There are a lot of little ways to save money on gas. For example, you can change your driving habits (aggressive driving isn't just irritating to others, it's bad for your MPGs!) or even fuel up at Costco.
But arguably the best thing you can do for your budget from a fuel perspective is upgrade from an older gas-guzzler to a newer, more efficient vehicle. This goes double if you're upgrading to a hybrid from an all-gas engine.
Curious how much the move could really save you? We did the math.
To figure out how much we can save, we first need to know what we're spending. I took data from the Federal Highway Administration, the Department of Energy, the EPA, and AAA to run the numbers:
We took a look at the five most fuel-efficient hybrids we could find (minus the plug-ins, since they have a different metric) to see how much the switch could save drivers each year.
As it turns out, you can cut your gas bill by more than half if you upgrade from an average all-gas vehicle to a top-five hybrid. And these are just estimates -- your real savings could be more, especially if the majority of your driving is in the city.
Here's how the numbers work out.
While saving money on gas is great, you need to think beyond the tank when deciding on your next vehicle. Keep these other potential costs in mind.
It's vital to keep in mind that all of these points are broad generalities. The reality of buying a vehicle is that the real costs are going to depend entirely on the make, model, year, and condition of the specific vehicle.
As such, run your numbers with estimates while comparing your options. Then, run them again using the specific vehicle to make sure your math is still favorable before you buy.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and JPMorgan Chase. The Motley Fool has a disclosure policy.
2024-09-15T09:07:46Z dg43tfdfdgfd