compact or compact.

At one Toyota dealership in Hollywood, the star of the lot is a tiny car called the Yaris. Nationwide sales shot up 46 percent in one year.

"The car gets 29, you know, 35 miles a gallon and the price is right," said Chris Cutright, fleet manager of Toyota Hollywood.

Other fuel-efficient sub-compacts like the Honda Fit had a record April - sales up 54 percent. Ford Focus sales were up 32 percent.

Back on his Florida car lot, Ivan Hoyos does have one SUV he's still trying to sell.

"This is my mother's SUV," he told Hughes.

Like so many others, she downsized to a smaller car.

But lucky for Hoyos, he doesn't have to worry about fueling it up - not one person has asked for a test drive in the past month.