How many miles per gallon does your car get? Or would you rather not save—I mean, say?
Hey, it’s not called fuel economy for nothing, and the economics of a fuel-efficient vehicle can make you do a double-take.
If you drive 15,000 miles annually, and if you peg the cost of a gallon of gas at $2.60, a car that gets 37 miles per gallon will save you more than $500 per year over a car that gets 25 miles per gallon. That’s over $2,500 in savings within 5 years!
And that’s just a standard gas vehicle. Today’s hybrids and plug-in hybrids often get north of 50 miles per gallon. So, let’s do the math: the car that gets 50 miles per gallon saves you about $780 per year, which is about $3,900 over the course of five years, over a car that gets 25 miles per gallon.*
Given recent global developments, gas prices don’t look to be getting cheaper anytime soon. So the savings you’ll see with a newer car, especially a hybrid or electric vehicle, are likely to only increase.
Plus, the sticker price gap between hybrids and conventional vehicles is steadily growing narrower. The vast discrepancy you might remember from when hybrids were first introduced is a thing of the past.
So if you’ve been holding out for a hybrid or fully electric car, maybe now’s the time to kick the tires on a vehicle that might cost slightly more out of pocket but will start to pay dividends within a few years.
Oh, and did we mention that it’s also good for the environment?
Use our search tool to find your next car, and if you already have the green car of your dreams, Woodstone could help you save big on your payments when you refinance. Contact us to learn more, and be sure to check out our rates as well.
* All figures courtesy of http://www.fueleconomy.gov/feg/savemoney.shtml, accessed 12/13/16.