Gas Prices Set To Drop Before End Of The Year

Fuel efficiency is one of the most important qualities that drivers look for in a future vehicle. In recent years, the high price of gas caused many motorists to turn to electric or hybrid vehicles as well as smaller, compact sedans that offer great mileage. However, experts predict that the average cost of fuel could drop to below $3 per gallon by the end of the year, providing plenty of relief for all drivers. 

CNBC reported that gas prices are already at the lowest mark of the year for much of the country. Approximately 35 states have stations will costs under $3 per gallon, with these establishments representing about 15 percent of all gas pumps in the U.S., according to data from AAA. 

The lower prices are largely due to an abundance of gasoline around the country. This should last for several months, which could encourage prospective buyers to look around for car models that offer a wider range of fuel economy. Instead of smaller vehicles, many of these drivers could turn to SUVs, pickup trucks and other large automobiles in the near future. 

"There's little demand in the fourth quarter and plenty of supply out there," Anthony Grizanti, a trader from GRZ Energy, told CNBC. "Fundamentals have finally taken center stage. … Prices probably won't start to rise again until Valentine's Day as we anticipate the spring and summer driving season of 2014. But for now, this market is very well supplied." 

As gas prices continue to drop, drivers may be able to consider purchasing different types of used cars than what has been popular in the past few years. At New Jersey State Auto Auction, motorists can browse through hundreds of CARFAX-certified cars, truck and vans that could be a great option for their next ride.