Gas guzzlers - Keep or sell?
Categories: In the news
Watching the price of gas soar as quickly as summer temperatures has many families re-evaluating the benefits of their large vehicles. But is this really the time to kiss your cargo room good bye and trade in the SUV for a more energy efficient vehicle? Surprisingly, the answer seems to be "Not right now."
Because the demand for smaller, more fuel efficient vehicles is high and larger vehicles are gathering dust in dealer lots, you're probably better off keeping your current vehicle rather than taking a loss when selling it. In fact, if you don't do much driving, now is a great time to buy an SUV (and may get even more affordable as inventories start piling up.)
Increasing costs of pretty much everything has taken a toll on many household budgets, and getting a more fuel efficient vehicle at first glance seems a rather painless way to save some money. However, Emunds.com has created a handy converter that will do all the calculations that shows how long it will a new, fuel-efficient model to actually save money and it's worth running the numbers before making a buying decision.
Right now the most prudent way of dealing with high gas prices is to simply to drive less when at all possible. (BOR-ING, I know! Maybe try adding a bell to your bike!)
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Reader Comments (Page 1 of 1)
Baron 8-06-2008 @ 10:52AM
Exactly... Gas seems high, but when you have a higher (or a new payment if the other car was already paid off) car payment, you just lost your minimal gain from lower gas payments.
Reply
ninainindia 8-06-2008 @ 12:18PM
It's not just about the money it's about your health too and the environment. So please consider that when you are burning all that oil when you don't have to.
Reply
Tamyu 8-06-2008 @ 8:09PM
This is my opinion also - It isn`t JUST about saving money on gas.
But even if it is for someone, this calculates based on current gas prices. As the rise in price shows no sign of stopping or even slowing - who knows what gas will cost 2 or 3 years from now. Of course you aren`t going to immediately save money, but you may save quite a lot down the line.